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Budget and Accounting 101

This presentation by Kate Ingersoll, Executive Director of Fiscal Services, outlines the budgeting process at Twin Rivers Unified School District (USD) and its requirements. It covers the nature of the budget as a guiding financial plan, the necessary timelines for budget revisions and approvals, and the standards set by the Association of School Business Officials International. With insights into expenditures, audits, and internal controls, this document serves as a crucial resource for understanding TRUSD’s financial planning and compliance with state and federal regulations.

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Budget and Accounting 101

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  1. Budget and Accounting 101 Kate Ingersoll Executive Director Fiscal Services Twin Rivers USD Presented to the Board of Trustees August 14, 2012

  2. What is a Budget? • Guiding financial plan for meeting the Board’s goals and objectives for the year • The budget is a living, changing document • Assumptions constantly change and must be carefully evaluated and applied to the budget • Required Budgets • Adopted Budget (Due by June 30) • Possible 45 day budget revision • First Interim October 31 (Due by December 15) • Second Interim January 31 (Due by March 15) • Possible Third Interim March 31 (Due by May 15) Budget documents are on the District website: www.twinriversusd.org/depts/fiscal_services

  3. Meritorious Budget • International Award in recognition that the District met the highest standards of excellence in school district budgeting by the Association of School Business Officials (ASBO) International • Only 3 other school districts in California have received this award • ASBO’s requirements: • Technically well prepared • Easy to read • Information flows in a logical sequence • Narratives are clear and understandable • Document is free of spelling and grammatical error

  4. Requirements and Guidance for the Budget • TRUSD Board Policies • State Education Code • California Code of Regulations, Title 5 • California School Accounting Manual • Government Accounting Standards Board • Budget Development Calendar • Approved by the Board • Meets state law requirements • Sacramento County Office of Education (SCOE) • Grant and Award restrictions • Over 70 Federal and State Categorical Programs • Donations and local awards

  5. REVENUES

  6. EXPENDITURES

  7. EXPENDITURES (continued) • 82% of the General Fund expenditures are salary and benefits • Human Resources follows a structured hiring process • All union contract requirements are incorporated in the hiring process • Selected candidate is brought to the Board for approval to employ (and pay) the candidate • Once approved, the candidate is added to Human Resources/Payroll system and linked to Position Control • Regular employees (not substitutes, overtime, extra time, etc.) are paid at the end of each month • Segregation of Duties • Budget oversees Position Control • Human Resources hires and adds the employee • Payroll pays the employee

  8. EXPENDITURES (continued) • Remaining 18% of expenditures • Service Agreements/Contracts • Board Policy 3312 & Administrative Regulation 3312 • $15,000 and above require Board Approval • Less than $15,000 must be approved by the appropriate level administrator as established in the current Resolution of the Board of Trustees which authorizes District signature (Resolution No. 293) • Purchase Requisitions / Purchase Orders • Board Policy 3300 • The Superintendent or designee shall develop and maintain effective purchasing procedures that are consistent with sound financial controls • The Superintendent or designee may purchase supplies, materials, apparatus, equipment, and services… • The Board shall review all transactions entered into by the Superintendent or designee every 60 days

  9. EXPENDITURES (continued) • Reimbursements • Travel and Conference • Each document along with instructions is on the District web site at www.twinriversusd.org/forms • Strong internal control policies and procedures • Ruth Hall, Director, Purchasing Services will present additional information on Purchasing at the August 28th Board meeting

  10. Independent Auditors • Annual audit (required by CDE) • Spring visit – Internal Control testing and state compliance testing (e.g., attendance) • Fall visit – State and Federal compliance testing and audit of our recently closed prior year financial records (Unaudited Actuals). • Unaudited Actuals are also submitted to SCOE (by September 15th) and then forwarded to CDE • Audit report • Expresses an independent opinion on the financial statements and compliance with applicable laws and regulations • Submitted to SCOE, CDE and the State Controller (by December 15th) • Formally present to the Board (by January 30th) • Includes any material concerns and findings of the auditors along with District responses • SCOE formally follows up to ensure the District has made corrections or an acceptable plan of correction has been developed

  11. Sacramento County Office of Education (SCOE) Oversight • Under AB1200, SCOE has fiscal oversight of TRUSD and 12 other districts • Budget approvals • Adopted Budget • First Interim • Second Interim • Third Interim (if required) • Fiscal monitoring • Review and print payroll checks • Review and print accounts payable checks

  12. Any questions?

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