BP 3460
Business and
Noninstructional Operations
Financial Reports And Accountability
The Governing Board
is committed to ensuring the fiscal health of the district and providing public
accountability. The Board shall adopt sound
fiscal policies, oversee the district's financial condition, and ensure that
the financial systems support the district's goals for student achievement.
The Superintendent or
designee shall provide the Board with financial reports throughout the year in
accordance with law and as otherwise requested by the Board.
The Superintendent or
designee shall ensure that all financial reports are prepared in accordance
with law and in conformity with generally accepted accounting principles and
financial reporting standards stipulated by the Governmental Accounting
Standards Board and the California Department of Education.
The Board shall
regularly communicate the district's financial position to the public and shall
use financial reports to determine what actions and budget amendments, if any,
are needed to ensure the district's financial stability.
If district
conditions predict fiscal distress or indicate that the district might not be
able to meet its fiscal obligations, the Board and Superintendent or designee
shall act quickly to identify and resolve these conditions. The Board shall work cooperatively with the
Audit Committee
The Board may
establish an audit committee composed of two Board members and staff
knowledgeable in fiscal matters. The
committee shall serve in an advisory capacity to the Board and shall:
1. Make recommendations
regarding the selection of the external independent auditor
2. Review the plan for the
audit process with the independent auditor to determine the adequacy of the
nature, scope, and timetable of the audit
3. Review the results of the
audit and participate with the independent auditor and management in preparing
final recommendations and responses
4. Participate with the
independent auditor in presenting the audit report to the Board
5. Review Board policies
and administrative regulations to recommend any revisions needed to ensure
effective financial reporting
6. Provide input on the effectiveness of the independent
auditor
7. Periodically report to
the Board regarding the status of previous audit recommendations for improving
the accounting and internal control systems
Legal Reference:
EDUCATION CODE
14500-14508 Financial
and compliance audits
17150 Public
disclosure of non-voter-approved debt
33127 Standards
and criteria for local budgets and expenditures
33128 Standards
and criteria; inclusions
33129 Standards
and criteria; use by local agencies
35035 Powers
and duties of superintendent
41010-41023 Accounting
system
41326 Emergency
apportionment
41344 Repayment of
apportionment significant audit exceptions
41344.1
Appeals of audit
findings
41455 Examination
of financial problems of local districts
42100-42105 Requirement to prepare and file annual statement
42127.6 School
district operations monitoring; financial obligation nonpayment
42130-42134 Financial reports and certifications
42140-42142
Public
disclosure of fiscal obligations
GOVERNMENT CODE
3540.2 School
district; qualified or negative certification; proposed agreement review and
comment
16429.1 Local
agency investment fund
53646 Reports
of investment policy and compliance
CODE OF REGULATIONS, TITLE 5
15070 Submission of reports
using standardized account code structure
15453-15463 Criteria and standards for school
district interim reports
Adopted:
Revised: