BUDGET TRANSFER AUTHORITY
During a fiscal year, the School Department may need to transfer funds from one budget line item to another. The approval of such transfers shall be based upon need, emergencies, and/or circumstances that were unforeseen at the time of the adoption of the budget, or a reordering of priorities during the fiscal year.
The School Committee establishes the following criteria for authorization of transfers:
  • The Superintendent or his/her designee has the authority to approve non-budgeted expenditures, not to exceed $3,000, that require a transfer of funds between line items and between cost centers in order to avoid the over-expenditure of individual budget lines. Such transfers will be reviewed by the finance committee on a monthly basis.
  • All transfers over $3,000 shall be reviewed by the finance subcommittee and then by the full Committee prior to non-budgeted expenditures. Such transfers require authorization from the Committee in public session.
  • The Superintendent, in conjunction with the Board Chairman, is authorized to approve non-budgeted expenditures above $3,000 that require the transfer of funds under emergency circumstances if the next board meeting will not be held in time to consider it. Discussion of the emergency expenditure and the resulting transfer of funds shall be added to the agenda of the next Committee meeting.

Approved: February 10, 2015