Arizona Laws 15-906. Procedure for payment of levy fund liabilities payable on June 30; lapsing of levy funds with balance for reduction of taxes
A. Annually on or before June 30, each school district shall prepare for all levy funds a list of liabilities for goods received or services rendered on or before June 30 that will not be paid by June 30 of the current fiscal year.
Terms Used In Arizona Laws 15-906
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Fiscal year: means the year beginning July 1 and ending June 30. See Arizona Laws 15-101
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- School district: means a political subdivision of this state with geographic boundaries organized for the purpose of the administration, support and maintenance of the public schools or an accommodation school. See Arizona Laws 15-101
- Subject: means a division or field of organized knowledge, such as English or mathematics, or a selection from an organized body of knowledge for a course or teaching unit, such as the English novel or elementary algebra. See Arizona Laws 15-101
B. Each school district having levy fund liabilities payable on June 30 shall file an advice of encumbrance with the county school superintendent on or before July 18, in the manner and on a form to be prescribed in the uniform system of financial records. The county school superintendent shall encumber amounts that are included in year-to-date expenditures not to exceed the budget and that are available to pay the liabilities pursuant to section 15-304.
C. The county school superintendent may draw warrants against the obligated in contract amounts pursuant to subsection B of this section for a period of sixty days immediately following the close of the fiscal year.
D. After expiration of the period of sixty days immediately following the close of each fiscal year, the remaining obligated in contract balance shall lapse and no further payments from the maintenance and operation, unrestricted capital outlay and adjacent ways funds shall be made on any claim for expenditures of the prior fiscal year.
E. School districts that are subject to Section 15-914.01 shall adhere to the duties described in section 15-304 for the purposes of this section.