Adjusts the percentage threshold for carrying forward unallocated school budget balances in Maine.
This bill modifies the law regarding unallocated balances in a school administrative unit's budget in Maine. It specifies that unallocated balances in excess of 5% of the previous fiscal year's school budget must be used to reduce the state and local share of the total allocation for computing state subsidy. However, for fiscal years 2021-22, 2022-23, 2023-24, and 2024-25, the threshold is increased to 9%. School boards may carry forward unallocated balances exceeding these percentages and disburse the funds over a period not to exceed two years.
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