3050 School Committee Capital Reserve Account

Policies

Middletown Public Schools                                                               No. 3050

Middletown School Committee Capital Reserve Account

Capital Reserve Account

From time to time, it will be necessary to perform capital projects on the school  district’s facilities. Such projects may be for either repairs or improvements or both.  Capital projects are typically one-time, non-recurring expenditures and are too large to  be accommodated within the district’s operations budget. Such projects may be funded  either through bond indebtedness, one-time appropriations, or through a capital reserve  account. In a capital reserve account, funds are set aside over a period of time to fund  capital projects. A capital reserve account is for specific projects as approved through  budget adoption.

Capital reserve accounts may be set up only as authorized by the School  Committee and adopted by the Town Council.