Surplus If an audit 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; amended 2013, No. 92 (Adj. Sess.), § 71, eff. Feb. 14, 2014.)
Vermont Legal Code