EXCESS AND DEFICIENCY FUND. The District will maintain a so-called “Excess and Deficiency Fund” which shall be administered consistent with directives from the Department of Revenue and with the terms of M.G.L. c. 71, § 16B½.
EXCESS AND DEFICIENCY FUND. The District will maintain an "Excess and Deficiency Fund" which shall be administered consistent with directives from the Massachusetts Department of Revenue and consistent with the terms of G.L. chapter 71, section 16B1/2.
EXCESS AND DEFICIENCY FUND. All unexpended funds, or any portion thereof, may in the discretion of the Regional District School Committee and with the written approval of the Finance Committees of each of the member towns, be paid into the Excess and. Deficiency Fund provided, however, that at no time shall the total of the sums in the Excess and Deficiency Fund exceed five percent (5%) of the total District budget for the succeeding fiscal period. Monies in the Excess and Deficiency Fund may be expended in the discretion of the Regional District School Committee for any of the following purposes: (i) to meet extraordinary and nonrecurring costs attributable to the operation and maintenance of the Regional District School; (ii) to pay any other extraordinary costs when amounts from the sources described in subparts (a),
(b) and (c) above are insufficient to pay such costs; or (iii) to reduce· the assessment to the member towns in any fiscal period. Any such reduction of the assessment shall be in accordance with apportionment ratios set forth in subpart (a) above for the fiscal period in which such reduction occurs. Monies paid into the Excess and Deficiency Fund shall be deemed received and reserved for special purposes within the meaning of Section 9.
