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What are contingency funds?

April 26, 2017Contingency funds

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What are contingency funds?

2 Answers

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Contingency funds are budgeted funds for emergencies and other unplanned expenditures.

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This reserve shall be apropriated annually as part of the budget by fund and shall be used for paying unexpected or unanticipated expenditures of an operational nature during the fiscal year. This reserve should approximate one to two percent of the fund budget.