Basics for New Finance Officers Part II Jan Johnston, Pendleton County Schools Jennifer Pierce, Bellevue Independent Schools

Part II Agenda Budget Cycle On-Behalf Payments Tax Hearings Draft Budget Needs Assessment – check Board Policy/Procedures Tentative Budget Working Budget On-Behalf Payments Tax Hearings Mandatory Reports

Budget Cycle – Board Policy 4.1 Draft Budget – Due to be reviewed/presented to Board on or before January 31st Does not need to balance Should include items from district needs assessment (Board Procedure 4.1 AP2) Tentative Budget Due to Board on or before May 30th Must balance Must contain a minimum reserve of 2% contingency (sum of Fund 1 and Fund 51) Detailed estimate of revenues and expenditures for following year

Budget Cycle – Board Policy 4.1 Working Budget Due to Board on or before September 30th Must balance Must contain a minimum reserve of 2% contingency (sum of Fund 1 and Fund 51) Close estimate of revenues and expenditures for current year

On-Behalf Payments General Fund Fund 400 Includes items paid by the State on-behalf of school employees Health insurance, Life Insurance, Administration Fees, KTRS matches Includes services provided at the State level KISTA Energy Savings Capital Leases, Technology Fund 400 Debt Service – records any debt service payment on bonds made by the district or made by others on-behalf of the district (for example, SFCC)

Tax Hearings After completed unaudited AFR, the district (Superintendent and Finance Officer) will receive email from Chay Ritter regarding tax rate adoption Report 1 Summary of Compensating, Subsection (1) and 4% Tax Rates for both Real Estate and Personal Property Motor Vehicle Tax Rate Also shows requirements for hearings for each tax rate Exonerations Report 2 – shows House Bill 940 tax rate Reports 3 and 4 – shows figures provided by PVA to Department of Revenue

Mandatory Reports Items to publish in newspaper Quarterly Reports Non-discrimination policy statement (might not be finance person) AFR (trying to get this changed) Vendor List >$1,000 (use Newspaper Report in MUNIS) Tax Hearing for anything except Compensating Rate KY Board of Education Approved Tax Rate School district budget School report card (trying to get this changed) Quarterly Reports CDIP Unemployment – KSBIT 941 Reports SBAC Reports MAP – 735 (Department of Medicaid Services)

Mandatory Reports Monthly Reports Other Reports Federal Cash Request KTRS (TRS) – Pathways CERS – START Department of Labor Federal Health Other Reports FRYSC Summary Reports (mid-year and final) MOE (MoFE) PSD/CSD and LEAD Reports AFR – Unaudited and Audited Tax Collector’s Report (Form F-60A) done by Sheriff’s Office – District does Local District’s Reconciliation of Taxes Collected Report (Form F-60B)

Questions??