State Board Policy
DESCRIPTOR TERM: Required Monthly Reports to be Furnished to Local School Board
ADOPTION DATE: November, 2013
The State Board of Education is directed by §37-9-18 to promulgate rules and regulations concerning the type of financial reports required to be submitted by the superintendent of schools to the local school board, and the frequency with which the reports shall be submitted. At a minimum, the superintendent of schools shall furnish to the local school board the following required financial reports each month at the regular school board meeting:
Reconciled Bank Statements
All bank statements should be reconciled within 30 days of receipt. Presentation of reconciled bank statements should be made at the next regular board meeting after the bank statements are reconciled. Bank statements should be reconciled to the district’s general ledger cash balances in a timely, accurate manner.
In lieu of actual bank reconciliations, a certification from a designated individual listing all current district bank accounts by name, the specific time period covered, and a statement that the accounts have been reconciled is acceptable. Districts submitting a certification to the board should also submit a summary of the bank reconciliations. Full bank reconciliations should be available for review at the board meeting if requested. A copy of the certification and the summary should be made a part of the board minutes.
Statement of Revenues and Expenditures
The Statement of Revenues and Expenditures should capture the monthly revenues and expenditures of each fund. At a minimum, a total amount of revenues and a total amount of expenditures should be presented for each fund for the month. Additional detail would be added at the discretion of the district.
Current Budget Status
The school district will present the board with a current listing of budgeted annual amounts for revenue and expenditures for all funds. The report will present cumulative revenue and expenditures to compare to budgeted amounts for each fund.
Cash Flow Statement by Month
The Cash Flow Statement should capture cash in and cash out for the District Maintenance fund with each month presented separately. The cumulative total of all months should be listed. Projected cash flow for the remaining months may be presented at the discretion of the district.
Combined Balance Sheet
The school district will present the board with a Combined Balance Sheet to include, at a minimum, all general funds and special revenue funds. Additional funds may be presented at the discretion of the district.
Current Fund Equity Balances
The school district will present the board with a current listing of fund balances. The listing should include, at a minimum, all general funds, special revenue funds, and any other funds supported by district maintenance.
Two or more of the required reports listed above may be combined if all information is included and can be presented in the detail listed above for each report.
At each regular monthly school board meeting:
The financial reports shall be listed as an agenda item for discussion at each regularly scheduled meeting of the local school board. The minutes of the local school board meeting shall reflect that the financial reports were discussed. Each board member present shall be provided a copy of all required financial reports. A copy of all required financial reports shall be included in the official minutes of the board meeting at which the reports were discussed.
The Office of School Financial Services may require a school district to provide one or all of the required monthly reports listed in this policy. The Office of School Financial Services may require a school district to submit evidence that one or all of the required monthly reports listed in this policy have been provided to the local school board, the financial items were listed as a separate agenda item, the minutes reflect that the financial reports were discussed and a copy of each required report is included in the official minutes of the board meeting at which the reports were discussed.
Failure to comply with any of the rules and regulations established by the State Board of Education with regard to financial reporting requirements shall constitute a violation of the Mississippi Public School Accountability Standards.
Source: MS Code 37-9-18 (Adopted 11/2013)