public school finance new superintendents september 16 2011 n.
Skip this Video
Loading SlideShow in 5 Seconds..
PUBLIC SCHOOL FINANCE New Superintendents September 16, 2011 PowerPoint Presentation
Download Presentation
PUBLIC SCHOOL FINANCE New Superintendents September 16, 2011

Loading in 2 Seconds...

play fullscreen
1 / 44

PUBLIC SCHOOL FINANCE New Superintendents September 16, 2011 - PowerPoint PPT Presentation

  • Uploaded on

PUBLIC SCHOOL FINANCE New Superintendents September 16, 2011. Leanne Emm Assistant Commissioner 303-866-6202 Financial Accreditation Audit Compliance Budget Policies & Procedures Financial Transparency Economic Forecast Key Staff Contacts Questions. Agenda.

I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
Download Presentation

PowerPoint Slideshow about 'PUBLIC SCHOOL FINANCE New Superintendents September 16, 2011' - reuel

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.

- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
public school finance new superintendents september 16 2011

PUBLIC SCHOOL FINANCE New SuperintendentsSeptember 16, 2011

Leanne Emm

Assistant Commissioner


Financial Accreditation

Audit Compliance

Budget Policies & Procedures

Financial Transparency

Economic Forecast

Key Staff Contacts






Accreditation of school districts and institute – contracts – rules22-11-206 C.R.S.

  • Accreditation Report
    • Financial compliance - Budgeting, Accounting and Reporting (Articles 44 and 45) 22-11-206 (4)(a)(I)&(II) C.R.S.
    • Submitted with Annual Financial Report (Audit)
    • Handout

Removal of Accreditation – recommendations – review – appeal - rules22-11-209 C.R.S.

  • Loss of Accreditation:
    • Have 90 days from receipt of notice to remedy noncompliance for failure to comply with provisions of Article 44 or 45 concerning accounting and financial reporting.
    • Could possibly lead to state review panel evaluation.
audits required 29 1 603 c r s
Audits – required. 29-1-603 C.R.S.
  • Requirement that auditors ensure the district or school is complying with the provisions of section 22-44-204 (3), C.R.S.
    • use of the financial policies and procedures handbook
  • Anticipate Federal requirement for individual charter schools to issue separate independent financial audit
    • Fiscal year ending June 30, 2012
audits required 29 1 603 c r s1
Audits – required. 29-1-603 C.R.S.
  • The audit report shall contain a fiscal year report of receipts and expenditures of each “fund” with designated program reports as required by the FPP Handbook.
    • This means all financial activities as those activities are defined by “generally accepted accounting principles” for governments.
submission of reports 29 1 606 c r s
Submission of reports29-1-606 C.R.S.
  • Audit to be completed and submitted to school board by November 30
    • Authorizers may require charters to submit earlier in order to incorporate into district audits
  • Audits due to the state auditor and CDE within 30 days after the audit report is received (December 30th).
submission of reports 29 1 606 c r s1
Submission of reports29-1-606 C.R.S.
  • Written requests for extensions may be requested through the state auditor’s office if the audit report cannot be completed and filed by December 30th
  • State auditor may authorize an extension, not to exceed 60 days (February 28th).
audit submission
Audit Submission
  • In an extension has been granted - consequences for audits submitted after the February 28th deadline:
    • Financial Accreditation watch
    • Withholding of property taxes
why so stringent
Why so Stringent?
  • The Department is required to submit consolidated state financial data to Federal Government
    • If deadlines missed
      • Withhold Federal Funds to the State which then must be withheld from districts
budget and appropriation required 22 44 103 c r s
Budget and appropriation – required. 22-44-103 C.R.S
  • BOE must:
    • Adopt Budget and appropriation via resolution for each year
    • Prior to the beginning of the next fiscal year (June 30).
failure to adopt budget or appropriation 22 44 104 c r s
Failure to adopt budget or appropriation 22-44-104 C.R.S.

