FILE:  DC

 

ANNUAL OPERATING BUDGET

 

 

The St. Martin Parish School Board shall approve an annual budget for the general fund and each special revenue fund for the fiscal year July 1 to June 30, no later than September fifteenth of each year.  The School Board shall submit a copy of its adopted budget to the State Superintendent no later than September thirtieth of each year, as well as a general summary of the adopted budget.  The summary shall include projected revenues, expenditures, and beginning and ending fund balances.

 

It shall be the responsibility of the Superintendent and designated members of his/her staff to prepare the operating budgets for submission to the Board.  The budgets shall be prepared on forms in accordance with such rules and regulations as may be prescribed by statutes and by the State Superintendent of Education.  Said budgets shall be submitted to the Board for the purposes of revision and approval prior to submission to the State Superintendent.

 

The Board shall cause to be published a notice in the official journal stating that the proposed budget is available for public inspection no later than fifteen (15) days prior to the date for budget adoption.  The notice shall also state that a public hearing on the proposed budget shall be held specifying the date, time and place of the hearing.  The proposed budget shall not be considered for adoption or otherwise finalized until at least one public hearing has been conducted on the proposal.  The notice shall be published at least ten (10) days prior to the date of the first public hearing and may be published in the same advertisement as the notice of availability of the proposed budget and the public hearing.

 

The Board shall certify completion of all action required by publishing a notice in the same manner as provided above.

 

GENERAL FUND - FUND BALANCE

 

The Board shall maintain a stabilization allocation which is equal to twenty-five percent (25%) of the total general fund expenditures.  This shall be considered a ”rainy day” fund which is set aside for emergencies that are declared by the Board and which relate to specific natural disasters such as fire, hurricane, flood, or tornado.  These disasters and resulting severe damage might make it necessary to close school(s), which can result in a reduction of educational funding revenues from regular sources such as the state’s minimum foundation program.  Expenditures of such funds shall be facilitated only by Board action, and supported by a budget revision that must also be approved by the Board, at which time the Board shall authorize an appropriate amount to be reclassified as surplus.

 

After providing for other amounts for non-spendable funds, assigned funds, and other committed funds, the remaining portion of the General Fund - Fund Balance shall be Unassigned and treated as surplus and available for meeting budgetary needs.

 

No budget shall be approved where expenditures exceed the expected means of financing which expressly includes, but is not limited to, any surplus.  The budget shall be reviewed periodically and such financial reports as the Board directs shall be prepared and presented to the Board by the Superintendent.

 

Revised:  May 6, 2009

 

 

Ref:     La. Rev. Stat. Ann. §§17:88, 17:89, 39:1301, 39:1302, 39:1303, 39:1304, 39:1305, 39:1306, 39:1307, 39:1308, 39:1309, 39:1310, 39:1311, 39:1312, 39:1313, 39:1314

Board minutes, 5-6-09

 

St. Martin Parish School Board