4:10 - Fiscal and Business Management

Policy 4:10

Business and Non-Instructional Operations

Fiscal and Business Management

The Superintendent is responsible for the School District’s fiscal and business management. This responsibility includes annually preparing and presenting the District’s statement of affairs to the Board of Education and publishing it before December 1, as required by State law.

The Superintendent shall ensue the efficient and cost-effective operation of the District’s business management using computers, computer software, data management communications systems, and electronic networks, including electronic mail, the Internet and security systems. Each person using the District’s electronic network shall complete an “Authorization for Electronic Network Access.”

Budget Planning

The District’s fiscal year begins July 1 and continues through June 30. The Superintendent or designee shall present to the Board of Education, no later than the first regular meeting in August, a tentative budget with appropriate explanation. This budget shall represent the culmination of an ongoing process of planning for the fiscal support needed for the District’s educational program. The District’s budget shall be entered upon the Illinois State Board of Education’s “School District Budget Form”. To the extent possible, the tentative budget shall be balanced as defined by the State Board of Education rules. The Superintendent shall complete a tentative deficit reduction plan if one is required by the State Board of Education guidelines.

Preliminary Adoption Procedures

After receiving the Superintendent’s proposed budget, the Board of Education sets the date, place, and time for:

  1. A public hearing on the proposed budget, and
  2. The proposed budget to be available to the public for inspection.

The Board of Education Secretary shall make arrangements to publish a notice in a local newspaper stating the date, place, and time of the proposed budget’s availability for public inspection and the public hearing. The proposed budget shall be available for public inspection at least 30 days before the time of the budget hearing. At the public hearing, the proposed budget shall be reviewed and the public shall be invited to comment, question, or advise the Board of Education.

Final Adoption Procedures

The Board of Education adopts a budget before the end of the first quarter of each fiscal year (September 30), or by such alternative procedure as State law may define. To the extent possible, the budget shall be balanced as defined by the State Board of Education. If not balanced, the Board will adopt a deficit reduction plan if required by State Board of Education rules. The deficit reduction plan will balance the District’s budget within 3 years as directed by State Board of Education rules.

The Board of Education adopts a budget by roll call vote. The budget resolution shall be incorporated into the meeting’s official minutes. Board of Education members’ names voting yea and nay shall be recorded in the minutes.

The Superintendent or designee shall perform each of the following:

  1. Post the District’s final annual budget, itemized by receipts and expenditures, on the District’s Internet website. Notify the parent(s)/guardians(s) that the budget is posted and provide the website’s address.
  2. File a certified copy of the budget resolution and an estimate of revenues by source anticipated to be received in the following fiscal year, certified by the District’s chief fiscal officer with the County Clerk within 30 days of the budget’s adoption.
  3. Make all preparations necessary in order for the Board to timely file its Certificate of Tax Levy, including preparations to comply with the Truth in Taxation Act, and file a Certificate of Tax Levy with the County Clerk, on or before the last Tuesday in December. The Certificate lists the amount of property tax money to be provided for the various funds in the budget.
  4. Submit the annual budget, a deficit reduction plan if one is required by State Board of Education rules, and other financial information to the State Board of Education according to its requirements.

Any amendments to the budget or certificate of tax levy shall be made as provided in The School Code and Truth in Taxation Act.

Budget Amendments

The Board of Education may amend the budget by the same procedure as provided for in the original adoption.

Implementation

The Superintendent or designee shall implement the District’s budget and provide the Board of Education with a monthly financial report that includes all deficit fund balances. The amount budgeted as the expenditure in each fund is the maximum amount that may be expended for that category, except when a transfer of funds is authorized by the Board of Education.

The Board of Education shall act on:

  • All interfund loans and interfund transfers.
  • All transfers within funds.
  • Transfers from working cash fund or abatements of it, if one exists.

Adopted: September 8, 1997
Revised: July 18, 2011

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