6220 - BUDGET PREPARATION

The District's operation and educational plan is reflected in its budgets. Each year, the Board of Education will cause to have prepared and then review the General Fund as well as the other funds which comprise the tax budget.

The Board directs the Treasurer/CFO to present the tax budget to the Board prior to January 15th of each year. When presented to the Board for review and/or adoption, the tax budget shall indicate the information required by the State Auditor's Office.

The Board further directs the Treasurer/CFO to prepare the tax budget in compliance with the requirements of the Trumbull County Auditor, the Ohio Revised Code, and the State Auditor's Office and file the budget with the designated county and state officials as required by law. With an affirmative vote of the majority of the County Budget Commission, including the County Auditor, the requirement that the Board adopt a tax budget may be waived.

CASH BALANCE RESERVE

The Board supports good stewardship of taxpayer dollars. To that end, the Board is committed to operating the District with fiscally sound management practices in accordance with state law. The Board directs the administration, teacher, and other school personnel in charge of making budgetary decisions and/or recommendations to responsibly manage operational costs while maintaining a high level of educational excellence within the District.

As part of its commitment to sound fiscal management, the Board affirms that tax levies shall be pursued and/or the District’s finances otherwise managed to ensure a General Operating Fund unencumbered unreserved cash balance equivalent to at least sixty (60) days of operating expenditures. The Board directs the Treasurer/CFO to maintain such a cash reserve.

Promptly upon receiving any indication that such cash balance may not be achieved within any year of the fiscal forecast, the Treasurer/CFO shall report such a finding to the Board. Upon such notification by the Treasurer/CFO, the Superintendent and Treasurer/CFO will prepare and propose options that the Board may consider to forestall such an eventuality.

Further, the Board believes the financial goals of the District should be in alignment with the District’s strategic plan and instructional goals. When a General Operating Fund cash balance exceeds 180 days, the Superintendent may prepare a plan for the expenditure of the excess General Operating cash balance on one (1) or more of the major directives of the strategic plan. This plan must be approved by the Board and cannot result in the General Operating Fund cash balance falling below 120 days in any year of the rolling fiscal forecast. 

Revised 3/16/21
Revised 11/19/24

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