If either the budget or appropriation resolution is not adopted prior to June 30, the entity is held to 90% of prior year’s adopted budget.

budget contents mandatory 22 44 105 c r s
Budget – contents – mandatory22-44-105 C.R.S.
  • Describe the expenditure
  • Show amount budgeted for current fiscal year
  • Show the amount estimated to be expended for the current fiscal year
  • Show amount budgeted for ensuing fiscal year
  • Summarize revenues by revenue source
  • Summarize expenditures by function (program), fund and object
budget contents mandatory 22 44 105 c r s1
Budget – contents – mandatory22-44-105 C.R.S.
  • Expenditures, interfund transfers, or reserves, may not exceed available revenues and beginning fund balance.
  • May not budget a deficit!
    • Ending fund balance must cover TABOR and positive unreserved fund balance
budget contents mandatory 22 44 105 c r s2
Budget – contents – mandatory22-44-105 C.R.S.
  • If beginning fund balance planned to be used, a resolution must be adopted by the board authorizing the use.
    • Amount of beginning fund balance to be used
    • Purpose for spending the funds
    • State the plan to ensure the use of fund balance does not lead to ongoing deficit
appropriation resolution required 22 44 107 c r s
Appropriation resolution - required22-44-107 C.R.S.
  • The appropriation resolution is the authority to spend funds and must reflect the adopted budget
    • May incorporate the budget adoption and appropriation resolution into same document
    • May also incorporate the “use of fund balance” resolution
    • End of year expenditures may not exceed appropriation – audit finding!
preparation of budget 22 44 108 c r s
Preparation of budget22-44-108 C.R.S.
  • A proposed budget must be submitted to the board by June 1
  • Within 10 days of submittal, notice of budget must be published
  • Public hearing must be held
budget consideration adoption 22 44 110 c r s
Budget – consideration - adoption22-44-110 C.R.S.
  • The board may review and change the budget at any time prior to January 31st.
  • This allows for the budget to reflect more current funding data:
    • Actual student counts
    • District assessed valuation
    • Total Program/Per Pupil Revenue
budget consideration adoption 22 44 110 c r s1
Budget – consideration - adoption22-44-110 C.R.S.
  • Supplemental Appropriations
    • Funds that become available for specific purpose after the budget is adopted or after the budget has been changed
    • Grants, bond or mill levy override elections, etc
    • Must adopt supplemental appropriation in order to spend the funds – prior to end of year!
financial transparency act article 44 of title 22 c r s part 3
Financial Transparency ActArticle 44 of Title 22, C.R.S. Part 3

With the passage of HB10-1036, The General Assembly enacted the  "Public School Financial Transparency Act", which directs local education providers to post financial information on-line, in a downloadable format, for free public access.

local education provider
Local Education Provider
  • School District
  • Board of Cooperative Services
  • State Charter School Institute
  • District Charter School
  • Institute Charter School
compliance timeline
Compliance Timeline

Commencing July 1, 2010

  • FY2009-10 and FY2010-11 Annual Budgets
    • District Budget Document
    • Uniform Budget Summary Sheet
  • FY2009-10 Financial Audit
  • Quarterly Financial Statements
  • Salary Schedules or Policies
compliance timeline1
Compliance Timeline

Additionally commencing July 1, 2011

  • Accounts Payable Check Registers
  • Credit, Debit and Purchase Card Statements
compliance timeline2
Compliance Timeline

Additionally commencing July 1, 2012

  • Investment Performance Reports
compliance timeline3
Compliance Timeline
  • Update information within 60 days
    • Completion of report, statements, applicable information
    • For example
      • Budget Posted by August 30 if adopted June 30
financial transparency act 22 44 304 2 c r s
Financial Transparency Act22-44-304 (2) C.R.S.
  • Not required to post
    • personal information relating to payroll
    • other information that is confidential or protected from public disclosure pursuant to state or federal law
      • Examples: HIPPA; IDEA; Homeless
financial transparency act
Financial Transparency Act

The current and prior two budget years’ financial information must be maintained on-line until the end of the current budget year.

financial transparency act1
Financial Transparency Act

Make the page easy to find:

  • It should be no more then 1-2 mouse clicks from the homepage.
  • If linking to district, go to specific site and add verbiage about how public can “drill to charter information”
fy2012 13 june forecast
FY2012-13 – June Forecast

Late February 2012 – actual inflation

fy2012 13
  • Potential is high for further reductions
  • Growth in students and caseloads continue to pressure the General Fund
  • State Education Fund balance diminishing
  • Colorado Department of Education –
  • Colorado Legislative Council –
  • Colorado Associate of School Executives –
  • Colorado Association of School Boards –
  • Colorado School Finance Project –
  • Great Education Colorado -
  • Children’s Voices -
  • The Bell Policy Center –