Florida Regulations 6A-1.007: Execution of the Budget
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(1) It shall be the duty of the superintendent of schools and district school board to take whatever action is necessary during the fiscal year to keep expenditures and obligations within the budgeted income, provided that:
(a) Any amount appropriated for the payment of indebtedness during the fiscal year shall be paid as budgeted, or as the budget may have been officially amended. Failure to make such payment shall be deemed a violation of the school budget law.
(b) Any accounts carried over from the previous year according to prescribed principles of accounting which are charged to the previous year’s business shall be paid from the first funds available which may be used for that purpose by the school board. At no time, including the close of the fiscal year, shall an overdraft be created or shown against any fund or depository account.
(c) Cash balances remaining in any district interest and sinking fund or from the proceeds of any bond issue not otherwise restricted, after all obligations have been satisfied, shall be transferred to another fund or funds as authorized by resolution of the school board.
(2) No expenditures shall be authorized or obligation incurred that is in excess of a budgetary appropriation. The school board shall adopt procedures whereby adjustments to the original budget are made, as needed, in order to comply with this rule.
(a) The school board shall approve amendments to the district school budget whenever the function and object amounts in the accounts prescribed by the State Board for the budget form are changed in the original budget approved by the school board.
(b) The school board may adopt procedures whereby amendments to the Special Revenue – Other Fund are considered approved by the school board at the time the board approves an entitlement grant, if such grant application includes a budget summary. The effect of such grant shall be reflected in the next monthly district financial report to the school board.
Rulemaking Authority 1001.02(1), 1010.01, 1011.06 FS. Law Implemented 1010.01, 1011.05, 1011.06, 1011.60(5) FS. History-New 4-11-70, Amended 9-17-72, Repromulgated 12-5-74, Formerly 6A-1.07, Amended 8-30-88, 8-20-17.
Terms Used In Florida Regulations 6A-1.007
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(b) Any accounts carried over from the previous year according to prescribed principles of accounting which are charged to the previous year’s business shall be paid from the first funds available which may be used for that purpose by the school board. At no time, including the close of the fiscal year, shall an overdraft be created or shown against any fund or depository account.
(c) Cash balances remaining in any district interest and sinking fund or from the proceeds of any bond issue not otherwise restricted, after all obligations have been satisfied, shall be transferred to another fund or funds as authorized by resolution of the school board.
(2) No expenditures shall be authorized or obligation incurred that is in excess of a budgetary appropriation. The school board shall adopt procedures whereby adjustments to the original budget are made, as needed, in order to comply with this rule.
(a) The school board shall approve amendments to the district school budget whenever the function and object amounts in the accounts prescribed by the State Board for the budget form are changed in the original budget approved by the school board.
(b) The school board may adopt procedures whereby amendments to the Special Revenue – Other Fund are considered approved by the school board at the time the board approves an entitlement grant, if such grant application includes a budget summary. The effect of such grant shall be reflected in the next monthly district financial report to the school board.
Rulemaking Authority 1001.02(1), 1010.01, 1011.06 FS. Law Implemented 1010.01, 1011.05, 1011.06, 1011.60(5) FS. History-New 4-11-70, Amended 9-17-72, Repromulgated 12-5-74, Formerly 6A-1.07, Amended 8-30-88, 8-20-17.