ME LD1518

Unexpended balances of school administrative unit funds (including state aid, federal funds, and tuition payments) must be carried forward and spent on educational programs in the following year, rather than simply credited to the unit

Unallocated general operating fund balances exceeding 5% of the previous fiscal year's school budget must now be spent to fund educational programs, replacing the prior requirement that these funds reduce state and local allocation shares for computing state subsidy

School boards may carry forward unallocated balances exceeding 5% of the previous year's budget and spend them on educational programs over a period not exceeding 3 years

Unallocated funds must be held separate and apart from all other money, funds, and accounts

Removes temporary provisions that applied a 9% threshold (instead of 5%) for fiscal years 2021-22 through 2024-25