701P - Financial Management

The school board shall manage and control the funds made available for public schools and may incur costs and expenses. School business administration is responsible for seeing that each dollar spent for education is spent effectively and that the greatest benefit is derived by the pupils. School business officials and the school board are accountable for the funds spent on behalf of the educational program. All persons involved in school business administration shall be fully cognizant of the fact that their jobs are supportive of the instructional program of the school division.

The school board encourages advance planning and exploration of all available sources of revenue. The school board directs the superintendent to establish and evaluate the school business procedures in accordance with board policies and applicable state and federal regulations and laws to ensure the use of sound business practices for efficient operation of Frederick County Public Schools. The superintendent or superintendent’s designee is responsible for implementing a modern system of accounting for all school funds as established by the Board of Education and the Auditor of Public Accounts. The executive director of finance shall keep such financial records as may be required by the Virginia Department of Education, the auditor of public accounts, the Internal Revenue Service, or the school board.

The school board shall receive monthly financial statements, including statements of revenues and expenditures, showing the financial condition of the division as of the last day of the preceding month.

Legal Reference 

Code of Virginia, Chapter 8, Public School Funds
Code of Virginia, §§22.1-90, 22.1-115 

Adopted: February 6, 1990
Amended: June 19, 2007
Amended: August 21, 2007
Amended: June 17, 2008
Amended: July 21, 2009 
Amended: January 19, 2016