FINANCIAL SECTION - School District U-46

School District U-46
Budget Development, Administration and Management
FY 2011 Budget
Annual budgets are adopted for all governmental fund types. The annual budgets are adopted on
the modified accrual basis of accounting at the fund level. All budgets lapse at fiscal year end.
The District maintains a system to measure the uncommitted budget amount available for
expenditures at any time during the year. For budgetary purposes, appropriations lapse at June
30, 2011, and outstanding encumbrances are canceled at that date.
On or before July 1 of each year, the Superintendent is to submit for review by the Board of
Education a proposed budget for the school year commencing on that date. After reviewing the
proposed budget, the Board of Education holds public hearings, and a final budget must be
prepared and adopted no later than September 30. Budgeting for capital expenditures is included
in this process.
The appropriated budget is prepared by fund and by function. The Board of Education may make
transfers between functions within a fund not exceeding the aggregate of 10% of the total of such
fund, and may amend the total budget following the same procedures required to adopt the
original budget. The legal level of budgetary control is at the fund level.
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