The school district fiscal year shall begin July 1 and end June 30 each year. The budget shall state the expenditures for the fiscal year, and it shall be the responsibility of the superintendent to operate the education program within the budget.

It shall be the responsibility of the board to ensure the budget is managed effectively.

Approved:  7-1-92     
Reviewed:  10-09-95, 11-09-99, 11-12-02, 12-12-05, 01-15-09, 5-14-18 
Revised: 9-13-22                                                       

Each year at its annual meeting, the board shall designate by resolution the name and location of the Iowa located financial depository institution or institutions to serve as the official school district depository or depositories.  The maximum deposit amount to be kept in the depository shall be stated in the resolution.  The amount stated in the resolution must be for all depositories and include all of the school district’s funds.

It shall be the responsibility of the business manager to include the resolution in the minutes of the meeting.

Approved:  7- 01-92              
Reviewed:  10-09-95, 11-09-99, 11-102-02, 12-12-05, 01-15-09, 5-14-18
Revised: 9-13-22                                                                   

When the necessity for a fund has ceased to exist, the balance may be transferred to another fund or account by resolution of the board.  School district monies received without a designated purpose may be transferred in this manner.    School District monies received for a specific purpose or upon vote of the people may only be transferred, by board resolution when the purpose for which the monies were received has been completed.  Voter approval is required to transfer monies to the general fund from the capital projects fund and debt service fund.

It shall be the responsibility of the business manager make recommendations to the board regarding transfers and to provide supporting evidence for the transfer. 

Approved:  7-1-92                 
Reviewed:  11-09-99, 11-12-02, 12-12-05, 01-15-09, 06-11-12, 5-14-18
Revised: 9-13-22                                                       

School district accounting practices will follow state and federal laws and regulations, generally accepted accounting principles (GAAP) and the uniform financial accounting system provided by the Iowa Department of Education.  As advised by the school district’s auditor, determination of liabilities and assets, prioritization of expenditures of governmental funds, and provisions for accounting disclosures shall be made in accordance with governmental accounting standards.

Governmental Accounting Standards Board (GASB) Statement No. 54 identifies the order of spending unrestricted resources applying the highest level of classification of fund balance - restricted, committed, assigned, and unassigned - while honoring constraints on the specific purposes for which amounts in those fund balances can be spent.  A formal board action is required to establish, modify, and/or rescind a committed fund balance.  The resolution will state the exact dollar amount.  In the event the board chooses to make changes or rescind the committed fund balance, formal board action is required.

The Board authorizes the business manager to assign amounts to a specific purpose in compliance with GASB 54.  An assigned fund balance should also be reported in the order of spending unrestricted resources, but is not restricted or committed. 

It is the responsibility of the superintendent to make recommendations to the board regarding fund balance designations.  

Approved:  10-10-11                            
Reviewed:  5-14-18                              
Revised:  9-13-22

The general fund is used primarily for the education program. Special revenue funds are used to account for monies restricted to a specific use by law. Capital projects funds are used to account for financial resources to acquire or construct major capital facilities (other than those of proprietary funds and trust funds. A debt service fund is used to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest. Proprietary funds account for operations of the school district operated similar to private business and they account for the costs of providing goods and services provided by one department to other departments on a cost reimbursement basis. Fiduciary funds are used to account for monies or assets held by the school district on behalf of, or in trust for, another entity. The account groups are the accounting records for capital assets and long-term debt.

As necessary, the board may, by board resolution create additional funds within the governmental, propriety, and fiduciary fund types.  The resolution shall state the type of fund, name of the fund, and purpose of the fund.

It is the responsibility of the superintendent to implement this policy and bring necessary changes in the maintenance of the school district's financial records to the attention of the board.

Approved:  9-11-17                 
Reviewed:  5-14-18         
Revised:  9-20-17, 9-13-22

FISCAL MANAGEMENT 

The Board recognizes its fiduciary responsibility to oversee the management of school district funds in keeping with the school district vision, mission and goals. To achieve this purpose, the board may engage in learning about the financial needs, operations and requirements of the district as appropriate for the board’s understanding of the district’s financial position. The Board also commits to engaging in annual financial goal setting for the district based upon measurable data and projections for the district. 

After the fiscal year has closed, the Superintendent or their designee will provide to the Board concise, timely, well organized financial data. The Board will exercise its oversight responsibilities by reviewing relevant PK-12 public education sector indicators to understand the financial trends of the district. 

The board will establish and review financial goals annually. The District will measure whether these goals were obtained as of June 30, but only after completion of the Certified Annual Report due September 15th each year. 

Providing the best possible educational experience for all students and meeting federal, state, and local academic goals for each student requires maximizing General Fund resources for use in the instructional program. The board may request from the School Budget Review Committee (SBRC) additional modified spending authority (MSA) where it may be available for items such as: 

● Special education deficit balances 

● Advances to support increasing student enrollment 

● Supports for students identified as English Learners 

● At risk / dropout prevention programming 

● Initial staffing associated with opening new buildings or programs 

● Any other lawful purpose 

Any award of modified supplement amount will be levied as a cash reserve based on the recommendation of the superintendent/designee and approved by the Board of Education in keeping with the fiscal management performance measures provided for in district policy. 

Approved : 11-15-23 Reviewed: Revised: