§ 58308. Appropriation of Excess Funds and Limitations.

All income accruing to the district in excess of the amounts required to finance the total proposed expenditures, including transfers to other community college districts and funds, as shown in the budget of the district shall be added to the general reserve of the district, and shall not be available for appropriation by the district for the current fiscal year except by the following procedure. The governing board of the district shall, by formal action of the board, pass a resolution setting forth the need according to major classification of district expenditures to be met from any portion of the general reserve derived from assured income in excess of the total amount anticipated in the budget.

On the first day of July of each year, the general reserve together with unexpected balances of appropriations and income in excess of anticipated income for the preceding fiscal year shall be placed to the credit of the district, and the district shall include all money so credited in the balance as shown in the budget for the ensuing fiscal year.

HISTORY

1. New section filed 5-15-93; operative 6-4-93 (Register 93, No. 25).

Note

Note: Authority cited: Sections 66700 and 70901, Education Code. Reference: Section 70901, Education Code.