§ 115C-425. Annual balanced budget resolution. - North Carolina Statutes

Part 2. Budget.

§ 115C‑425.  Annual balanced budget resolution.

(a)        Each local school administrative unit shall operate under anannual balanced budget resolution adopted and administered in accordance withthis Article.  A budget resolution is balanced when the sum of estimated netrevenues and appropriated fund balances is equal to appropriations. Appropriated fund balance in any fund shall not exceed the sum of cash andinvestments minus the sum of liabilities, encumbrances, and deferred revenuesarising from cash receipts, as those figures stand at the close of the fiscalyear next preceding the budget year.  The budget resolution shall cover onefiscal year.

(b)        It is the intent of this Article that all moneys receivedand expended by a local school administrative unit should be included in theschool budget resolution.  Therefore, notwithstanding any other provisions oflaw, after July 1, 1976, no local school administrative unit may expend anymoneys, regardless of their source (including moneys derived from federal,State, or private sources), except in accordance with a budget resolutionadopted pursuant to this Article.

(c)        Subsection (b) of this section does not apply to funds ofindividual schools, as defined in G.S. 115C‑448. (1975, c. 437, s. 1; 1981, c. 423, s. 1; 1993, c. 179,s. 1.)