LAUREL SPRINGS SCHOOL DISTRICT

Transfer of Funds Between Line Items/

Amendments/Purchases Not Budgeted                                  Policy #3 160

Appropriate fiscal controls shall ensure that the board does not spend more than authorized funds. The board secretary shall keep the board informed of the district’s financial status according to law.

Except in the case of federal basic skills improvement funds, the board designates the chief school administrator to approve such transfers among line items and programs as are necessary between meetings of the board. Transfers approved by the chief school administrator shall be reported to the board, ratified, and recorded in the minutes at a subsequent meeting of the board, but not less than monthly.

When the necessity arises for an unbudgeted expenditure, and there are no available funds in other line items in the same category the procedures required by administrative code shall be initiated.

First Reading: November 15, 2006

Adopted:

Legal References: N.J.S.A 2C:304    Excess expenditures

N.J.S.A 18A:179                               Secretary; report of appropriations, etc; custodial duties, etc.

N.J.S.A 18A:18A7                            Emergency purchases and contracts

N.J.S.A 18A:228.1                            Transfer of amounts among line items and program categories...

N.J.S.A 18A:228.2                            Prohibited transfers

N.J.S.A 18A:2448 through 54            Application of proceeds to new purpose; in districts having boards of school estimate; certification by boards of education...

N.J.A.C 6:202A.1 et. seq.                  Double Entry Bookkeeping and GAAP

N.J.A.C 6A:30-1.1 et. seq.                Evaluation of the Performance of School Districts