Policy:


The Governing Board is committed to ensuring the fiscal health of the schools and providing accountability.
The Board shall adopt sound fiscal policies and oversee the schools’ financial condition.


The Executive Director and Finance Department shall regularly keep the Board informed about the schools’ finances and shall submit timely reports so the Board can take appropriate action to ensure the schools’ financial stability. A Governing Board Calendar of Reports which includes scheduled financial information/action items shall be approved by the Governing Board prior to the start of each school year.


The Board recognizes the need to implement the required accounting and financial reporting standards stipulated by the Governmental Accounting Standards Board and the Sponsoring School District or County Office of Education.


Budgets
As stated in the Budgets Policy, the Governing Board shall approve an initial and two interim
budgets in accordance to the provisions of Education Code 47604.33. However, the Board
reserves the right to request up-to-date financials between scheduled reporting dates, if
necessary.


Regular Reports
As informational items only and not requiring Board action, the Executive Director or designee
shall submit a financial report per the approved Governing Board Calendar of Reports and must
include:


1. Estimated year-end totals based on actuals to date with projections. This will include:
   1. Assumptions/Summary of ADA/revenues by major category
   2. Assumptions/Summary of expenditures by major object
   3. Change from prior approved budget for all categories/major objects
   4. Current projected P2 ADA and change from prior approved budget
   5. Dollar amounts by category/major object
   6. Net revenues
   7. Projected dollar amount and percent for ending balance (reserves)
2. A listing of all warrants produced in the prior month.
3. A Personnel Action Report showing changes in personnel and pay.


Interim Reports
Interim reports shall be presented to the Board prior to the State-mandated deadlines with the
same information as listed above. It shall also include any financial information a determined
necessary for Board approval per the MOU with the authorizer, if applicable.


Annual Financial Report
The Executive Director or designee shall prepare a statement of all receipts and expenditures of
the school for preceding fiscal on or before September 15 as per Ed Code 47604.33. The Board
shall approve this statement of unaudited actuals and shall cause it to be filed with the
authorizing entities, county office of education (if separate), and the California Department of
Education.


















Original Policy: 06/07/2019
4006.1 JCS, Inc. Budget Creation Policy                                                        Page  of 2