The Governing Board is committed to ensuring public accountability and the fiscal health of the district. The Governing Board shall adopt sound fiscal management policies and practices, oversee the district's financial condition, and continually evaluate whether the district's budget and financial operations support the district's goals for student achievement.
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\nThe Superintendent or designee shall ensure that district financial reports are prepared in accordance with law and in conformity with generally accepted accounting principles and financial reporting standards stipulated by the Governmental Accounting Standards Board and the California Department of Education (CDE). The Superintendent or designee shall establish a system of ongoing internal controls to ensure the reliability of financial reporting.
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\nWhen required by law or as directed by the Governing Board, the Superintendent or designee shall submit to the Governing Board reports of the district's financial status, including, but not limited to, any report specified in this Board policy or accompanying administrative regulation. When submission of any such report to a local, state, and/or federal agency requires prior Governing Board approval, the Superintendent or designee shall provide the report to the Governing Board in sufficient time to enable the Governing Board to carefully review the report without breaking any applicable submission deadline.
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\nThe Governing Board shall assess the district's financial position multiple times per year and communicate the results to the public, and shall use financial reports to determine the actions and budget amendments, if any, that are needed to ensure the district's financial stability. If district conditions predict fiscal distress or indicate that the district might not be able to meet its fiscal obligations, the Governing Board and Superintendent or designee shall take action to resolve these conditions without delay. The Governing Board shall work cooperatively with the County Superintendent of Schools to improve the district's fiscal health and may contract with an external individual or organization to provide the district with needed advice or fiscal management or training.
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\nIf the district is facing fiscal insolvency, the Governing Board may consider applying to the state for an emergency apportionment that exceeds 200 percent of the district's recommended reserve. Before applying for such emergency apportionment, the Governing Board shall discuss, at a regular or special meeting, the need for an emergency apportionment and receive testimony regarding the apportionment from parents/guardians, the exclusive representatives of employees of the district, and other members of the community. (Education Code 41326)
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\nUnaudited Actual Receipts and Expenditures
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\nOn or before September 15, the Governing Board shall approve and file with the County Superintendent a statement of the district's unaudited actual receipts and expenditures for the preceding fiscal year. The Superintendent or designee shall prepare this statement using the state's standardized account code structure (SACS) as prescribed by the Superintendent of Public Instruction (SPI). (Education Code 42100)
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\nGann Appropriations Limit Resolution
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\nOn or before September 15, the Governing Board shall, at a regular or special meeting, adopt a resolution identifying, pursuant to Government Code 7900-7914, the district's estimated appropriations limit for the current fiscal year and the actual appropriations limit for the preceding fiscal year. Documentation used to identify these limits shall be made available to the public on the day of the Governing Board meeting. (Education Code 42132; Government Code 7910)
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\nInterim Reports/Certification of Ability to Meet Fiscal Obligations
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\nEach fiscal year, the Superintendent or designee shall submit two interim reports to the Governing Board. The first report shall cover the district's financial and budgetary status for the period ending October 31 and the second report shall cover the period ending January 31. These reports and supporting data shall be made available by the district for public review. (Education Code 42130)
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\nWithin 45 days after the close of the period reported, the Governing Board shall approve the interim report and, on the basis of the interim report and any additional financial information known by the Governing Board, shall certify in writing whether the district will be able to meet its fiscal obligations for the remainder of the fiscal year and, based on current forecasts, for the two subsequent fiscal years. The certification shall be classified as one of the following: (Education Code 42130, 42131)