CE(LOCAL) - ANNUAL OPERATING BUDGET

Fiscal Year

The District shall operate on a fiscal year beginning July 1 and ending June 30.

Budget Planning

Budget planning shall be an integral part of overall program planning so that the budget effectively reflects the District's programs and activities and provides the resources to implement them. In the budget planning process, general educational goals, specific program goals, and alternatives for achieving program goals shall be considered, as well as input from the District- and campus-level planning and decision-making committees. Budget planning and evaluation are continuous processes and shall be a part of each month's activities.

Budget Meeting

A copy of the proposed budget shall be available to the public at the annual budget meeting. The annual public meeting to discuss the proposed budget and tax rate shall be conducted as follows:

The Board President shall request at the beginning of the meeting that all persons who desire to speak on the proposed budget and/or tax rate sign up on the sheet provided.

Prior to the beginning of the meeting, the Board may establish time limits for speakers.

Speakers shall confine their remarks to the appropriation of funds as contained in the proposed budget and/or the tax rate.

No officer or employee of the District shall be required to respond to questions from speakers at the meeting.

Authorized Expenditures

The adopted budget provides authority to expend funds for the purposes indicated and in accordance with state law, Board policy, and the District's approved purchasing procedures. The expenditure of funds shall be under the direction of the Superintendent or designee who shall ensure that funds are expended in accordance with the adopted budget.

Categories

In addition to the standard expenditures necessary to support the daily operations of the District (e.g., salaries, contracted services, supplies, utilities and physical plant expenses, daily expenses, and the like), the Board authorizes expenditures to support and enhance the Board's goals and objectives. Broad categories of such expenditures include, but are not limited to, student and staff awards/recognition, service awards, special celebratory and routine events at which food may be served, and other individual events as approved by the Superintendent or designee, on a case-by-case basis. All expenditures shall be made in accordance with approved financial procedures outlined in the financial section of the administrative operating guide.

Budget Amendments

The Board shall amend the budget when a change is made increasing any one of the functional spending categories or increasing revenue object accounts and other resources.

Fund Balances

The District shall maintain fund balances that are adequate for sound fiscal management, that provide for stewardship of public funds, and that are consistent with applicable state and federal requirements.

Reports to the Board

To assist the Board in exercising its fiscal responsibilities to the District, the administration shall provide periodic financial reports to the Board that:

Accurately describe the status of expenditures and revenues to date under the adopted annual budgets;

Explain estimated revenues from all sources;

Set out multi-year financial planning information; and

Provide additional information as requested by the Superintendent or the Board.

In addition, the Board shall annually review the independently audited comprehensive annual financial reports (CAFR) prepared by the District's independent auditors, which also identifies observations and suggestions about ways the District could improve its internal controls and financial reporting.

The chief financial officer shall maintain administrative guidelines that describe the financial reports that are routinely provided to the Board.

Richardson ISD

CE(LOCAL)-X

LDU 2017.03

DATE ISSUED: 5/10/2017