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2014-2015 Budget. Public Hearing and Budget Adoption. Ralph Fortunato, CSBS. Director of Fiscal Services. August 27, 2014. School District Budget. There are 5 distinct funds in the budget… General Fund -provides for the daily operations of the school district
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2014-2015 Budget Public Hearing and Budget Adoption Ralph Fortunato, CSBS Director of Fiscal Services August 27, 2014
School District Budget There are 5 distinct funds in the budget… • General Fund-provides for the daily operations of the school district • Capital Project Fund-receives bond sale/state match revenue for school construction and technology levy revenue for technology program • Debt Service Fund-receives tax collections sufficient to pay back or “service”the principal and interest from bonds approved by the board and/or the voters • Transportation Vehicle Fund-receives state depreciation revenue for purchase of busses; all driver pay, fuel, repairs, etc. is paid from the General Fund • ASB Fund-accounts for all revenue and expenditures made by the schools’ Associated Student Body activities
Budget Adoption Process • By law, all school districts in Washington must formally adopt a budget by August 31st of each year • All school systems must use the same format (F-195); • The formal approval of the budget is by Board Resolution • The Board, upon passage of the resolution, is approving the amount of authorized expenditures for each fund • School districts may not expend greater than the original authorized expenditure amount without a budget extension, approved by Board resolution.
General Fund 2014-15 Expenditures: By Activity
Next Steps: • Formal Adoption of budget August 27, 2014 • Monitor start of school for enrollment and staffing • Close 2013-14 fiscal year and produce Annual Financial Report (F-196) by October 25, 2014 • Monitor 2015 legislative sessions (state funding) and federal reauthorizations for possible budget revisions • Determine priorities for 2015-2016 budget