F-3: BUDGETING

THE POLICY

It is the policy of the Beaver County School District Board of Education to be in compliance with all applicable local, state, and federal budgeting laws and policies. The purpose of this policy is to safeguard district operations by ensuring responsible budgeting practices are implemented. The District administration shall develop procedures which:

• • 1. Incorporate best practices for safeguarding the financial health of the District, including practices which incorporate budget contingency planning, net position and fund balance levels, reserves, and resource flows;

    2. Incorporate best practices for operational and financial planning;

    3. Incorporate reasonable practices for managing and budgeting for capital assets and related improvements;

    4. Incorporate reasonable and legally compliant practices for managing public debt;

    5. Incorporate best practices with budget reporting, including performance measurement reporting;

    6. Provide for reporting to the Board of known material budget and financial risks to the District.