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: