Financial planning for any fiscal year shall align with Board’s End Results policies, ensure the district's financial position is fiscally sound and be derived from a multi-year plan.
Accordingly, the CEO shall develop a budget which:
- Is in a summary format understandable to the Board and presented in a manner that allows the board to see the relationship between the budget and the Ends priorities for the year.
- Adequately describe revenues and expenditures.
- Shows the amount spent in each budget category for the most recently completed fiscal year, the amount budgeted for each category for the current fiscal year and the amount recommended for the next fiscal year.
- Discloses budget planning assumptions.
- Plans for the expenditures in any fiscal year to be equal or less than are conservatively projected to be available during the year.
- Provides necessary information to the Board on matters with a significant budgetary impact, allowing the Board adequate time to consider the information presented.
- Considers feedback from the Board.
- Provides for reasonable contingencies.
- Maintains the projected year-end fund balance is not less than five percent of the projected revenue.
- Provides adequate and reasonable budget support for Board development and other governance priorities, including the costs of fiscal audits, Board and committee meetings, Board memberships and district legal fees.
- Takes into consideration fiscal soundness in future years and builds on the organizational capabilities sufficient to achieve End Results in future years.
- Reflects anticipated changes in employee compensation, including inflationary adjustments, step increases, performance increases and benefits.
- Is based on reasonable consultation with appropriate constituent groups.
Adopted:
07.07.03
Revised:
09.25.06
09.27.10
Monitoring Method: Internal Report
Monitoring Frequency: Annually
Lake Washington School District Board of Directors