SPS Policy Manual - Saginaw Public Schools

Section 3000 – Fiscal Management
3230 Budgeting Other Than General Fund Income 3230
Programs funded by county, state or federal agencies, foundation grants, or other public
or private agencies, shall be placed in the same budget categories and accounted for in the same
manner as the general fund budget of the District.
The Board shall adopt, publicize and implement these programs through similar
budgetary procedures as are used for the general fund budget.
Carryover Funds
The Board, in order to foster financial responsibility at the building level, and to ensure
that funds allocated by the Board to the individual buildings will be spent in a wise and prudent
manner, shall permit unexpended school building funds to be carried over from one year to the
next.
Approved:
3280 Borrowing and Debt Service 3280
Short Term Loans
Bids shall be solicited for all short term loans which the Board has authorized, and funds
shall be borrowed from the responsible organization offering the most favorable bid. All loans
shall conform to the requirements of the State of Michigan.
Sale of Bonds
The Board, upon a favorable vote of the people in compliance with state laws, may sell
its bonds. Such bonds shall be duly advertised and prepared and sold in conformance with the
laws of the State of Michigan.
Debt Service
It shall be the responsibility of the administrator in charge of business and finance to
maintain all records as to the outstanding bonds and debts encumbered against the District.
He/she shall keep this information readily available and report periodically to the Board on the
condition of this account.
Approved:
LEGAL REF: MCL 380.1356
SCHOOL DISTRICT OF THE CITY OF SAGINAW