Administrative
Regulation
AR3460
Business
and Non-Instructional Operations
Financial
Reports and Accountability
Interim Reports
The Superintendent or
designee shall submit two interim fiscal reports to the Governing Board, the
first report covering the District's financial and budgetary status for the
period ending October 31 and the second report covering the period ending
January 31. The reports and supporting data shall also be made available by the
District for public review. (Education
Within 45 days after the
close of the period reported, the Board shall assess these reports of the
District's financial condition on the basis of criteria adopted by the State
Board of Education on current information regarding the adopted state budget,
District property tax revenues if any, and ending balances for the preceding
year. The Board shall approve the fiscal reports and send the
1. A positive certification
will indicate that the District will meet its financial obligations for the
current fiscal year and subsequent two fiscal years.
2. A qualified certification
will indicate that the District may not meet its financial obligations for the
current fiscal year or two subsequent fiscal years.
3. A negative certification
will indicate that the District will be unable to meet its financial obligations
for the remainder of the fiscal year or the subsequent fiscal year.
Qualified or negative
certifications shall also be sent to the Superintendent of Public Instruction
and State Controller, together with a copy of the fiscal report and a completed
transmittal form provided by the Superintendent of Public Instruction.
(Education Code 42131)
If the Board files a
qualified or negative certification for the second report of the fiscal year,
or if its second report is classified as qualified or negative by the County
Superintendent of Schools, the Superintendent or designee shall provide to the
County Superintendent of Schools, the Controller, and the Superintendent of
Public Instruction, no later than June 1, a financial statement that reports
data for the period ending April 30 and projects the District's fund and cash
balances as of June 30. (Education Code 42131)
Annual Financial Report
On a form prescribed by the
Superintendent of Public Instruction, the Superintendent or designee shall
prepare a statement of all receipts and expenditures of the District for the
preceding fiscal year. On or before September 15, the Board shall approve this
statement and file it with the
Non-Voter-Approved Debt Report
Whenever the Board approves
the issuance of certificates of participation or revenue bonds, the
Superintendent or designee shall notify the
Accrued Benefits and Claims Report
The Superintendent or
designee shall annually provide the Board, at a public meeting, information and
related actuarial reports showing the estimated accrued but unfunded cost of
workers' compensation claims. Costs shall be reported whether the District is
responsible as a member of a joint powers agency. The Board shall disclose, as
a separate agenda item, whether or not it will reserve in the budget sufficient
amounts to fund the present value of these claims or if it is otherwise
decreasing the amount in its workers' compensation reserve fund. The Board
shall annually certify to the
Investment
Reports
Within 30 days of the end of
each quarter, the Superintendent or designee shall provide the Board with
quarterly reports of District investments that include the following: (Government
Code 53646)
1. The extent to which the
portfolio complies and/or does not comply with the District's investment policy
2. A statement denoting the
District's ability to meet its pool's expenditure requirements for the next six
months, or an explanation of why sufficient money shall or may not be available
3. The most recent
statement(s) received from the state's local Agency investment fund or from
FDIC-insured accounts in a bank or savings and loan association, in a county
investment pool or in any combination of these
4. The type of investment,
issuer, date of maturity, par and dollar amount invested on all securities,
investments and monies held by the District other than those specified in item
#three above
5. A description of any
District funds, investments or programs that are under the management of
contracted parties, including ending programs
6. The current market value,
and the source of this information, for all securities held by the District and
under management of any outside party that is not another local agency or the
state's local agency investment fund
In the above report, a
subsidiary ledger of investments may be used in accordance with accepted
accounting practices. (Government Code 53646)
Adopted:
Revised:
Related Polices and Exhibits:
BP
3460 Business and Noninstructional Operations