It is the policy of the
Montpelier School District to manage its financial affairs in a fair and open
manner using acceptable financial practices and providing appropriate accountability.
The board’s approved budget will be the spending plan for the year. The
superintendent may make adjustments in the spending plan only if those
adjustments further the goals of the district mission statement and district
action plans.
With the advice and consent
of the Auditor of Accounts and the Commissioner of Education, the
Superintendent shall establish and maintain an accrual system of accounting for
the proper control and reporting of school district finances and for stating
the financial condition of the School District. The superintendent shall
establish and maintain an annual inventory of assets.
1. The Superintendent or his
or her designee is authorized to make commitments in accordance with the budget
appropriations. Requests for operational expenditures of over $5,000 not
planned for in the budget must be submitted to the board for approval.
2. The board will approve a prioritized list of annual capital expenditures. The superintendent or his or her designee is authorized to make commitments in accordance with this capital expenditure list.
3. The district will not end
the fiscal year in a deficit.
4. The Superintendent shall arrange an annual audit of accounts by a
certified public accountant.
5. Whenever a bid is subject to
the bidding requirements of 16 V.S.A. §559 requests for bids must be
approved by the board. A bid
request must state whether the bid will be solicited through public
advertisement or through invitation.
6. For bids less than $60,000, the superintendent shall report to the
board his or her decision as to which bidder will be awarded the contract. In
addition, the superintendent shall provide the board with a summary of all bids
received. Board members may review full bid materials if they wish.
7.
For bids equal to or greater
than $60,000, the Board shall review all bids and make the decision as to which
bidder should be awarded the contract.
8.
When the district proposes to award a
contract for goods or services to be paid for with non-school district money,
the Board shall nonetheless follow the provisions of paragraphs 5 through 7.
This applies, for example, when the district chooses a vendor for a service to
be provided on school grounds but paid for by individual families.
9.
If a qualified bid from a Montpelier
business for anything other than a construction contract exceeding $500,000 is
within 3% of the lowest qualified bid, the superintendent may ask the board to
give preference to the Montpelier business.
Date
Warned: March 24, 2004
Date
Adopted: September 22, 2004
Legal
Reference(s): 16 V.S.A. §563 (3)
(Powers of school boards); 16 V.S.A. §559 (Public bidding)
24 V.S.A. §832
(Bonding requirements)
16 V.S.A. §1756
(Indemnity and insurance)
Vt. State Board
of Education Manual of Rules & Practices §3250
Cross Reference:
Budgeting (E02)
Financial
Reports and Statements (E03)