Albemarle shifts funds from schools to capital improvement plan budget - The Daily Progress: News

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Albemarle shifts funds from schools to capital improvement plan budget

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Posted: Thursday, December 13, 2012 8:27 pm | Updated: 8:30 pm, Thu Dec 13, 2012.

Albemarle public schools will send $2.1 million from the division’s fund balance to the county’s capital improvement plan. That contribution will take the fund balance from $5.1 million to $3.02 million.

County supervisors voted unanimously on Thursday to enact a policy capping the school division’s contribution to its fund balance at 2 percent of the annual operating budget. Any school budget surplus over 2 percent will be sent to the capital improvement plan.

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