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The Florida Statutes

The 2017 Florida Statutes

Title XLVIII
K-20 EDUCATION CODE
Chapter 1011
PLANNING AND BUDGETING
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F.S. 1011.051
1011.051 Guidelines for general funds.The district school board shall maintain a general fund ending fund balance that is sufficient to address normal contingencies.
(1) If at any time the portion of the general fund’s ending fund balance not classified as restricted, committed, or nonspendable in the district’s approved operating budget is projected to fall below 3 percent of projected general fund revenues during the current fiscal year, the superintendent shall provide written notification to the district school board and the Commissioner of Education.
(2) If at any time the portion of the general fund’s ending fund balance not classified as restricted, committed, or nonspendable in the district’s approved operating budget is projected to fall below 2 percent of projected general fund revenues during the current fiscal year, the superintendent shall provide written notification to the district school board and the Commissioner of Education. Within 14 days after receiving such notification, if the commissioner determines that the district does not have a plan that is reasonably anticipated to avoid a financial emergency as determined pursuant to s. 218.503, the commissioner shall appoint a financial emergency board that shall operate under the requirements, powers, and duties specified in s. 218.503(3)(g).
History.s. 11, ch. 2009-3; s. 24, ch. 2011-144.