Governor Phil Murphy • Lt. Governor Tahesha Way

Fiscal

The Fiscal indicators are used to assess a school district’s performance and capacity in the area of finance. Districts will be assessed in the areas of finance for which the district board of education has direct oversight, including:

  • Produce financial reports monthly.
  • Maintain and update the standard operating procedures manual for business functions.
  • File an Annual Comprehensive Financial Report (ACFR) audit and other supporting forms and collections.
  • Satisfy the elements of the annual audit.
  • Manage and oversee entitlement and discretionary grants, as required.
  • Properly oversee the accounting for capital projects in Fund 30.
  • Implement, review and revise projects to ensure consistency with the approved long-range facilities plan.
  • Secure county office approval for emergent projects.
  • Conduct annual health and safety reviews according to regulations.
  • Create and follow a budget calendar.
  • Employ a buildings and grounds supervisor who possesses a valid Department authorization to serve as a certified educational facilities manager.
  • Transfer funds during the budget year in accordance with statute and budgetary control provisions.
  • Prepare and analyze fiscal-year cash flow management for all funds.
  • Submit reimbursement requests for federal grant awards for the actual amount of incurred expenditures.
  • Approve only purchase orders permitted by the purchasing agent.

General Monitoring Notes

  • The review process will begin with a district self-assessment.
  • The verification process will begin remotely by the county office requesting the required evidence, unless stated otherwise within the verification process for the indicator.
  • If questions, clarifications or additional information is needed, a site visit may be scheduled at the discretion of the executive county superintendent (ECS).
  • A site visit may also be scheduled if the executive county business official (ECBO) deems that producing documents for remote review places an undue burden on the district.
  • It is preferable for districts to make the district board of education minutes available through the district website or another online platform, since much of the required evidence is found in the minutes

Resources