CE(LOCAL) - ANNUAL OPERATING BUDGET

Fiscal Year

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

Budget Planning and Development

Budget planning shall be an integral part of overall program planning so that the budget effectively reflects the District's goals and the plan 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

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.

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. The Superintendent or designee shall recommend budget amendments to the Board for approval.

Fund Balance

The Board and the administration shall work together to maintain three months' unassigned fund balance in the general fund and ten percent of the projected annual debt service payments in restricted fund balance in the debt service fund, barring emergency situations. The level of unassigned fund balance shall accomplish two Board priorities:

To provide adequate funds to meet emergency needs; and

To ensure a favorable bond rating for the District.

In addition, the Board may commit fund balance from time to time in order to meet specific District contingencies. The Board shall review and approve fund balance commitments on an annual basis with the adoption of the District's annual budget in June.

Fund balance classification shall be recorded in accordance with governmental accounting standards as promulgated by the Governmental Accounting Standards Board.

Audits

Independent audits shall be performed every year or as requested by the Board.

Goose Creek CISD

CE(LOCAL)-X

LDU 2015.02

DATE ISSUED: 4/30/2015