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Budget and Accounting 101

Budget and Accounting 101. Kate Ingersoll Executive Director Fiscal Services Twin Rivers USD Presented to the Board of Trustees August 14, 2012. What is a Budget? Guiding financial plan for meeting the Board’s goals and objectives for the year The budget is a living, changing document

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Budget and Accounting 101

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  1. Budget and Accounting 101 Kate Ingersoll Executive Director Fiscal Services Twin Rivers USD Presented to the Board of Trustees August 14, 2012

  2. What is a Budget? • Guiding financial plan for meeting the Board’s goals and objectives for the year • The budget is a living, changing document • Assumptions constantly change and must be carefully evaluated and applied to the budget • Required Budgets • Adopted Budget (Due by June 30) • Possible 45 day budget revision • First Interim October 31 (Due by December 15) • Second Interim January 31 (Due by March 15) • Possible Third Interim March 31 (Due by May 15) Budget documents are on the District website: www.twinriversusd.org/depts/fiscal_services

  3. Meritorious Budget • International Award in recognition that the District met the highest standards of excellence in school district budgeting by the Association of School Business Officials (ASBO) International • Only 3 other school districts in California have received this award • ASBO’s requirements: • Technically well prepared • Easy to read • Information flows in a logical sequence • Narratives are clear and understandable • Document is free of spelling and grammatical error

  4. Requirements and Guidance for the Budget • TRUSD Board Policies • State Education Code • California Code of Regulations, Title 5 • California School Accounting Manual • Government Accounting Standards Board • Budget Development Calendar • Approved by the Board • Meets state law requirements • Sacramento County Office of Education (SCOE) • Grant and Award restrictions • Over 70 Federal and State Categorical Programs • Donations and local awards

  5. REVENUES

  6. EXPENDITURES

  7. EXPENDITURES (continued) • 82% of the General Fund expenditures are salary and benefits • Human Resources follows a structured hiring process • All union contract requirements are incorporated in the hiring process • Selected candidate is brought to the Board for approval to employ (and pay) the candidate • Once approved, the candidate is added to Human Resources/Payroll system and linked to Position Control • Regular employees (not substitutes, overtime, extra time, etc.) are paid at the end of each month • Segregation of Duties • Budget oversees Position Control • Human Resources hires and adds the employee • Payroll pays the employee

  8. EXPENDITURES (continued) • Remaining 18% of expenditures • Service Agreements/Contracts • Board Policy 3312 & Administrative Regulation 3312 • $15,000 and above require Board Approval • Less than $15,000 must be approved by the appropriate level administrator as established in the current Resolution of the Board of Trustees which authorizes District signature (Resolution No. 293) • Purchase Requisitions / Purchase Orders • Board Policy 3300 • The Superintendent or designee shall develop and maintain effective purchasing procedures that are consistent with sound financial controls • The Superintendent or designee may purchase supplies, materials, apparatus, equipment, and services… • The Board shall review all transactions entered into by the Superintendent or designee every 60 days

  9. EXPENDITURES (continued) • Reimbursements • Travel and Conference • Each document along with instructions is on the District web site at www.twinriversusd.org/forms • Strong internal control policies and procedures • Ruth Hall, Director, Purchasing Services will present additional information on Purchasing at the August 28th Board meeting

  10. Independent Auditors • Annual audit (required by CDE) • Spring visit – Internal Control testing and state compliance testing (e.g., attendance) • Fall visit – State and Federal compliance testing and audit of our recently closed prior year financial records (Unaudited Actuals). • Unaudited Actuals are also submitted to SCOE (by September 15th) and then forwarded to CDE • Audit report • Expresses an independent opinion on the financial statements and compliance with applicable laws and regulations • Submitted to SCOE, CDE and the State Controller (by December 15th) • Formally present to the Board (by January 30th) • Includes any material concerns and findings of the auditors along with District responses • SCOE formally follows up to ensure the District has made corrections or an acceptable plan of correction has been developed

  11. Sacramento County Office of Education (SCOE) Oversight • Under AB1200, SCOE has fiscal oversight of TRUSD and 12 other districts • Budget approvals • Adopted Budget • First Interim • Second Interim • Third Interim (if required) • Fiscal monitoring • Review and print payroll checks • Review and print accounts payable checks

  12. Any questions?

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