HomeMy WebLinkAboutHandouts 2charged to all funds for services of indirect general overhead costs, which may include general administration,
finance, facility use, personnel, technology, engineering, legal counsel, and other costs as deemed appropriate.
If funding is not available, these costs will be shown below the line of the financial statement in the five -year
financial forecast in order to promote transparency and provide the Board with a full cost accounting of
services. The charges will be determined through an indirect cost allocation study following accepted practices
and procedures
• Purchasing - The Academy shall make every effort to maximize any discounts offered by
creditors /vendors. Staff shall also use purchasing cooperatives as well as competitive bidding in
accordance with State law to attain the best possible price on goods and services.
• Prompt Payment - All invoices will be paid within 30 days of receipt in accordance with the prompt
payment requirements of State law.
• Salary - The Academy shall strive to maintain competitive salary levels for faculty and staff. A salary
survey will be conducted annually, sampling surrounding Independent School Districts and Charter
Schools, to create a comparison. The Academy will strive to maintain salary levels within three percent
(3 %) of the median of surveyed schools.
• Fund Balance Reporting - The District shall report governmental fund balances per GASB 54 definitions
in the balance sheet as follows: Non - spendable, Restricted, Committed, Assigned, and Unassigned.
• General Fund Unassigned Fund Balance - The Academy shall strive to maintain the General Fund
unassigned fund balance at 45 days of operation.
• Use of Fund Balance - Fund Balance will be targeted to only be used with Board approval and can be
only be used for the following: emergencies, non - recurring expenditures, such as technology /FF &E
(furniture, fixtures and equipment), or major capital purchases that cannot be accommodated through
current year savings. Should such use reduce the balance below the appropriate level set as the
objective for that fund, recommendations will be made on how to restore it. The Board of Trustees shall
approve all commitments by formal action. The action to commit funds must occur prior to fiscal year-
end, to report such commitments in the balance sheet of the respective period, even though the amount
may be determined subsequent to fiscal year -end. A commitment can only be modified or removed by
the same formal action.
The Board of Trustees delegates the responsibility to assign funds to the Superintendent or his /her
designee. The Board of Trustees shall have the authority to assign any amount of funds. Assignments
may occur subsequent to fiscal year -end.
The Board of Trustees will utilize funds in the following spending order: Restricted, Committed,
Assigned, Unassigned
VII, INTERGOVERNMENTAL RELATIONSHIPS
• Inter -local Cooperation in Delivering Services - In order to promote the effective and efficient delivery
of services, the Academy shall actively seek to work with other local entities in joint purchasing
consortium, sharing facilities, sharing equitably the costs of service delivery, and developing joint
programs to improve service to its students.
B. REVENUE CLASSIFICATION AND SOURCES. The revenues received by Westlake Academy are classified
into one of three broad categories: Federal, State or Local and come from the following sources
• State Education funding
• State and Federal Grants
• General Donations — The Academy recognizes that private donations comprise a significant part of
the Westlake Academy budget. All funds received will become part of the budget and be subject to
appropriation for Academy general operations.
o Westlake Academy Foundation
o House of Commons
o Westlake Academy Athletic Club
o Local Merchants
• Specific Purpose Donations — Funds donated for a specific purpose
C. REVENUE MONITORING. Revenues as they are received will be regularly compared to budgeted
revenues and variances will be investigated. This process will be summarized in the appropriate
budget report.
• Appropriations — The point of budgetary control is at the function level in the General Fund and Special
Revenue Funds. When budget adjustments among functions are necessary, they must be approved by
the Board of Trustees.
• Current Funding Basis - The Academy shall operate on a current funding basis. Expenditures shall be
budgeted and controlled so as not to exceed current revenues plus the planned use of fund balance
accumulated through prior year savings. (The use of fund balance shall be guided by the Fund
Balance /Retained Earnings Policy Statements.)
• Avoidance of Operating Deficits - The Academy shall take immediate corrective actions if at any time
during the fiscal year expenditure and revenue re- estimates are such that an operating deficit (i.e.,
projected expenditures in excess of projected revenues) is projected at year -end. Corrective actions can
include a hiring freeze, expenditure reductions, or use of fund balance within the Fund. Use of fund
balance must be recommended by the Superintendent and approved by the Board of Trustees.
® Expenditure deferrals into the following fiscal year, short -term loans, or use of one -time revenue
sources shall be avoided to balance the budget.
• Periodic Program Reviews - The Superintendent or his designate shall undertake periodic staff and
third -party reviews of Academy programs for both efficiency and effectiveness. Where appropriate,
privatization and contracting with other governmental agencies will be evaluated as alternative
approaches to service delivery. Service delivery which is determined to be inefficient and /or ineffective
shall be reduced in scope or eliminated.
• General and Administrative (G&A) Charges —To the extent practical, an annual analysis of G &A charges
will be performed and, if available, funding may be allocated at the Board's discretion. The analysis shall
involve an objective consideration of the service demands currently being met by municipal staff to
support Academy operations and a determination of factors that will continue to affect and increase the
time needed for the performance of these services. For example, new Academy staff requires additional
support staff time to perform tasks related to insurance, payroll, etc. Where feasible, G &A costs will be
charged to all funds for services of indirect general overhead costs, which may include general administration,
finance, facility use, personnel, technology, engineering, legal counsel, and other costs as deemed appropriate.
