Each year, at its annual meeting, the board shall designate by resolution the name and location of the Iowa located financial depository institution or institutions to serve as the official school district depository or depositories.  The maximum deposit amount to be kept in the depository shall be stated in the resolution.  The amount stated in the resolution must be for all depositories and include all of the school district's funds.

It shall be the responsibility of the board secretary to include the resolution in the minutes of the meeting.

 

 

Legal Reference:  Iowa Code §§ 12C; 279.33 (1995).

Cross Reference:  210.1  Annual Meeting
                                       206.4  Treasurer [or 206.3, Secretary-Treasurer]
                                       704.1  Local - State - Federal - Miscellaneous Revenue

Approved  7/10/89     
Reviewed 11/15/21            
Revised 03/08/10  

 

 When the necessity for a fund has ceased to exist, the balance may be transferred to another fund or account by board resolution.  School district monies received without a designated purpose may be transferred in this manner.  School district monies received for a specific purpose or upon vote of the people may only be transferred, by board resolution when the purpose for which the monies were received has been completed.  Voter approval is required to transfer monies to the general fund from the capital projects fund and debt service fund.

If all requirements for district use of funds calculated under the teacher leadership supplement are met and funds remain unexpended and unobligated at the end of the fiscal year, the district may transfer all or a portion of remaining funds into the district’s flexibility account in accordance with law.

The district may choose to request approval from the School Budget Review Committee to transfer funds to make a program whole, prior to its elimination.

Temporary transfers (loans) of funds are permitted between funds but must be repaid to the originating fund, with interest, by Oct. 1 following the end of the fiscal year.

It is the responsibility of the board secretary to make recommendations to the board regarding transfers and to provide the documentation justifying the transfer.

 

 

Legal Reference:  Iowa Code §§ 24.21-.22; 257.10, 279.8; 279.42; 298A.
                                       289 I.A.C. 6

Cross Reference:  701.3    Financial Records
                                       703         Budget
                                       704.2    Sale of Bonds

Approved   07/10/89                           
Reviewed  11/15/21                 
Revised  11/15/21                  

 

Financial records of the school district are maintained in accordance with generally accepted accounting principles (GAAP) as required or modified by law.  School district monies are received and expended from the appropriate fund and/or account.  The funds and accounts of the school district will include, but not be limited to:

Governmental fund type:

          ·        General fund

          ·        Special revenue fund

                    --Management levy fund

                    --Public education and recreation levy fund

                    --Student activity fund

          ·        Capital projects fund

                    --Physical plant and equipment levy fund (PPEL)

                    _Secure an Advanced Vision for Education (SAVE)

          ·        Debt service fund

Proprietary fund type:

          ·        Enterprise fund

                    --School nutrition fund

                    --Child care fund

          ·        Internal service fund

Fiduciary funds:

          ·        Trust                           

                    --Expendable trust funds

                    --Nonexpendable trust funds                                   

                    --Agency funds

                    --Pension trust funds

Account groups:

          ·        General fixed assets account group

          ·        General long-term debt account group

The general fund is used primarily for the education program.  Special revenue funds are used to account for monies restricted to a specific use by law.  Capital projects funds are used to account for financial resources to acquire or construct major capital facilities (other than those of proprietary funds and trust funds) and to account for revenues from SAVE.  A debt service fund is used to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest.  Proprietary funds account for operations of the school district operated similar to private business, and they account for the costs of providing goods and services provided by one department to other departments on a cost reimbursement basis.  Fiduciary funds are used to account for monies or assets held by the school district on behalf of, or in trust for, another entity.  The account groups are the accounting records for fixed assets and long-term debt.

The Board may establish other funds in accordance with generally accepted accounting principles and may certify other taxes to be levied for funds as provided by state law.  The status of each fund must be included in the annual report.

It is the responsibility of the superintendent to implement this policy and bring necessary changes in the maintenance of the school’s district's financial records to the attention of the board.

It is the responsibility of the superintendent to implement this policy and bring necessary changes in the maintenance of the school district's financial records to the attention of the board.

 

 

Legal Reference:  Iowa Code §§ 11.23; 298A (2003).

Cross Reference:  704       Revenue
                                       705       Expenditures

Approved  7/12/05                          
Reviewed   11/15/21                                                                    
Revised  2/13/17                 

 

The following relevant PK-12 public sector indicators will be provided to the Board annually to better understand the financial trends of the district.  These indicators will be an accurate depiction as of June 30th of the preceding fiscal year and will depict at a minimum of three years of data.  

• Total revenues and expenditures by fund and major sources; 
• Financial Solvency Ratio - assigned plus unassigned fund balances divided by total revenue minus AEA flow through;
• Unspent Authorized Budget Ratio - amount of maximum spending authority left at year end after deducting the general fund expenditures incurred during the year;
• Unspent Authorized Balance Ratio Net of Restricted Fund Balances (Categorical Fund Balances) - amount of maximum spending authority left at year end after deducting both the general fund expenditures incurred during the year and the total restricted fund balances (categorical fund balances) at year end;
• Enrollment Trend - funding follows the student so it is important to understand district enrollment numbers;
• Staff costs as a percent of total general fund. 

Financial Projections
Five-year financial projections of the general fund will be prepared and updated annually. The general fund is the operating fund of the district where the majority of salaries and benefits are funded.  Projections will help the board determine sustainability of the annual operating budget and help make future budgetary decisions.

The District is committed to utilizing the following financial metrics in determining district financial goals:

1. Unspent Authorized Budget Ratio:  Maintain unspent authorized budget ratio within the 10-15% target range. The current year’s projected balance will be discussed with the Board before staffing and other spending decisions are finalized for the succeeding year.
2. Unspent Authorized Budget Net of Restricted Fund Balances (Categorical Balances): The district will attempt to spend the restricted (categorical) annual allocation in the year received to the extent possible.
3. Solvency Ratio: Maintain an unrestricted, uncommitted general fund balance within 10-15% target range with 7% being a minimum goal.  The current year’s projected balance will be discussed with the Board before establishing the succeeding year’s cash reserve levy and before staffing and other spending decisions are finalized.

I.C. Iowa Code	Description
Iowa Code  § 257.31	Finance Program - Committee
Iowa Code  § 279.8	Directors - General Rules - Bonds of Employees
Iowa Code § 257.7	Authorized Expenditures

 

 

Approved  12/15/23                                 Reviewed   12/15/23                                                                           Revised