Fiscal Philosophy Administrative Procedures:
The Superintendent or his designee shall develop the district budget within the following guidelines:
- The budget shall provide for the continued delivery of high quality educational programs aligned with long-range priorities without deficit spending.
- The budget shall provide for educating students in safe and secure facilities, which are maintained and updated to best serve the learning needs of students.
- The district shall maintain staffing patterns that align with class size targets and state or federally mandated requirements.
- The unreserved fund balance as of June 30 of each fiscal year on a fully accrued basis (Education, Tort, Working Cash, Operations and Maintenance and Transportation) shall be maintained at 25% of operating expenses in order to continue to provide the community with uninterrupted programs or services, to maintain the highest financial rating the state offers, and to maintain a high investment rating. Under no circumstances should the fund balance be maintained at less than 10% of the preceding year’s operating expenditures without approval of the full Board and a written rationale for reducing the reserve below 10%.
If fund balances are reduced below 25%of operating expenses:
- A budget plan will be implemented to annually increase the fund balance to reach 25% of operating expenditures
- If a one-time expenditure is requested, requiring the use of the fund balances, a written rationale for the expenditure first must be presented to the Finance Committee for review of the expenditure using an established criterion-based rubric, which includes a plan to restore the fund balance, and then to the full Board of Education for approval. If the unreserved fund balances cannot be maintained at the specified levels due to changes in anticipated revenues the administration shall provide the board with alternative operating recommendations.
- Early tax revenues received by the District prior to July 1 of the fiscal year for which they are intended shall not be expended until the new fiscal year commences.
If the fund balance exceeds 25% of operating funds:
- A plan will be made based on Board approval of recommendations from the superintendent and the Finance Committee.
Reviewed: April 14, 2008; November 14, 2011, April 23, 2012
Adopted: April 28, 2008
Revisions Adopted: December 12, 2011; May 14, 2012