96.24. The principal shall prepare the annual budget of the school, submit it to the governing board for adoption, administer the budget and render an account thereof to the governing board.
The budget must maintain a balance between expenditures, on the one hand, and the financial resources allocated to the school by the school board and the school’s own revenues, on the other.
The approved school budget shall constitute separate appropriations within the school board’s budget, and the expenditures for that school shall be charged to those appropriations.
At the end of every fiscal year, the school’s surpluses shall be transferred to the school board. However, the school board may, for the following fiscal year, credit all or part of the surpluses to the school or another educational institution if the resource allocation committee established under section 193.2 recommends it and the council of commissioners implements that recommendation. If the council of commissioners fails to implement the recommendation, it must give reasons for its decision at the meeting at which the recommendation is rejected.
If a school closes, the school’s surpluses and funds shall be transferred to the school board.
1997, c. 96, s. 13; 2008, c. 29, s. 5; 2016, c. 26, s. 12.