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

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

Legal Reference:  Iowa Code §24.2 (1991)

Cross Reference:  803        Budget
                                       804        Revenue
                                       805        Expenditures

Approved:  4-23-92
Reviewed:  12-11-23            
Revised:             

Each year at its annual meeting, the board shall designate by resolution the name and location of the 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.

It shall be the responsibility of the board secretary to include the resolution in the minutes of the meeting.

Legal Reference:  Iowa Code §§279.33, 453 (1991)

Cross Reference:  211.1    Annual Meeting
                                       206.4    Treasurer
                                       804        Revenue

Approved:  4-23-92
Reviewed:  12-11-23            
Revised:             

The board may transfer monies between accounts as it deems necessary.  The board shall exercise this authority judiciously.

Such transfers shall be treated as a loan from one account to the other with the payment of a rate of interest to be determined by the board.  The period of the transfer shall be no longer than June 30 of the fiscal year in which the transfer was made unless the board determines otherwise.

When the necessity for an account has ceased to exist, the balance may be transferred to another fund by resolution of the board.  Only monies that were received for use without a designated purpose may be transferred in this manner.  Funds received for a specific use or upon vote of the people shall only be used for the purpose designated.

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

Legal Reference:  Iowa Code §§24.21-.22, 279.8, 291.13 (1991)

Cross Reference:  803        Budget

Approved:  4-23-92              
Reviewed: 12-11-23            
Revised:             

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.

In Governmental Accounting Standards Board (GASB) Statement No. 54, the board 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 Superintendent 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 in not restricted or committed.

It is the responsibility of the superintendent to develop administrative regulations implementing this policy. It is also the responsibility of the superintendent to make recommendations to the board regarding fund balance designations.

Legal Reference:  Iowa Code §§257.31(4), 279.8, 297.22 - .25, 298A (2011)

Approved:                                     
Reviewed:                       
Revised: