Current through Register Vol. 50, No. 9, March 1, 2024
RELATES TO:
KRS
156.160(1)(i), (j),
157.060
NECESSITY, FUNCTION, AND CONFORMITY:
KRS
156.160(1)(j) requires the
Kentucky Board of Education to establish a uniform series of financial forms
for local school districts.
KRS
157.060 requires a local district to submit
an annual financial report. This administrative regulation establishes the
forms and dates of filing for Kentucky Board of Education financial archives
and the criteria for disapproval of budgets.
Section 1. The documents which become a part
of Kentucky Board of Education archives shall be electronically submitted to
the Division of School Finance in the formats prescribed by the Municipal
Information System (MUNIS) and received by the division by the following dates
annually:
(1) Tentative Budget, (MUNIS
Tentative Working Budget, dated August, 1997), May 30;
(2) Annual Financial Report (MUNIS Annual
Financial Report, dated August, 1997), July 25;
(3) Balance Sheet (MUNIS Group Code Balance
Sheet, dated August, 1997), July 25; and
(4) Working Budget (MUNIS Working Budget,
dated August, 1997), September 30.
Section 2.
(1) A district board of education shall
prepare a tentative and working budget showing the amount of money needed for
current expenses, debt service, capital outlay, and other necessary expenses of
the schools during the succeeding fiscal year, and the estimated amount that
will be received from the common school fund, from taxation, and other sources.
The working budget shall be disapproved by the Kentucky Board of Education if
it is financially unsound or fails to provide for:
(a) Payment of maturing principal and
interest on any outstanding voted school improvement bonds of the school
district, authorized and issued pursuant to
KRS
162.080 and
162.090
with the written approval of the Kentucky Board of Education;
(b) Payment of rentals in connection with any
outstanding school building revenue bonds issued for the benefit of a school
district as authorized and provided under the provisions of
KRS
162.120 to
162.300,
162.385
and
58.010 to
58.140, with the
written approval of the Kentucky Board of Education; or
(c) Fails to comply with any applicable
law.
(2) The Kentucky
Board of Education shall state the reason for disapproval, and the district
board of education shall amend its budget to obviate the reason for disapproval
and resubmit the budget to the Kentucky Board of Education for final
approval.
Section 3.
Incorporation by Reference.
(1) The following
material is incorporated by reference:
(a)
Tentative Budget (MUNIS Tentative Working Budget, dated August,
1997);
(b) Annual Financial Report
(MUNIS Annual Financial Report, dated August, 1997);
(c) Balance Sheet (MUNIS Group Code Balance
Sheet, dated August, 1997); and
(d)
Working Budget (MUNIS Working Budget, dated August, 1997).
(2) This material may be inspected, copied,
or obtained at the Department of Education, Office of District Support
Services, Capital Plaza Tower, 15th Floor, 500 Mero Street, Frankfort,
Kentucky, Monday through Friday, 8 a.m. to 4:30 p.m.
STATUTORY AUTHORITY:
KRS
156.160(1)(i),
(j)
