Cut
Bank School District
FINANCIAL MANAGEMENT 7121
Budget
Adjustments
When
any budgeted fund line item is in excess of the amount required, the Board may
transfer any of the excess appropriation to another line item(s) within the
same fund.
The
Board authorizes the administration to transfer line items within the same
budgeted fund to adjust line item overdrafts or to meet special line item
needs. Line item budget transfers to
adjust line item overdrafts are at the discretion of the administrators.
Total
budget expenditures for each fund as adopted in the final budget shall
constitute the appropriations of the District for the ensuing fiscal year. The Board shall be limited in the incurring
of expenditures to the total of such appropriations.
With
timely notice of a public meeting, trustees, by majority vote of those present,
may declare by resolution that a budget amendment (in addition to the final
budget) is necessary. Budget amendments
are authorized by § 20-9-161, MCA, for specified reasons.
The
resolution shall state the facts of the budget amendment, the estimated amount
of funds needed, and the time and place the Board will meet for the purpose of
considering and adopting a budget amendment.
The
meeting to adopt a budget amendment shall be open and shall provide opportunity
for any taxpayer to appear and be heard.
Budget procedures shall be consistent with statutory requirements. When applicable, the District shall apply
for state financial aid to supplement that amount to be collected from local
taxes.
Legal
Reference: § 20-9-133, MCA Adoption and expenditure limitations
of final budget
§ 20-9-161, MCA Definition of budget amendment for
budgeting purposes
§ 20-9-162, MCA Authorization for budget amendment
adoption
§ 20-9-163, MCA Resolution for budget amendment
§ 20-9-164, MCA Notice of budget amendment
resolution
§ 20-9-165, MCA Budget amendment limitation,
preparation and adoption procedures
§ 20-9-166, MCA State financial aid for budget
amendments
§ 20-9-208, MCA Transfer among appropriation items
of a fund
Policy
History:
Adopted
on:
Revised
on: