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3. FY 2007–08 Budget Extensions Budget Extension Reminder: We know all of you are busy preparing your new year budgets, but don't forget any remaining current year budget extensions. August is the final month to file your F-200 budget extensions with OSPI. Depending on when you submitted your current year F-200 for approval and when you printed your new year F-195 budget document, you may need to update your new year budget with state data after OSPI approval. This will allow your current year budget extension to be accurately displayed in the middle column of your new year F-195. 3

4. SD F-200 Budget Extension System Update Based on the recommendations from the SDAAC and on legislative action, the F-200 budget extension system is updated and released for school district use (usually) in October or November. 4

5. SD Budget Extension Preparation RCW 28A.505.170 RCW 28A.505.180 Yogis budget tip... When you come to a fork in the road, take it. If SD needs to increase the amount of appropriation, SD board of directors, before incurring expenditures in excess of appropriation, is to adopt a resolution stating estimated amount needed. 5

6. SD Budget Extension Availability/Notice RCW 28A.505.170 RCW 28A.505.180 (continued) Yogis budget tip... Ninety percent of the game is half mental. Each SD is to publish a notice stating the board of directors will hold a public hearing. 6

7. SD Budget Extension Requirements WAC 392-123-071 WAC 392-123-072 WAC 392-123-115 Yogis budget tip... If you cant imitate him, dont copy him. Every SD budget extension is to: –be prepared, submitted and adopted in the format prescribed by OSPI; and –have attached a copy of the SDs latest budget status report. 7

8. SD Budget Extension Hearing/Adoption RCW 28A.505.170 RCW 28A.505.180 (continued) On the hearing date, the SD board is to meet to introduce and pass the additional appropriation resolution by a majority of the board. Upon conclusion of the hearing, the SD board is to file the adopted resolution with the ESD. 8

9. ESD Review Process WAC 392-123-072 WAC 392-123-078 WAC 392-123-079 All 1 st and 2 nd class SD budget extensions are to be reviewed by the ESD prior to submission to OSPI. The ESD is to notify each district of any problems noted during the review process. 9

10. ESD Review Process WAC 392-123-078 WAC 392-123-079 (continued) Yogis budget tip... I dont want to make the wrong mistake. Review is to include revenues and reserved and unreserved FB and expenditure appropriateness. The ESD is to notify the SD of all problems noted in the review. The ESD is to attempt to correct all problems before submission to OSPI. 10

11. 2 nd Class SD Budget Extension Adoption WAC 392-123-072The ESD is to submit approved 2 nd class SD budget extension requests to OSPI by the close of business on August 31 or the last business day prior to August 31 if August 31 occurs on a nonbusiness day. 11

12. OSPI & ESD Budget Extension Approval for 2 nd Class Districts WAC 392-123-072 (continued) Yogis budget tip... A nickel isnt worth a dime today. Any request for budget extension is not to be approved by the ESD or OSPI to the extent that the current appropriation has been exceeded prior to the request for budget extension. 12

13. 1 st Class District Budget Extension Adoption and Filing WAC 392-123-071 Yogis budget tip... It isnt over till its over. The budget extension must be adopted in 1 st class SDs by the close of business on August 31 st or the last business day prior to August 31 if August 31 st occurs on a nonbusiness day. 1 st class SDs is to then file two copies of their adopted resolutions with the ESD. 13

14. 1 st Class SD Budget Extension Filing with OSPI WAC 392-123-071 (continued) Any appropriation resolution adopted after the current appropriation level has been exceeded shall be null and void to the extent that the current appropriation level has been exceeded. Yogis budget tip... This is like déjà vu all over again. 14

15. SD Budget in Noncompliance RCW 28A.505.140 WAC 392-123-080 Yogis budget tip... Its tough to make predictions, especially about the future. If OSPI determines any SD does not comply with budget procedures established by RCW or OSPI regulations, written notice from OSPI to the SD board is to be given. 15

16. SD Revised Budget Submittal RCW 28A.505.140 (continued) WAC 392-123-095 WAC 392-123-100 The SD board is to within 30 days of receiving notice, submit a revised budget to OSPI. If the SD fails or refuses to submit a budget within 30 days, OSPI may withhold the SD apportionment. 16

17. Budgeting Receivables RCW 28A.505.110 Yogis budget tip... You got to be careful if you dont know where youre going, because you might not get there. If a district is unable to submit a budget or budget extension when revenues and fund balance do not exceed expenditures, they must request in writing to include receivables, collectible in future periods, to balance the budget. 17

18. Budgeting Receivables WAC 392-123-060 WAC 392-123-065 Yogis budget tip... You can observe a lot just by watching. When a SD budgets receivables, OSPI places the SD under binding conditions which is intended to have the SD recover from its deficit budget situation and move to a stable financial position. This usually places the ESD in an oversight position of the SD financial operations. 18

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22. Curtain Call Thats all folks!!! Questions, anyone?? Thanks for coming! 22