Unassigned Fund Balance
Unassigned fund balance is the amount of District fund balance that is not reserved in specific funds or appropriated to cover subsequent year expenditures.
Use of Funds:
These funds are unrestricted and may be used for any valid purpose.
It is recommended that these funds not be used except for an emergent, unanticipated expense, or revenue shortfall, that cannot be handled either in the budget or with other available reserves.
Unassigned fund balance is limited by OSC regulation to 4% of the district budget for the upcoming school year.
This is a restrictive requirement particular to school districts which further necessitates the need to establish and manage reserve funds. Amounts in excess of 4% should be allocated to reserve funds, where appropriate, to reduce the burden on local taxpayers in future years.
Balance at June 30, 2021:
The unassigned fund balance of approximately $3,774,206 is 9.4% of the 2021-2022 budget total of $39,967,989.
In future years, the District intends to retain unexpended funds in this account up to or below the legal limit of 4% of the upcoming year’s budget. (RPTL §1318).