If funding is not available, these costs will be shown below the line of the financial statement in the five -year
financial forecast in order to promote transparency and provide the Board with a full cost accounting of
services. The charges will be determined through an indirect cost allocation study following accepted practices
and procedures.
• Purchasing - The Academy shall make every effort to maximize any discounts offered by
creditors /vendors. Staff shall also use purchasing cooperatives as well as competitive bidding in
accordance with State law to attain the best possible price on goods and services.
• Prompt Payment - All invoices will be paid within 30 days of receipt in accordance with the prompt
payment requirements of State law.
• Salary - The Academy shall strive to maintain competitive salary levels for faculty and staff. A salary
survey will be conducted annually, sampling surrounding Independent School Districts and Charter
Schools, to create a comparison. The Academy will strive to maintain salary levels within three percent
(3 %) of the median of surveyed schools.
• Fund Balance Reporting - The District shall report governmental fund balances per GASB 54 definitions
in the balance sheet as follows: Non - spendable, Restricted, Committed, Assigned, and Unassigned.
• General Fund Unassigned Fund Balance - The Academy shall strive to maintain the General Fund
unassigned fund balance at 45 days of operation.
• Use of Fund Balance - Fund Balance will be targeted to only be used with Board approval and can be
only be used for the following: emergencies, non - recurring expenditures, such as technology /FF&E
(furniture, fixtures and equipment), or major capital purchases that cannot be accommodated through
current year savings. Should such use reduce the balance below the appropriate level set as the
objective for that fund, recommendations will be made on how to restore it. The Board of Trustees shall
approve all commitments by formal action. The action to commit funds must occur prior to fiscal year-
end, to report such commitments in the balance sheet of the respective period, even though the amount
may be determined subsequent to fiscal year -end. A commitment can only be modified or removed by
the same formal action.
The Board of Trustees delegates the responsibility to assign funds to the Superintendent or his /her
designee. The Board of Trustees shall have the authority to assign any amount of funds. Assignments
may occur subsequent to fiscal year -end.
The Board of Trustees will utilize funds in the following spending order: Restricted, Committed,
Assigned, Unassigned
VII. INTERGOVERNMENTAL RELATIONSHIPS
• Inter -local Cooperation in Delivering Services - In order to promote the effective and efficient delivery
of services, the Academy shall actively seek to work with other local entities in joint purchasing
consortium, sharing facilities, sharing equitably the costs of service delivery, and developing joint
programs to improve service to its students.
B. REVENUE CLASSIFICATION AND SOURCES. The revenues received by Westlake Academy are classified
into one of three broad categories: Federal, State or Local and come from the following sources
• State Education funding
• State and Federal Grants
• General Donations — The Academy recognizes that private donations comprise a significant part of
the Westlake Academy budget. All funds received will become part of the budget and be subject to
appropriation for Academy general operations.
o Westlake Academy Foundation
• House of Commons
• Westlake Academy Athletic Club
• Local Merchants
• Specific Purpose Donations — Funds donated for a specific purpose
C. REVENUE MONITORING. Revenues as they are received will be regularly compared to budgeted
revenues and variances will be investigated. This process will be summarized in the appropriate
budget report.
V. EXPENDITURE CONTROL
• Appropriations — The point of budgetary control is at the function level in the General Fund and Special
Revenue Funds. When budget adjustments among functions are necessary, they must be approved by
the Board of Trustees.
• Current Funding Basis - The Academy shall operate on a current funding basis. Expenditures shall be
budgeted and controlled so as not to exceed current revenues plus the planned use of fund balance
accumulated through prior year savings. (The use of fund balance shall be guided by the Fund
Balance /Retained Earnings Policy Statements.)
• Avoidance of Operating Deficits - The Academy shall take immediate corrective actions if at any time
during the fiscal year expenditure and revenue re- estimates are such that an operating deficit (i.e.,
projected expenditures in excess of projected revenues) is projected at year -end. Corrective actions can
include a hiring freeze, expenditure reductions, or use of fund balance within the Fund. Use of fund
balance must be recommended by the Superintendent and approved by the Board of Trustees.
® Expenditure deferrals into the following fiscal year, short -term loans, or use of one -time revenue
sources shall be avoided to balance the budget.
• Periodic Program Reviews - The Superintendent or his designate shall undertake periodic staff and
third -party reviews of Academy programs for both efficiency and effectiveness. Where appropriate,
privatization and contracting with other governmental agencies will be evaluated as alternative
approaches to service delivery. Service delivery which is determined to be inefficient and /or ineffective
shall be reduced in scope or eliminated.
• General and Administrative (G &A) Charges —To the extent practical, an annual analysis of G &A charges
will be performed and, if available, funding may be allocated at the Board's discretion. The analysis shall
involve an objective consideration of the service demands currently being met by municipal staff to
support Academy operations and a determination of factors that will continue to affect and increase the
time needed for the performance of these services. For example, new Academy staff requires additional
support staff time to perform tasks related to insurance, payroll, etc. Where feasible, G &A costs will be