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Budgets & Monthly Financial Reports

During each regular meeting of the Bexley Board of Education, the previous month’s financial report is presented to the board. The budgetary review originates from the most recently approved Five-Year Forecast. Monthly estimates of revenue and expenditures are projected using trends or other known timing of payments. It is common, for example, for the timing of a payment or receipt to be the reason for a variance from month to month. The monthly financial report also includes the banking reconciliation, investment detail, and cash balance summary of all funds. 
 
 
When reviewing a school district’s finances, the Five-Year Forecast provides the most detailed information about the general fund revenues and expenses. 

The statutory and audit requirements for the school district’s budget are also approved by the Board of Education through Appropriation Resolutions at the funding level. For auditing purposes, we could call this the budget. 

An Appropriation Resolution authorizes the district’s spending authority needed to operate on all funds and must be approved by July 1 each year. It does not necessarily mean the district will spend that much. Rather, amendments are made throughout the year as federal grant allocations are finalized or as other significant financial information changes. The Treasurer/CFO files a Certificate of Resources along with the Appropriation Resolution that reports expected revenues that will support each fund in the appropriation.