Policy D – Fiscal Management

Section D contains policies on school finances and the management of funds. It includes policies on budget, banking, accounting, purchasing and payroll.

Fiscal Management Responsibility
Budget Preparation and Operation
Accounting and Reporting Procedures
Cash Flow Reports
Fund Balance
Financial Statement
General Fixed Assets
Audits/Financial Monitoring
Purchasing/Purchasing Authority
Petty Cash
Bidding Procedures
PERA/Salary Deductions
Mileage Payment
Nurse Mileage
P.E.R.A. - Public Employees Retirement Association
Tax Sheltered Annuities

Policy Code: DA (IV. - 1)
Policy Name: Fiscal Management Responsibility
Adoption: November, 1995
Reviewed: March 2008

The fiscal management of the district is under the general supervision of the Superintendent and direct control of the Assistant Superintendent for Business Services.

Policy Code: DB (IV. - 2.)
Policy Name: Budget Preparation and Operation
Adoption: November, 1995
Reviewed: March 2008

Preparation and operation of the annual budget will be concluded following the guidelines of the State of Colorado for educational institutions and recommendations from the district auditors.

Policy Code: DI (IV. - 4)
Policy Name: Accounting and Reporting Procedures
Adoption: November, 1995
Reviewed: March 2008

Accounting and reporting procedures will follow State and Auditor recommendations, as well as State Law.

Policy Code: DIA (IV. - 5)
Policy Name: Cash Flow Reports
Adoption: November, 1995
Reviewed: March 2008

Monthly cash flow reports shall be provided to the Board as part of the monthly Superintendent's report.

Policy Code: DIB
Policy Name: Fund Balance
Adoption: August 23, 1999
Reviewed: March 2008

General Fund Balance

The general fund shall be used to finance and account for all ordinary operations of a school district. This fund is used to account for all transactions which are not accounted for in another fund.

The Board of Education directs the administration to make a reasonable effort to maintain a projected general fund balance range of 12% to 14% of budgeted expenditures on an annual basis.

In November and May of each year, the administration will inform the Board of Education of the projected general fund balance amount. If the reported projected general fund balance is greater than 14% or less than 12% of the budgeted expenditures then the projected general fund balance shall be placed on the next month's regular board agenda for discussion.

Policy Code: DIC
Policy Name: Financial Statements
Adoption: November, 1995
Reviewed: March 2008

The Superintendent will present a quarterly financial statement of general fund revenues and expenditures for the Board at the regular meeting of the Board held the second month after the end of the quarter.

Policy Code: DID
Policy Name: General Fixed Assets
Adoption: December 1998
Revised: February 2016

Capital equipment consists of vehicles, machinery, furniture and equipment that have a value of $5,000 or more, does not lose its identity when removed from its location, is not permanently attached to a structure, is not changed materially or expended in use, and has a useful life of more than one year.

Non-capitalized equipment consists of fixed assets such as computers, laptops, mobile devices, printers, computer servers, wireless routers, and musical instruments.

The District shall maintain a property inventory system as required by law.

The inventory of all real and personal property shall serve the functions of control and conservation and planning purposes.

This inventory shall be required only with respect to items of property having an original cost of $5,000 or more, a useful life of at least one year, and are particularly susceptible to loss.

The Assistant Superintendent and Director of Technology shall have the responsibility for the property inventory system. Principals and directors shall be accountable for the maintenance of property inventories in their schools or directorates.

Legal Reference: C.R.S. 29-1-506(1)

Policy Code: DIE (11. - 16.)
Policy Name: Fund and Account Audits
Adoption: November, 1995
Revised: October 6, 1997
Reviewed: March 2008

The Board will have all funds and accounts of the school district audited yearly as required.

Policy Code: DJDJA
Policy Name: Purchasing/Purchasing Authority
Adoption: September 2002

The District shall ensure that purchasing procedures support fairness and equal opportunity for all vendors, provide best value for the District, and are in accordance with all legal requirements.

The Board of Education's authority for the purchase of materials, supplies, equipment, and services is extended through the Superintendent to the Assistant Superintendent or designee. This authority is given through the detailed listing of such items complied as part of the budget-making process and approved by the Board of Education through its adoption of the District's annual operational budget.

The Assistant Superintendent or designee shall direct the purchase of such books, supplies, equipment, services, and other materials as is required and permitted within the limits of all adopted and approved budgets. The purchase of these items shall require no further Board of Education approval, except in those instances where Board of Education policy requires certain purchases to be competitively bid. However, in the case of any unusual expenditure, the Board should always be consulted in advance for approval.

Except in emergencies or for reason of economy, the annual purchase of major pieces of equipment, such as school buses shall be scheduled so that annual budgetary appropriations for capital purposes will be of similar size or will show a continuous trend without severe fluctuations.

In order to receive the greatest value for each dollar expended, it shall be the policy of the District to secure quotations from diverse multiple sources and purchase in quantity whenever possible and practical. This includes the use of competitive quotations, prices or other opportunities wherever applicable.

