Financial planning for any fiscal year shall not deviate materially from the Board’s District Priorities policies, risk fiscal jeopardy or fail to be derived from a multi-year plan.
Accordingly, the Superintendent will present to the Board a recommended budget which:
- Is in a summary format understandable by a lay person.
- Itemizes district expenditures by fund and by student.
- Adequately describes expenditures.
- Shows the amount budgeted for the current fiscal year and the amount budgeted for the ensuing fiscal year including personnel allocation and a projection of expenses, projected capital expenditures and financing proposals.
- Complies with spending limitations in the state constitution.
- Considers the recommendations made by statutorily required accountability committees relative to priorities for expenditures of district funds.
- Contains information which enables credible projection of revenue and expenses.
- Discloses budget planning assumptions.
- Does not provide for the expenditure in any fiscal year of more funds than are conservatively projected to be received in that period unless otherwise approved by the Board.
- Does not reduce, without approval of the Board, the current cash reserves at any time to less than the minimum amount required by the spending limitations set forth in the state constitution.
- Provides adequate and reasonable budget support for Board development and other governance priorities, including the costs of fiscal audit, Board and committee meetings, Board memberships and district legal fees.
- Takes into consideration fiscal soundness in future years and provides for the building of organizational capabilities sufficient to achieve District Priorities in future years.
- Reflects anticipated changes in employee compensation including inflationary adjustments, step increases, performance increases and benefits.
[Adopted January 2016]
[Revised July 2024]
LAKE COUNTY SCHOOL DISTRICT R-1, LEADVILLE, COLORADO