Financial Condition and Activities 2.3

With respect to the actual, ongoing administration of the district’s financial assets, the Superintendent shall not cause or allow material deviation from the annual budget or budget policy adopted by the Board, cause or allow any fiscal condition that is inconsistent with achieving the Board’s ends, or places the long-term financial health of the district in jeopardy.

Accordingly, the Superintendent shall not:

1) Expend funds that have exceeded available revenue,

2) Fail to obtain Board approval to incur debt,

3) Over-spend or under-spend more than $5,000 in a single budget function,

4) Fail to arrange for the timely annual audit of all district funds and accounts,

5) Fail to provide the Board with quarterly financial reports,

6) Fail to keep complete and accurate financial records by funds and accounts in accordance with generally accepted accounting principles,

7) Fail to assure that any purchase is based upon prudent judgment and sound financial practice, including:

a. Precaution against conflict of interest,

b. Comparative prices based on items of similar quality comparing the environmental impacts of different products or services,

c. Balance between long-term quality, cost, and environmental impact,

d. Preference for Montpelier businesses within a 3% price range, and

e. Preference for products with less negative environmental impact.

8) Fail to settle payroll and debts within a timely manner,

9) Acquire, encumber, or dispose of real property,

10) Fail to aggressively pursue receivables after a reasonable grace period,

11) Fail to follow aggressive bidding procedures which maximize value to the district, and

12) Fail to make reasonable efforts to maximize grants and other revenue that does not negatively impact tax rates and is consistent with Board Ends policies.

Date Warned: June 8, 2007

Date Adopted: July 1, 2007