§37-41.5  Department of education; carryoverof funds.  (a)  The department of education may retain up to five per centof any appropriation, except for appropriations to fund financing agreementsentered into in accordance with chapter 37D, at the close of a fiscal year andthe funds retained shall not lapse until June 30 of the first fiscal year ofthe next fiscal biennium.  The department of education shall submit:

(1)  A report to the director of finance ninety daysafter the close of each fiscal year, which shall be prepared in the formprescribed by the director of finance and shall identify the total amount offunds that will carry over to the next fiscal year; and

(2)  A copy of this report to the legislature, as wellas a report identifying the carryover of funds on a school-by-school basis, atleast twenty days prior to the convening of the next regular session of thelegislature.

(b)  Appropriations allocated to the schoolsshall remain within the budget of the school to which they were originallyallocated; provided that the retention of an appropriation shall not be used bythe department as a basis for reducing a school's future budget requirements.[L 1993, c 364, pt of §2; am L 1994, c 272, §22; am L Sp 1995, c 9, §6; am L1998, c 41, §4; am L 2000, c 202, §1; am L 2004, c 51, §52]