7.2 Annual Operating Budget
The Superintendent and CFO shall be responsible for the preparation of the annual operating budget for the District. The Board directs the Superintendent to prepare a budget showing the actual revenue from each and every source during the past year and the estimated revenue from each and every source for the ensuing year. The budget will reflect actual expenditures for the past year and estimated expenditures for the current year. The Superintendent and CFO shall present the budget to the Board for its review, modification, and approval in September.
The budget shall be prepared in the electronic format as prescribed by the State Board of Education and filed with the Division of Elementary and Secondary Education no later than September 30 of each year.
No warrant issued after October 1 of a current fiscal year against the funds of the District will be valid unless the budget has been submitted to the State Board of Education for approval.
The District’s budget serves as the control to direct and limit expenditures. Responsibility for this control rests with the Superintendent who will direct the Chief Financial Officer to establish the procedures for budget control and reporting throughout the District.
The approved budget shall provide for expenditures that are within anticipated revenues and reserves. The District CFO shall present monthly reconciliation reports and a statement on the general financial condition of the District monthly to the Board.
Any changes made to the budget shall be in accordance with District policy and state law.
The Board will retain control of the budget, once adopted, and all personnel subject to the Board in implementation of the budget will adhere to Board policies. Items in the budget may be changed upon the approval of the Board at any time during the fiscal year provided that any revision in the budget does not cause estimated expenditures to exceed estimated income or actual revenue and such changes are consistent with statute
The CFO shall present monthly reconciliation reports and a statement on the general financial condition of the District monthly to the Board. Line item changes within the same program or functional area that do not increase the total budgeted expenditures without an equal increase in the program revenue may be made at any time during the fiscal year with the approval of the appropriate program director or administrator. Line item changes that cross programs or functional areas that do not increase total budgeted expenditures without an equal increase in program revenue may be made at any time during the fiscal year with the approval of the Superintendent. Line item changes that decrease the budgeted legal balance (teacher salary, operating and debt services funds) may be made at any time during the fiscal year upon the approval of the Board. Any changes made shall be in accordance with District policy and state law.
Last Revised: 6/26/19