Preference shall be given to the purchase of supplies, materials, and provisions produces, manufactured or grown locally or in the State of Colorado, if such preference is not for articles of inferior quality or price to those offered by competitors of the state.

Individual building and department directors are responsible to monitor and approve appropriate purchasing by their staff members and to insure that no purchases exceed the funds available in the account or account category to which they are charged. Purchase orders, signed and approved by appropriate supervisors, will be utilized to identify, cost, and charge purchased items to the correct account.

Purchases or contractual services over $50,000 shall conform to Board Policy DJE (Bidding Procedures) and be submitted to the Board of Education for approval.

The School District will be consistent and equitable in providing the same bid information to all interested vendors or bidders.

Policy Code: DJC
Policy Name: Petty Cash
Adoption: September 2002

In certain situations, small amounts of money may be needed to facilitate immediate small purchases to support the educational mission of the District. In such cases, these funds may be expended from the school's petty cash fund, upon approval of the principal or assistant principal of the building for which the purchase is to be made. The principal or designee will make out a petty cash voucher for monies expanded and attach a receipt of goods or services received.

To replenish the petty cash fund to its original amount, the principal must submit a petty cash reimbursement form to the accounts payable office each month for reimbursement the following month, as a request for payment. The Business Office will then issue a check to replenish the petty cash fund to its original amount for appropriate purchases. At all times, the total of invoices, receipts and vouchers, plus cash on hand should equal the original amount of the petty cash fund to its original amount for appropriate purchases. At all times, the total of invoices, receipts and vouchers, plus cash on hand should equal the original amount of the petty cash fund.

Each principal will determine the amount to be set up as a petty cash fund at their school, but in no event should this amount exceed building limits established by petty cash operating procedure. The District Business Office serves as a petty cash disbursement site for all central office departments and offices.

Maximum Purchase:
No purchase over $100 will be approved.

Signature Authority:
Building principal or department director.

Policy Code: DJE
Policy Name: Bidding Procedures
Adoption: September 2002

All contractual services and purchases of supplies, materials, and equipment in any amount exceeding $50,000 shall be competitively bid. This shall not apply, however, to professional services or instructional materials. Other purchases shall, when possible, be based on competitive quotations or prices, widely solicited. State awards and group purchasing with other state agencies may be utilized in place of bidding for selected items.

All contracts and all open market orders shall be awarded to the lowest priced responsible qualified supplier, taking into consideration the quality and availability of goods and services desired and their contribution to District/school program goals.

Suppliers may contact the Business Office to have their names placed on mailing lists to receive invitations to bid. When specifications are prepared, they shall be mailed to all merchants and firms who have indicated an interest in bidding.

The submission and opening of formal bids will be in accordance with District bid granting procedures and will insure vendor and public notification of all bid openings.

The Superintendent or designee shall determine which bid or bids best suit the needs and interests of the District. The Superintendent may direct that specific bids be placed on the agenda for approval by the Board of Education. The Board of Education reserves the right to reject any or all bids and to accept that bid which supports the needs and best interest of the District.

The bidder to whom and award is made may be required to submit to the District proof of liability insurance and when appropriate, proof of worker's compensation insurance, and may be required to enter into a written contract with the District.

LEGAL REF.: C.R.S. 22-32-109 (1)(b)
C.R.S. 24-18-201

Policy Code: DKB (VI. - 5.)
Policy Name: P.E.R.A./Salary Deductions
Adoption: November, 1995
Reviewed: March 2008

All certified/licensed employees shall be under the Colorado Public Employees Retirement Act. Both the district and the employee will contribute to this retirement plan as required by law.

Policy Code: DKC (VII. - 26.)
Policy Name: Mileage Payment
Adoption: November, 1995
Revised: March 28, 2005
Reviewed: March 2008

School district staff members shall be compensated for school related business not including travel between school buildings in Manitou Springs District 14. The reimbursement rate shall be the rate established by the State of Colorado. Driving from home to work or work to home is not reimbursable.

Policy Code: DKD (VII. - 27.)
Policy Name: Nurse Mileage
Adoption: November, 1995
Reviewed: March 2008

The school district nurse shall be compensated for school related travel within the district at the prevailing mileage rate paid by the district.

Policy Code: DLA (VII. - 16.)
Policy Name: P.E.R.A. Public Employees Retirement Association
Adoption: November, 1995
Reviewed: March 2008

All employees shall be under the Colorado Public Employees Retirement Act.

Policy Code: DLB (VI. - 26.)
Policy Name: Tax Sheltered Annuities
Adoption: November, 1995
Reviewed: March 2008

Any certified/licensed employee working more than one half time may participate in the Tax Sheltered Annuity programs approved by the district through payroll deduction. Changes in the annuity authorized by the employee for deduction may not be made more than twice yearly.

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