The Tannehill Board of Education shall prepare a budget that shall represent a complete plan for the school district and shall present information necessary and proper to disclose the financial position and condition of the school district. It shall contain a budget summary in tabular form for each fund:
1. Actual revenues and expenditures for the immediate prior fiscal year;
2. Revenues and expenditures for the current fiscal year as shown by the budget for the current year as adopted or amended;
3. Estimates of revenues and expenditures for the budget year.
The board will schedule a public hearing at least 45 days prior to the beginning of the budget year. Notice of the date, time and place of the hearing, together with the proposed budget summary, shall be published in a newspaper of general circulation in the school district not less than five (5) days before the date of the hearing. Any person present at the public hearing may present comments, recommendations, or information on the proposed budget to the board.
On or before October 1, each year, the board of education shall prepare a statement of actual income and expenditures of the district for the fiscal year that ended on the preceding June 30 after the financial activity has been recorded, the annual Foundation and Salary Incentive Aid Allocations have been released, and the property tax valuation has been certified. The amended budget shall contain all of the following information, if applicable:
1. Valuation of the school district by county and classification, excluding homestead exemptions;
2. Bonded debt and judgments outstanding, including interest rates by maturity;
3. Matured debt and judgments;
4. Sinking fund balance, including cash and investments;
5. Sinking fund levy calculations, including surplus/deficit, principal accrual, annual interest, judgment installment and interest, total net levy and delinquency;
6. Levies in millage for general fund, building fund and sinking fund;
7. Millage adjustment factor, if applicable;
8. Previous year sinking fund collections, including total proceeds as certified, additions or deductions, reserve for delinquent tax, reserve for protest pending, tax apportioned, net balance in process of collection, and excess collections; and
9. Surplus analysis, including itemized sources of excess and deductions.
The board will post a copy of the statement in the administrative office of the board in an area accessible to the public and in at least one public library within the district within five (5) days after the statement is prepared.
ANNUAL BUDGET (Cont.)
No later than September 1, each year, the district shall transmit a copy of the required income and expenditures data to the State Department of Education for posting on the Department’s Internet web site in a form that is accessible to the public.
Prior to October 1, each year, the board shall submit the statement of income and expenditures to the county excise board and shall file the itemized expenditure budget and request for state appropriated funds for the ensuing fiscal year, and an estimate of revenues to be received by the district with the State Board of Education.
Not later than 45 days after the estimate of needs is approved by the county excise board, the board of education shall adopt a final budget for the current fiscal year.
The final budget may be revised by the board in open meeting.
REFERENCE: 68 O.S. §3002
70 O.S. §5-114, §5-129, §5-133, §5-134.1, §5-135, §5-154, §5-155
70 O.S. §5-128, §5-128.1