The district's fiscal year is July 1st to June 30th. The district's financial records are audited at the close of each fiscal year and the reports are provided below.
Fund balance is the difference between the district's revenues and expenditures each fiscal year. Fund Balance can be either a positive (revenues exceed expenditures) or negative (expenditures exceed revenues) amount.
When fund balance is positive at the end of a fiscal year, the remaining funds may be retained by the district in a variety of reserve accounts. The specific reserves and target funding amounts are set by Policy. In addition, a Reserve Plan is prepared each year to assist with managing the district's reserves.
Cumulatively, the sum of all the district's reserve accounts may also be referred to as Fund Balance.
In December 2015, the Every Student Succeeds Act (ESSA) was signed into law as the successor to the No Child Left Behind Act enacted in the early 2000s, as amended by the Elementary and Secondary Education Act. Among a multitude of changes to the education landscape resulting from this federal legislation was the creation of a new financial transparency reporting requirement, whereby all local education agencies (LEAs)1 would annually provide information about: “[t]he per-pupil expenditures of Federal, State, and local funds, including actual personnel expenditures and actual nonpersonnel expenditures of Federal, State, and local funds, disaggregated by source of funds, for each local education agency and each school in the State for the preceding fiscal year.” (Public Law 114-95, 129 STAT. 1802)
The above requirement mandates the district to report its funding information to NYS and the federal government. The data reported is for the latest completed fiscal year, meaning the report includes actual expenditures.