SBDM Operational Policy 8

Last Updated: 9/28/2020 5:58 PM

Fiscal Management

a. School Budget (defined)    

A school budget shall consist of all receipts and projected actual expenditures for the school except for capital construction, facility maintenance, basic transportation, and food services.  It shall consist of funds appropriated to the school for a period beginning July 1 and ending June 30 and funds generated by the school from school-sponsored activities, gifts, grants, and appropriations.

b. Committee    

The council is the budget committee and shall develop a budget for the school and approve an annual financial report.

c. Budget Format    

South Oldham High School shall use a budget format provided by the superintendent.  Additionally, the procedures set by the superintendent for developing and reporting a school budget shall be followed by the school council.

d. Budget Process    The principal shall submit to the council a draft budget with rationale for line items and amounts.  Upon request, a copy of the draft budget shall be made available to school employees and the community.  The council shall adopt a final budget for the school which shall be available upon request.  All funds expended by the school shall be included in an annual budget. This applies to funds from all sources.  School activity funds receipts and expenditures may be managed and accounted for in a budget separate from funds appropriated to the school from the Board of Education or from federal sources.  (All funds may be included in one budget.)

e. School Activity Fund    

The school activity fund budget is a budget for all funds generated by school sponsored activities and services (i.e., athletics, drink machines, school supply store, school fees, school pictures, school fund drives, and appropriations from PTSA, community agencies, and business partners).

f. SBDM Budget    

The SBDM budget consists of all funds not included in the school activities fund budget (i.e., instructional materials, professional development, staffing, operation and maintenance, and technology).  All funds from the Board of Education and federal sources, except for exemptions described in Board policy shall be included in the general budget. 

g. Monitoring Procedures and Reporting    

The school council shall be responsible for monitoring the status of the budget.  Funds may be shifted among line items during the fiscal year but the budget must balance at the close of fiscal year.  A Deficit Budget Violates School Board Policies.  

A monthly report of the school activity fund shall be provided to the council by the principal/principal’s designee showing both receipts and expenditures.

The SBDM budget report shall be reviewed upon receipt of the “Budget Review Reports” from the OCBE.  The principal’s designee shall prepare a report listing all object codes of the SBDM budget that are not associated with personnel/custodial.  The council shall approve the monthly financial report.  All budget reports will be available in the bookkeeper’s office for review.     

h.  Budget Changes    

Funds may be moved from one line item to another within individual accounts.  The council shall be apprized of line item changes.

i.  Audit    

A fiscal audit shall be conducted annually.  An audit procedure approved by the superintendent shall be used to conduct an annual audit.  Results of the audit shall be reported to the council.

Adopted: October 18, 1994

Revised:  September 13, 1999;     September 15, 2003