Policy 2050: Financial Reporting

The Board of Education recognizes its responsibility for the effective financial management of the school district. The Board shall receive the following financial reports to assist in this oversight responsibility:

Monthly Revenues and Expenditures Reports

The Superintendent shall furnish to the Board the Revenues and Expenditures Report on a monthly basis. This report shall be reviewed at regular public meetings of the Board of Education. The report shall provide a review of monthly and year-to-date major revenue and expenditure categories, including encumbrances and budget transfers and shall include a variance analysis with explanation if necessary. The report format shall be approved by the Board.

Monthly Treasurer's Report

The Superintendent shall furnish to the Board the Treasurer's Report on a monthly basis. This report shall be reviewed at regular public meetings of the Board of Education. The report shall provide opening and closing cash balances, receipts, disbursements, and investment activities for each district fund. The report format shall be approved by the Board.

Quarterly Extraclassroom Activity Funds Report

The Superintendent shall furnish to the Board the Extraclassroom Activity Funds Report on a quarterly basis. This report shall be reviewed at regular public meetings of the Board of Education. The report shall include opening and closing cash balances, receipts, and disbursement for each extraclassroom activity fund. The report format shall be approved by the Board.

Annual Financial Report

The Independent Auditor's Report will serve as the school district's full and detailed account of all money received and expended during the prior school year. The Independent Auditors shall present their report at a regular public meeting of the Board of Education. The Audit Report shall be approved by the Board of Education consistent with New York State requirements.

Cross reference:

  • Extraclassroom Activity Funds 6040
  • Independent Auditor 6060
  • Budget transfers 6015

Adopted by the Board of Education: October 4, 1994

Revised:

  • June 22, 1999
  • October 23, 2007