New Mexico Administrative Code
Title 6 - PRIMARY AND SECONDARY EDUCATION
Chapter 20 - PUBLIC SCHOOL FINANCE - BUDGETING AND ACCOUNTING
Part 2 - GOVERNING BUDGETING AND ACCOUNTING FOR NEW MEXICO PUBLIC SCHOOLS AND SCHOOL DISTRICTS
Section 6.20.2.7 - DEFINITIONS

Universal Citation: 6 NM Admin Code 6.20.2.7

Current through Register Vol. 35, No. 18, September 24, 2024

A. "Budget" - A written plan of financial operation for one fiscal year to include an estimate of revenues and proposed expenditures.

B. "Department" means the public education department.

C. "Operating budget" - The budget submitted and approved by the local board by June 20 and certified by the department on or before July 1.

D. "Fiscal year" - A twelve-month period, beginning July 1 and ending June 30, to which the annual operating budget applies.

E. "Fixed assets" - Land, buildings, improvements other than buildings, equipment, machinery, construction work in progress, and capital leased assets with a cost of $500 or more. The definition of fixed assets applies to all assets purchased regardless of funding source.

F. "GAAP" - generally accepted accounting principles.

G. "Local school board" or "board" means the governing body of a school district or charter school.

H. "School districts" means public school districts, charter schools and regional education cooperatives (RECs).

Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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