One of the primary responsibilities of the Board of Education is to secure adequate funds to conduct a quality program of education in the school district.  The annual school budget represents a written document presenting the Board’s plan for allocation of the available financial resources into an explicit expenditure to sustain and improve the educational function of the school district.  It is a legal document describing the programs to be conducted during the fiscal year and is the basis for the establishment of tax rates for the district.

The planning and preparation of the budget is a continuing process.  It must involve a number of people who have knowledge of the educational needs of the community and who can provide accurate data in regard to the financial potential of the district. Members of the Board, citizens, professional and support staff members should be involved in the planning process, which culminates in the planning process. The superintendent will establish procedures that seek input from the appropriate people on budgetary needs and that consider the priorities established by the Board.

The Board designates the superintendent to serve as the budget officer of the district. As budget officer, the superintendent will direct the planning and preparation of the budget and will submit it to the Board for approval.  The superintendent will present to the Board a tentative budget proposal for the following year and will present the final budget proposal before the new fiscal year begins, as provided by law.

The Board may revise the items contained therein and will at that meeting adopt the portion of the budget dealing with the salary schedule and the needed tax rate for the district.  Should the adopted budget require an increase in the tax levy above the authorized level that the Board may levy, the tax levy increase shall be presented to the votes for approval.  The budget shall be appropriately adjusted if the voters fail to pass the tax levy increase. The Board will conduct at least one (1) public hearing regarding the proposed budget and taxation rate.

The annual budget document shall present a completed financial plan for the ensuing fiscal year and shall include at least the following statutory requirements:

1. A budget message describing the important features of the budget and major changes from the preceding year.
2. Estimated revenues to be received from all sources for the fiscal year, with a comparative statement of actual or estimated revenues for the two (2) years next preceding, itemized by year, fund, and source.
3. Proposed expenditures for each department, office, and other classifications for the fiscal year, with a comparative statement of actual or estimated expenditures for the two (2) years preceding, itemized by year, fund, activity, and object.
4. The amount required for the payment of interest, amortization, and redemption charges on the debt of the school district.
5. A general budget summary.

In no event shall the total proposed expenditures from any fund exceed the estimated revenues to be received plus any unencumbered balances or less any deficit estimated for the beginning of the fiscal year.  Upon the recommendation of the superintendent, the Board will approve a system of internal accounting to ensure proper financial accounting of revenues and expenditures.

The adopted budget of the Central R-III School District serves as the control to direct and limit expenditures in the district.  Overall responsibility for assuring control rests with the superintendent, who will establish procedures for budget control and reporting throughout the district.

The total amount that may be expended during the fiscal year for the operation of the school district are set forth in the budget.  The total budgeted expenditure for each program is the maximum amount that may be expended for that classification of expenditures during the school year unless a budget transfer is recommended by the superintendent and is approved by the Board.

The Board will review the financial condition of the district monthly and shall require the superintendent to prepare a monthly reconciliation statement.  This statement will show the amount expended during the month, total (to date) for the fiscal year, receipts and remaining balances in each fund.  This statement will be used as a guide for projected purchasing and is a guide for budget transfers.

During the fiscal year the superintendent may transfer any unencumbered balance or portion thereof from the expenditures authorization of one (1) account to another, subject to limitations provided by state laws and approval by the Board.

All moneys received by the school district shall be disbursed only for the purposes for which they are levied collected, or received.