§ 567 - Surplus - Vermont Statutes

§ 567. Surplus

If an audit conducted pursuant to subdivision 563(17) of this title or section 1681 of Title 24 reveals that a school district has surplus funds, the school board shall carry the funds into the next year as revenue unless authorized by the voters, at an annual or special meeting warned for the purpose, to:

(1) deposit the funds into a reserve fund established pursuant to 24 V.S.A. § 2804; or

(2) use the funds for a specific purpose. (Added 2003, No. 107 (Adj. Sess.), § 4.)