FINANCIAL REPORTS AND STATEMENTS E03

It is the policy of the Montpelier School District to create financial reports and statements in accordance with generally accepted accounting practices that will allow the administration to demonstrate accountability while providing the board with needed information.

The superintendent shall be responsible for submitting financial reports for all funds to the board. The financial report will be made quarterly and include:

1. Expenditure Accounts

· original appropriation;

· transfers from one budget line to another greater than $500;

· expenditures to date;

· percentage spent to date or percentage remaining to be spent by end of year;

· outstanding encumbrances;

· unencumbered balance;

· explanation of projected discrepancies in any budget line greater than $2,500 between budget and projected spending by end of year.

2. Revenue Accounts

· estimated revenues;

· amounts received to date;

· revenues estimated to be received during the balance of the fiscal year;

· explanation of projected discrepancies in any revenue line greater than $2,500 between budget and projected revenue by end of year.

Date Warned: March 24, 2004

Date Adopted: April 7, 2004

Legal Reference(s): 16 V.S.A. §563 (Powers of school boards)

Cross Reference(s): Fiscal Management and Financial Accountability (E01); Budgeting (E02)