Book

CSD Policy

Section

Section 5000: Fiscal Management

Title

Policy Statement on Fiscal Management

Number

05.01

Status

Active

Adopted

April 14, 2015

Last Revised

May 21, 2013

FIRSTREAD

I. PURPOSE
The purpose of this policy is to inform the Christina School District Board of Education (Board) and public of
budget planning and preparation and to establish regulations for financial management of the Christina School
District.
II. ISSUE
Budget Planning and Preparation is essential information which should be available for public inspection and
comment.
III. DEFINITIONS
None

IV. POLICY
The Board recognizes that money and money management comprise the foundational support for the District. To
make support as effective as possible the Board intends to:
A. Encourage planning through best possible budget procedures;
B. Explore practical and legal sources of income;
C. Guide expenditure of funds to achieve greatest educational returns; and

D. Maintain a level of expenditure needed to provide high quality education.

As trustee of local, state, and federal funds allocated for the use in public education, the Board has the
responsibility to provide to the community clear and complete financial documents and regular opportunities
for public inspection and comment.
1. Annual Budget: The Superintendent or his/her designee, shall present a preliminary capital and
operating budget to the Board that will be generated using the Financial Planning Process and
projected Federal, State and Local funding. Public school funding is regulated and controlled by
Delaware Code and State Regulations. The preliminary operating budget shall be approved by the
Board prior to August 20th each year, and a revised (final) budget by January 31st. The State of
Delaware approves school district funding through the State budget approval process, which occurs by
June 30th. Many state allocations are determined by the established unit funding formula
(September 30th unit count).
2. Fiscal Accounting and Reporting: The District Citizens Budget Oversight Committee shall meet
monthly to review financial reports. The Chief Financial Officer will provide the Board with Financial
Reports on a monthly basis. Reports shall include data on revenues and expenditures, and will be, at
minimum, in such format as required by Delaware Code and Delaware Administrative Code 735
(Standardized Financial Reporting and Transparency). Other financial statements as may be deemed
necessary by the Chief Financial Officer, the Superintendent or the Board, will be presented as
requested.

The District will follow generally accepted accounting practices, providing for the appropriate
separation of accounts and funds.
3. Fiscal Year: The fiscal year in the District shall begin on the first day of July and end on the 30th day
of June.
4. Taxing and Borrowing: The Board considers it essential that every member be aware of the current
total tax rate of the District and the current assessed value of all of the property in the District. The
Board will set the Tax Warrant each year by the second Tuesday of July. This tax warrant will
authorize the collection of taxes for Operations, Debt Service, Match Tax, and Tuition.
5. Annual Report: The annual report on the District's financial status is prepared by the State of
Delaware Department of Education. This report shall be posted on the District's web page as soon as
available.
6. Revisions to Approved Preliminary and Final Budget: The final budget approved by the Board may be
amended by the Board or Administration. The Superintendent or the Chief Financial Officer can
authorize total budget changes up to $20,000.00$50,000 at the District level. Any changes above
that level must be approved by the Board.
7. Audits: An audit of accounts of the district will be handled by the State Auditor's of Accounts Office in
accordance with state law. Such audits may include all funds over which the Board has direct or
supervisory control. The Superintendent or designee will make all pertinent records available for
review by the auditors.
V. REVIEW AND REPORTING
This policy shall be reviewed according to policy review guidelines established by the Board.
VI. REFERENCES
A. State funding for the public schools of Delaware is authorized under Title 14, Chapters 15 and 17.
B. Authority for the local District to levy taxes for school purposes is authorized under Title 14, Chapter 19.

Last Modified by Kerry McGinnis on June 25, 2015