Annual Operating Budget

Purpose

This policy outlines budget development, reporting, and stakeholder approval of the budget.

Duration

This policy is permanent.

Policy

The Governing Board of ANCS adopts the following policy, which shall be effective on the date that the policy is adopted by the Governing Board.

Section 1. Budget Development

The Governing Board shall ensure that ANCS complies with all state and federal laws and rules concerning the budget and related processes of the school.

Section 2. Budget Process

  1. The Executive Director will ensure that ANCS follows a budgeting process that is consistent with the requirements of federal and Georgia statutes, State Board of Education Rules and Regulations, and any other applicable laws or rules.
  2. The Director of Finance and Operations is responsible for the preparation of the annual budget.

  3. Needs Assessment. Each spring, before the annual operating budget is drafted, the Director of Finance and Operations shall ensure that a needs assessment is drafted and finalized by the Finance and Operations Committee consisting of the school's Executive Director, the Finance and Operations Committee Chair, and other individuals as designated by the Governing Board. The needs assessment shall inform the drafting of the annual budget.

    1. Request that budget holders within the school send in any updated information to the Finance and Operations Committee. Example: Curriculum materials are projected to go from $30,000 to $40,000.
    2. Stakeholders (i.e., PTCA, Aftercare Program, etc.) and the Leadership Team send in expected requests via a document supplied by the Director of Finance and Operations that addresses their particular budget area.
    3. The Finance and Operations Committee will start setting standing meetings in March where, in addition to regular Finance and Operations Committee meetings, it reviews all budget requests as well as projections and information provided by APS.
    4. The Finance and Operations Committee reviews a balanced budget that follows the fiscal year.
    5. At least two open community meetings on the annual operating budget will be held prior to the Governing Board's adoption of the budget for the purpose of providing an opportunity for public input. These two meetings shall not occur within the same week. The public meetings shall be advertised on the ANCS website.
    6. A summary of the annual operating budget proposed by the Governing Board shall be posted on a publicly available area of the Governing Board's website.
  4. Adoption. The draft budget shall be presented to the Governing Board at the Board meeting. The Governing Board may request changes and formally approve the budget in an open meeting held in accordance with the Governing Board's bylaws before the fiscal year begins (prior to July 1) and before the expenditure of any funds.
  5. Minutes. The Governing Board Secretary will record the approval of the budget and any amendments in the Governing Board meeting minutes in which the adoption occurs.

Section 3. Budget Reporting

At each meeting of the Governing Board, the Finance and Operations Committee Chair presents a report comparing the budget to actual.

Section 4. Post-Adoption Budget Amendment

After the adoption of the budget, the Executive Director and the Governing Board shall review actual fund disbursements compared to the adopted budget and direct the Director of Finance and Operations to make amendments as needed. Amendments shall occur a soon as funding changes are communicated to the appropriate parties (Governing Board, Executive Director, Director of Finance and Operations, etc.). The budget may also be amended if any changes in income have occurred, such as grants. The Finance and Operations Committee is responsible for drafting a proposed amended budget, which must then be presented to the Governing Board and officially adopted.

Approval and Review

Approved

Effective

 Last Review

Next Review
06/16/2015 07/02/2015 09/2024 09/2026