Moffat Consolidated School District #2
Policy Type: Executive Limitation
Policy Number: EL-5
Policy Title: FINANCIAL CONDITION
With respect to the actual, ongoing financial condition and activities, the Superintendent shall not cause or allow the development of fiscal jeopardy or a material deviation of actual expenditures from board priorities established in Ends policies.
Further, without limiting the scope of the foregoing by this enumeration, he or she shall not:
1.Expend more funds than have been received in the fiscal year to date unless the liquidity requirement and long-term reserve below are met.
2.Allow cash and cash equivalents to drop below the amount necessary to meet operating expenditures over a 30-day period.
3.Allow tax payments or other government ordered payments or filings to be overdue or inaccurately filed and shall not allow the organization to incur penalties in material amounts due to late filings.
4.Acquire, encumber or dispose of real property.
5.Fail to aggressively pursue receivables after a reasonable grace period.
6.Allow bond funds to be spent inefficiently or in any way other than intended.
7.Achieve compliance with these provisions by endangering future capacity to accomplish ends.
8.Commit revenues due to student enrollment growth to continuing line-items or program expenditures without considering needs associated with opening of new schools.
Monitoring Method: Internal and External
Monitoring Frequency: Internal – November, January, April, July
External – Annual - January
Adopted: September 17, 2001
Revised: November 2001