#5 School Financial Topic – Bond Issue
Here are some of the key requirements:
Accounting: School districts must maintain accurate and complete records of all financial transactions. This includes recording all revenue, expenditures, assets, and liabilities. The accounting system must be designed to provide timely and reliable information to support decision-making and financial reporting.
Reporting: School districts must prepare and submit financial reports to various stakeholders, including the state board of education, taxpayers, and the public. These reports must provide a comprehensive v
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Auditing: School districts must undergo an annual financial audit conducted by an independent certified public accountant (CPA). The audit must be conducted in accordance with generally accepted auditing standards (GAAS) and provide an opinion on the fairness of the district’s financial statements. The audit must also evaluate the district’s internal controls and compliance with applicable laws and regulations.
Budgeting: School districts must prepare an annual budget that is adopted by the board of education and made available to the public. The budget must be based on realistic revenue and expenditure estimates and aligned with the district’s goals and objectives. The budget must also comply with any state requirements regarding the budget process and content.
Purchasing: School districts must follow a competitive bidding process when purchasing goods and services over a certain dollar amount. This process must be designed to ensure fairness and transparency in the procurement process and to obtain the best value for the district’s resources.
In summary, Illinois state law requires school districts to maintain accurate financial records, prepare comprehensive financial reports, undergo an annual audit, prepare an annual budget, and follow a competitive bidding process when making significant purchases. These requirements help to promote transparency, accountability, and effective financial management within the education system.