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



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



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



(b)  Appropriations allocated to the schools
shall remain within the budget of the school to which they were originally
allocated; provided that the retention of an appropriation shall not be used by
the 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 L
1998, c 41, §4; am L 2000, c 202, §1; am L 2004, c 51, §52]