UPDATE of a post from 5/29/2013 The “fund balance” is the budget surplus, sometimes called a “rainy day” fund. By definition, it is money listed in the budget that is not designated to pay for programs. Districts have been advised to use the fund balance to stay within the tax cap, and in the May 2013 election 97% of NY districts did so. IUFSD chose to break the cap in order to keep its fund balance at the maximum allowable under the law — while borrowing $3.5 million to pay tax certs.

Year Fund  balance (budget surplus) Percent of budget
2008-2009 $1,949,375 3.85%
2009-2010 $2,040,362 4%
2010-2011 $1,994,787 4%
2011-2012 $2,012,995 4%
2012-2013 $2,046,240 4%
2013-2014 $2,162,800 4%
2014-2015 $2,251,761 4%
Amount by which 2013-2014 budget overrode tax cap $1,277,756

Sources:

AND SEE: Singapore math explains the budget