Stevensville School District   

FINANCIAL MANAGEMENT

Budget Adjustments

When any budgeted fund line item is in excess of the amount required, the Board may transfer any of the excess appropriation to another line item(s) within the same fund.

The Board authorizes the administration to transfer line items within the same budgeted fund to adjust line item overdrafts or to meet special line item needs. Line item budget transfers to adjust line item overdrafts are at the discretion of the administrators.

Total budget expenditures for each fund as adopted in the final budget shall constitute the appropriations of the District for the ensuing fiscal year.  The Board will be limited in the incurring of expenditures to the total of such appropriations.

With timely notice of a public meeting, trustees, by majority vote of those present, may declare by resolution that a budget amendment (in addition to the final budget) is necessary.  Budget amendments are authorized for specified reasons by § 20-9-161, MCA.  The resolution must state the facts constituting the need for the budget amendment, the funds affected by the budget amendment, the anticipated source of financing, the estimated amount of money required to finance the budget amendment, and the time and place the trustees will meet for the purpose of considering and adopting the budget amendment for the current school fiscal year.

The meeting to adopt a budget amendment will be open and will provide opportunity for any taxpayer to appear and be heard.  Budget procedures will be consistent with statutory requirements.  When applicable, the District will apply for state financial aid to supplement the amount to be collected from local taxes.

Legal Reference:
§ 20-9-133, MCA Adoption and expenditure limitations of final budget
§ 20-9-161, MCA Definition of budget amendment for budgeting purposes
§ 20-9-162, MCA Authorization for budget amendment adoption
§ 20-9-163, MCA Resolution for budget amendment – petition to superintendent of public instruction
§ 20-9-164, MCA Notice of budget amendment resolution
§ 20-9-165, MCA Budget amendment limitation, preparation, and adoption procedures
§ 20-9-166, MCA State financial aid for budget amendments
§ 20-9-208, MCA Transfers among appropriation items of fund – transfers from fund to fund

Policy History:
Adopted on: February 12, 2002
Reviewed on: April 08, 2014
Revised on: December 17, 2001