PARK HILL SCHOOL DISTRICT FINANCIAL STATEMENTS with ...

More documents

Recommendations

Info

PARK HILL SCHOOL DISTRICT Kansas City, Missouri NOTES TO REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON For the Fiscal Year Ended June 30, 2011 BUDGETARY ACCOUNTING Park Hill School District prepares its budget for all governmental funds on the modified cash basis of accounting. This basis is consistent with the basis of accounting used in preparing and presenting the basic financial statements. All unexpended appropriations lapse at year end. The District follows these procedures in establishing the budgetary data reflected in the financial statements: 1. In accordance with Chapter 67, RSMo, the District adopts a budget for each fund. 2. Prior to July, the superintendent, who serves as the budget officer, submits to the Board of Education a proposed budget for the fiscal year beginning on the following July 1. The proposed budget includes estimated revenues, proposed expenditures and transfers for all District governmental type funds. Budgeted expenditures cannot exceed beginning available monies plus estimated revenues for the year. 3. A public hearing is conducted to obtain taxpayer comments. Prior to its approval by the Board of Education, the budget document is available for public inspection. 4. Prior to July 1, the budget is legally enacted by a vote of the Board of Education. 5. Subsequent to its formal approval of the budget, the Board of Education has the authority to make necessary adjustments to the budget by formal vote of the board. Adjustments made during the year are reflected in the budget information included in these financial statements. Budgeted amounts in the financial statements are as originally adopted or as amended by the Board of Education. 6. Budgets for District governmental funds are prepared and adopted on the modified cash basis (budget), recognizing revenues when collected and expenditures when paid. 7. Actual expenditures may not legally exceed the budgeted expenditures in any budgeted fund. For the fiscal year ended June 30, 2011, no budgets had been exceeded using the modified cash basis of accounting. -36-
ADDITIONAL SUPPLEMENTARY DATA
Page 1 and 2: PARK HILL SCHOOL DISTRICT FINANCIAL
Page 3: PARK HILL SCHOOL DISTRICT Kansas Ci
Page 6 and 7: PARKHILL SCHOOL DISTRICT Kansas Cit
Page 14 and 15: PARK HILL SCHOOL DISTRICT Kansas Ci
Page 47: Board of Education Park Hill School
Page 52 and 53: Summary of Auditor’s Results Fina
Page 59: PARK HILL SCHOOL DISTRICT Kansas Ci

PARK HILL SCHOOL DISTRICT FINANCIAL STATEMENTS with ...

Create successful ePaper yourself

Delete template?

Save as template?