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title: Microsoft Word - 701 Establishment and Adoption of School District Budget.docx
date: D:20260609161435Z00'00'
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## Big Lake Schools Policy 701 Page 1
## ESTABLISHMENT AND ADOPTION OF SCHOOL DISTRICT BUDGET
## I.
## PURPOSE
The purpose of this policy is to establish lines of authority and procedures for the establishment of
the school district’s revenue and expenditure budgets.
## II.
## GENERAL STATEMENT OF POLICY
The policy of the school district is to establish its revenue and expenditure budgets in accordance
with the applicable provisions of law. Budget planning is an integral part of program planning so
that the annual budget will effectively express and implement school board goals and the priorities
of the school district.
## III.
## REQUIREMENTS
A. The superintendent or such other school official as designated by the superintendent or the
school board shall each year prepare preliminary revenue and expenditure budgets for review
by the school board or its designated committee or committees. The preliminary budgets shall
be accompanied by such commentary as may be necessary for them to be clearly understood.
When projected expenditures exceed projected revenues, the school board may consider use
of an available fund balance, if one exists.
B. Expenditures shall be reported in compliance with Minnesota Statutes section 123B.76.
C. Prior to July 1 of each year, the school board must approve and adopt its revenue and
expenditure budgets for the next school year. The budget document so adopted must be
considered an expenditure-authorizing or appropriations document. No funds shall be
expended for any purpose in any school year prior to the adoption of the budget document
which authorizes that expenditure for that year, or prior to the adoption of an amendment to
that budget document by the school board to authorize that expenditure for that year.
D. Each year, the school district must publish its adopted revenue and expenditure budgets for
the current year, the actual revenues, expenditures, and fund balances for the prior year, and
the projected fund balances for the current year in the form prescribed by the Commissioner
of the Minnesota Department of Education (Commissioner) within one week of the acceptance
of the final audit by the school board, or November 30, whichever is earlier. A statement
must be included in the publication that the complete budget in detail may be inspected by
any resident of the school district upon request to the superintendent. At the same time as
this publication, the school district shall publish the other information required by Minnesota
Statutes section 123B.10.
E. At the public hearing on the adoption of the school district’s proposed property tax levy, the
school board shall review its current budget and the proposed property taxes payable in the
following calendar year.
F. The school district must also post the materials s…