3 Budget Cycle – Board Policy 4.1 Draft Budget –Due to be reviewed/presented to Board on or before January 31stDoes not need to balanceShould include items from district needs assessment (Board Procedure 4.1 AP2)Tentative BudgetDue to Board on or before May 30thMust balanceMust contain a minimum reserve of 2% contingency (sum of Fund 1 and Fund 51)Detailed estimate of revenues and expenditures for following year
4 Budget Cycle – Board Policy 4.1 Working BudgetDue to Board on or before September 30thMust balanceMust contain a minimum reserve of 2% contingency (sum of Fund 1 and Fund 51)Close estimate of revenues and expenditures for current year
5 On-Behalf Payments General Fund Fund 400 Includes items paid by the State on-behalf of school employeesHealth insurance, Life Insurance, Administration Fees, KTRS matchesIncludes services provided at the State levelKISTA Energy Savings Capital Leases, TechnologyFund 400Debt Service – records any debt service payment on bonds made by the district or made by others on-behalf of the district (for example, SFCC)
6 Tax HearingsAfter completed unaudited AFR, the district (Superintendent and Finance Officer) will receive from Chay Ritter regarding tax rate adoptionReport 1Summary of Compensating, Subsection (1) and 4% Tax Rates for both Real Estate and Personal PropertyMotor Vehicle Tax RateAlso shows requirements for hearings for each tax rateExonerationsReport 2 – shows House Bill 940 tax rateReports 3 and 4 – shows figures provided by PVA to Department of Revenue
7 Mandatory Reports Items to publish in newspaper Quarterly Reports Non-discrimination policy statement (might not be finance person)AFR (trying to get this changed)Vendor List >$1,000 (use Newspaper Report in MUNIS)Tax Hearing for anything except Compensating RateKY Board of Education Approved Tax RateSchool district budgetSchool report card (trying to get this changed)Quarterly ReportsCDIPUnemployment – KSBIT941 ReportsSBAC ReportsMAP – 735 (Department of Medicaid Services)
8 Mandatory Reports Monthly Reports Other Reports Federal Cash Request KTRS (TRS) – PathwaysCERS – STARTDepartment of LaborFederal HealthOther ReportsFRYSC Summary Reports (mid-year and final)MOE (MoFE)PSD/CSD and LEAD ReportsAFR – Unaudited and AuditedTax Collector’s Report (Form F-60A) done by Sheriff’s Office – District does Local District’s Reconciliation of Taxes Collected Report (Form F-60B)
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