New York S00299 allows school districts with low combined wealth ratios to create a reserve fund for future expenditures without voter approval.
New York S00299 amends the education law to allow school districts with a combined wealth ratio of 35/100 or less to establish a reserve fund. This fund can be used to cover school district expenditures without needing voter approval, provided the total amount in the fund does not exceed what is reasonably needed for future expenditures. Any unneeded funds must be returned to the general fund by the start of the fourth fiscal year after the deposit.
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