DA – Fiscal Management Plan

The Board recognizes the importance of excellent fiscal management in managing public resources to achieve the goals of the educational plan of the district. The board will be vigilant in fulfilling its responsibilities to see that these funds are used wisely to achieve the purpose for which they are allocated.

The District fiscal management plan seeks to achieve the following goals:

1.

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DB – Annual Budget

One of the primary responsibilities of the School Board is to secure adequate funds to carry out a high-level program of instruction.

The adopted annual school budget is the financial outline of the District’s educational program; it is the legal basis for the establishment of tax rates. The annual school budget process is an important function of District operations and should serve as a means to improve communications within the school organization and with the residents of the community.

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DBC – Budget Preparation

The Superintendent will establish procedures for the involvement of staff in the development of the budget proposal.

The School Board will adopt guidelines and a schedule each year for the timely submission of the budget to the Board.

Legal References

RSA 195:12, Cooperative School District: Budget
RSA 197:5-a,

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DBJ – TRANSFER OF APPROPRIATIONS

In the event it becomes necessary to expend an amount greater than what was appropriated for a specific purpose, the Board is authorized to transfer funds from an unexpended balance of one appropriation to a different appropriation that is in deficit.  All transfers of appropriations will be made consistent with the provisions of RSA 32:10.

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DC – Post-Issuance Tax Compliance and Procedures For Tax-Exempt Obligations

The Contoocook Valley School District from time to time, on a tax-exempt basis, issues (i) bonds and bond anticipation notes to finance capital projects and (ii) municipal leases to finance the lease-purchase of certain equipment, all pursuant to the provisions of New Hampshire RSA Chapter 33, as amended.

All bonds, bond anticipation notes,

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DFA – Investment

The School Board authorizes the School District Treasurer working in conjunction with the Superintendent and his/her designee and pursuant to RSA 197:23-a to invest the funds of the District subject to the following objectives and standards or care.

Objectives

The three objectives of investment activities shall be safety, liquidity, and yield.

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DFEA – Free Admissions

Senior citizens of the District – persons 65 years of age or older – are permitted to attend all activities of the schools, including athletic events, free of charge. Normal ticketing and seating capacity procedures apply.

This policy represents a small token of appreciation from the School Board for all that the District’s senior citizens have done for the schools over the years.

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DG – Depository of Funds

All income payable to the District and all revenue received will be deposited with the Treasurer, who will credit it to the appropriate account.

The School Board will determine when other depositories are needed and will name them by resolution.

Depositories will be selected only after careful review of fiscal practices and ability to meet the safety and service criteria of the District.

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DH – Bonded Employees

State law requires that the Treasurer and Assistant Treasurer be bonded. The District will arrange a Public Officials Bond to cover the Treasurer and each Assistant Treasurer, if any, in the amount of $100,000. It is the practice that any employee who administers student activity money shall be bonded.

Any employee who administers funds for the District will be bonded appropriately.

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DIA – Fund Balance

In accordance with the governmental accounting standard, GASB Statement No. 54, the Contoocook Valley School Board recognizes the following five categories of fund balance for financial reporting purposes:

1. Non-spendable Fund Balance – non-cash assets such as inventories or prepaid items.
2. Restricted Fund Balance – funds legally restricted for specific purposes,

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DIB – Trust Funds

Per NH Statute 198:20-c, and RSA 35:1-c, any town, school district, county, or village district may establish a reserve fund for the maintenance and operation of a specific public facility or type of facility, a specific item or type of equipment, or for any other distinctly-stated, specific public purpose that is not foreign to its institution or incompatible with the objects of its organization.

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DID – Fixed Assets

The ConVal School District shall maintain an inventory of all fixed assets in accordance with the standards required by Statement 34 of the Government Accounting Standards Board.

Fixed assets are real or intellectual property that have a value equal to or greater than the capitalization threshold of the particular classification of asset, and have an estimated useful life of greater than five years.

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DIE – Audits

The books and accounts of the District shall be audited yearly. The audit to be performed will meet the single audit procedures prescribed by the Governmental Accounting Standards Board (GASB).

The School Board shall select the audit firm after hearing the recommendation from the Superintendent or Business Administrator. Such audits will be made in accordance with RSA 197:25.

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DJ – Purchasing

The function of purchasing is to serve the educational program by providing the necessary supplies, equipment, and services.

The acquisition of supplies, equipment, and services will be centralized in the business office, which functions under the supervision of the Superintendent, and through whose office all purchasing transactions are conducted.

While the School Board assigns the Superintendent the responsibility for the quality and quantity of purchases made,

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DJC – Petty Cash Accounts

Petty cash funds may be established for schools, the SAU office, and special programs when they will expedite the purchase of minor items and/or provide immediate payment for minor services.

Expenditures against these funds must be itemized and documented with receipts and will be charged to the applicable budget code. After a budget item is exhausted,

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DJE – Bidding Requirements

All contracts for, and purchases of supplies, materials, equipment, and contractual services in the amount of $15,000 or more, shall be based, when feasible, on at least three competitive bids. All purchases less than $15,000 in amount may be made in the open market but shall, when possible and reasonable, be based on at least three competitive quotations or prices.

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DK – PAYMENT PROCEDURES

In keeping with the District’s desire for efficient fiscal management, the following procedure for payment of its liabilities is in effect:

All manifests, supported by original invoices, must be certified by the Business Administrator.

In order that Board Members be fully informed, and have the opportunity to ask questions concerning payment,

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DKA – Payroll Procedures

All wages earned by employees will be paid through the business office.

Payroll procedures are dependent on accurate accounting of hours worked. The process for this will be established by the Superintendent and carried out by administrative personnel.

Compensation records kept by the business office will reflect an accurate history of the compensation and related benefits paid to each employee.

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DM – Cash In School Buildings

Monies collected by school employees and by student treasurers shall be handled with prudence. All monies collected shall be receipted, accounted for, and directed without delay to the proper location of deposit.

In no case shall monies be left overnight in schools, except in safes provided for safekeeping of valuable. All vending machines shall be emptied of cash daily.

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