John Glenn School Corporation
Bylaws & Policies
 

6220 - BUDGET PREPARATION

The Corporation's operation and educational plan is reflected in its budget. Each year, the School Board will cause to have prepared and then review and approve the General Fund, Transportation Fund, Capital Projects Fund, Special Education Preschool Fund, Debt Service Fund, Teacher's Retirement Bond Fund, and the Rainy Day Fund, which constitute the budget of the Corporation.

RAINY DAY FUND

The Board of School Trustees of the John Glenn School Corporation has established a Rainy Day Fund. The Rainy Day Fund may receive transfers of unused and unencumbered monies from other funds raised by a general or special tax levy. Such transfer cannot exceed ten percent (10%) of the annual budget of the School Corporation for the fiscal year in which the transfer occurs. Transfers to the Rainy Day Fund may be made at any time before the last day of the Corporation's fiscal year.

The intent of the Board of School Trustees is to use the monies in the Rainy Day Fund only for any one (1) of the following purposes:

 A.insurance costs

 B.utility costs

 C.equipment and/or supplies purchase

 D.capital improvement costs

 E.contracted services

The Rainy Day Fund is subject to the same appropriation process as are the other School Corporation funds. Prior to the appropriation, the Board will make a determination that the use of the appropriation is consistent with the intent of the Rainy Day Fund as set out in this policy. The purpose for the appropriation will be stated at the time it is made.

The budget shall be designed to carry out Corporation operations in a thorough and efficient manner, maintain Corporation facilities properly, and honor continuing obligations of the Board.

The proposed budget requires the critical analysis by every member of the Board prior to approval; once adopted, the budget deserves the support of all members of the Board regardless of their position before its adoption.

The Board directs the Superintendent to present the budget to the Board, along with all available information associated with each Fund, in sufficient time for proper review and discussion and in compliance with Indiana Code. Included shall be a three (3) year budget history for analysis by Board members.

When presented to the Board for review and/or adoption, the proposed Fund shall include, as appropriate:

 A.the proposed expenditure in each financial category for the ensuing year;

 B.the anticipated expenditure in each financial category for the current year;

 C.the actual expenditure and the approved budget in each financial category for the previous year;

 D.an explanation of major items of expense proposed for the ensuing year;

 E.an estimate of the student population for the ensuing year;

 F.the sources and amounts of anticipated revenues;

 G.the anticipated cash balance at the end of the current year;

 H.an appropriations resolution.

I.C. 21-2-11-2 et seq., 21-2-11.5-2 et seq., 21-2-15
I.C. 36-1-8-5

Revised 1/13/04
Revised 12/19/06
Revised 3/3/10