Sec 15-906. Procedure for payment of levy fund liabilities payable on June 30; lapsing of levy funds with balance for reduction of taxes

A. Annually on or before June 30, each school district shall prepare for all levy funds a list of liabilities for goods received or services rendered on or before June 30 which will not be paid by June 30 of the current fiscal year.

B. Each school district having levy fund liabilities payable on June 30 shall file an advice of encumbrance with the county school superintendent on or before July 18, in the manner and upon a form to be prescribed in the uniform system of financial records. The county school superintendent shall encumber amounts that are included in year to date expenditures not to exceed the budget and that are available to pay the liabilities pursuant to section 15-304. Any cash balances remaining in the maintenance and operation, the unrestricted capital outlay and the adjacent ways funds after encumbrances on June 30 of the current year that will be budgeted in the unrestricted capital outlay fund in the following fiscal year pursuant to section 15-947, subsection D shall be used for reduction of school district taxes for the budget year.

C. The county school superintendent may draw warrants against the obligated in contract amounts pursuant to subsection B of this section for a period of sixty days immediately following the close of the fiscal year.

D. After expiration of the period of sixty days immediately following the close of each fiscal year, the remaining obligated in contract balance shall lapse and no further payments from the maintenance and operation, unrestricted capital outlay and adjacent ways funds shall be made on any claim for expenditures of the prior fiscal year.

E. School districts that are subject to section 15-914.01 shall adhere to the duties described in section 15-304 for the purposes of this section.