701.05 Fiscal Management

Policy 701.05: Fiscal Management 

The Board recognizes its fiduciary responsibility to oversee the management of school district funds in keeping with the school district vision, mission and goals. To achieve this purpose, the board may engage in learning about the financial needs, operations and requirements of the district as appropriate for the board’s understanding of the district’s financial position. The Board also commits to engaging in annual financial goal setting for the district based upon measurable data and projections for the district. 

After the fiscal year has closed, the Superintendent or their designee will provide to the Board concise, timely, well organized financial data. The Board will exercise its oversight responsibilities by reviewing relevant PK-12 public education sector indicators to understand the financial trends of the district. 

The board will establish and review financial goals annually. The District will measure whether these goals were obtained as of June 30, but only after completion of the Certified Annual Report due September 15th each year. 

Providing the best possible educational experience for all students and meeting federal, state, and local academic goals for each student requires maximizing General Fund resources for use in the instructional program. The board may request from the School Budget Review Committee (SBRC) additional modified spending authority (MSA) where it may be available for items such as: 

• Special education deficit balances 

• Advances to support increasing student enrollment 

• Supports for students identified as English Learners 

• At risk / dropout prevention programming 

• Initial staffing associated with opening new buildings or programs 

• Any other lawful purpose 

Any award of modified supplement amount will be levied as a cash reserve based on the recommendation of the superintendent/designee and approved by the Board of Education in keeping with the fiscal management performance measures provided for in district policy. 

Legal Reference: Iowa Code §§ 257.7, 31; 279.8 

 

I.C. Iowa Code References

Iowa Code § 257.31

Iowa Code § 257.7

 

Approved:  February 6, 2023

Reviewed: February 6, 2023

Revised: February 6, 2023