F21. Financial Reports and Statements

  • Policy Code: F21

    First Reading: April 17, 2018
    Second Reading: May 1, 2018
    Adopted: May 1, 2018  


    Policy

    It is the policy of the Essex Westford 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.

    Administrative Responsibilities

    The superintendent (business manager, treasurer) shall be responsible for submitting quarterly financial reports for all funds to the board.

    The treasurer's report shall be made quarterly and include:

    1. Cash on hand at the beginning of the quarter
    2. Receipts by service
    3. Disbursements during the quarter
    4. Cash balance on hand at the end of the quarter
    5. Reconciliation with bank statements
    6. Warn Board of accumulative categorical deficits.

    The financial report will be made quarterly and include:

    1. Appropriation Accounts
      • Original appropriation
      • Authorized transfers and adjustments
    2. Revised appropriations
      • Expenditures to date
      • Outstanding encumbrances
      • Unencumbered balance
    3. Revenue Accounts
      • Estimated revenues
      • Amounts received to date
      • Revenues estimated to be received during the balance of the fiscal year

     


    Legal Reference(s):

    16 V.S.A. §563 (Powers of school boards)

    Cross Reference:

    Fiscal Management and Financial Accountability

     

    Budgeting