XXXXX Reserve. The School’s ending fund balance will comply with the emergency reserve requirements of Article X, Section 20 of the Colorado Constitution (‘XXXXX Reserve’). The School will maintain its XXXXX reserve in a revenue bearing account. In addition, the School will maintain a positive fund balance at year end.
XXXXX Reserve. The District shall retain a sum equal to three percent (3%) of most revenue received by the School from the District, exclusive of gifts and federal funds, for use by the School for declared emergencies as provided in Article X, § 20(5) of the Colorado Constitution (referred to in Section 17.J. above). Such emergency reserve shall be adjusted as needed throughout the year to provide for the retention of an emergency reserve equal to three percent (3%) of such revenues for each year. The amount held by the District may not satisfy the School’s full XXXXX obligation. It is the responsibility of the School to ensure it holds enough XXXXX reserve between the District and the School to meet the full requirements. On July 15th each year, the District shall pay to the School interest on such retention for the preceding year, at a rate equal to that earned by the District on its funds. The School may request release of some or all of such funds pursuant to a resolution of its governing body declaring an emergency within the meaning of Article X, § 20(5) of the Colorado Constitution, provided that the sum so released shall be withheld from the following year's funding to restore the full three percent (3%) reserve.
XXXXX Reserve. The School shall maintain its own XXXXX reserve.
XXXXX Reserve. The District shall provide the School’s share of the three percent (3%) XXXXX emergency reserve, as provided in the Colorado Constitution Article X, Section 20(5). Such emergency reserve shall be adjusted annually to provide the School’s share of the emergency reserve to equal three percent (3%).
XXXXX Reserve. In the LCS balanced budget for the first year, and each year thereafter, the three percent (3%) XXXXX reserve shall be included in the budget. By June 30th of each fiscal year, LCS, ending fund balance must comply with the emergency reserve requirements of Article X, Section 20 of the Colorado Constitution.
XXXXX Reserve. The School shall recognize the requirement of the XXXXX reserve. The School shall be charged, as an allocated cost, its pro-rated share of any required XXXXX Reserve increases. Alternatively, the School may maintain its own XXXXX reserve.
