Policy Code: F21

First Reading: April 17, 2018
Second Reading: May 1, 2018
Adopted: May 1, 2018  
Rescinded: November 17, 2021

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