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School Budget Analysis

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Budgeting is an essential element of the financial planning, control, and evaluation processes of schools. Every school district shall prepare annual budgets covering all if its funds properly classified as Agency Funds and Private Purpose of Trust Funds. Budgetary accounts are used to record legally adopted annual operating budgets. Budgetary accounts are recorded in the general ledger to facilitate control over school district revenues and expenditures during the year. The annual operating budget is the plan of current expenditures and the proposed means of financing them. The annual operating budget is the primary means by which most of the financing acquisition, spending, and service delivery activities of the Wayne County School District are …show more content…

The annual operating budget is essential to the sound financial management of this school district, required by law. The fiscal year commence on July 1 and end on June 30 of each year. The State Department of Education is hereby authorized and directed to prescribe and formulate for use by all school districts of this state, as prescribed by Mississippi Code Section 37-37-1. School boards have the power, authority and duty to make orders directed to the superintendent of schools for the issuance of pay certificates for lawful purposes on any available funds of the district and to have full control of the receipt, distribution, allotment and disbursement of all funds provided for the support and operation of the schools of such school district whether such funds be derived from state appropriations, local ad valorem tax collections, or otherwise. The local school board shall be authorized and empowered to promulgate rules and regulations that specify the types of claims and set limits of the dollar amount for payment of claims by the superintendent of schools to be ratified by the board at the next regularly scheduled meeting after payment

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