Section: Fiscal Management
Title: Budget Oversight and Administration
Adopted: February 6, 1984
Last Revised: November 9, 2011
BUDGET OVERSIGHT AND ADMINISTRATION
The Superintendent is responsible for the overall budget oversight and administration of the Portland Public Schools, including the delegation of budget oversight and administration responsibility to and the supervision of the Chief Financial Officer. Records and accounts shall be kept in conformity with generally accepted accounting principles, requirements of the Maine Department of Education and state law, and where applicable, requirements of federal law.
- Upon adoption of the final annual budget, the Superintendent and Chief Financial Officer shall establish the budgetary accounts for the next fiscal year. The accounts shall permit expenditures to be tracked against authorized appropriations. The accounts shall permit reporting pursuant to the Maine Education Data Management System (“MEDMS”) or such other system of management and reporting as the Maine Department of Education may require.
- The Chief Financial Officer shall be responsible for monitoring budget activity and shall keep the Superintendent informed regarding budget activity and any issues that need to be addressed.
- The Chief Financial Officer shall make monthly reports to the Superintendent and the Finance Committee on the status of the budget and financial condition of the Portland Public Schools.
- The Superintendent shall report quarterly to the School Board on the status of the budget and outlook for the year. This report shall include an executive summary of the status of the budget that highlights significant matters that impact the budget.
- The School Board has the authority to make transfers from legally required cost centers to other legally required cost centers (“transfer adjustments”) subject to limitations from time to time established by state law (currently 5%). On or before June 30 of each fiscal year, the Board shall authorize any transfer adjustments that may occur after the end of that fiscal year, such as for audit adjustments.
- Subject to any state law limitations, the Board delegates its transfer adjustment authority as identified in Paragraph E above, as follows:
- The Superintendent shall approve transfer adjustments up to $50,000 for any legally required cost center to another cost center or among other cost centers to provide for educational and operational needs that may arise.
- Transfer adjustments over $50,000 require approval of the School Board.
- The Superintendent or the Superintendent’s designee shall have authority to approve all expenditures, except the following expenditures require prior School Board approval:
- All expenditures for which School Board approval is legally required;
- Expenditures for substantial capital improvements or acquisitions;
- Lease purchases or leases to which the School Board is required to be a signatory party; and
- Any expenditure that exceeds $250,000.
- The Superintendent and Chief Financial Officer, in consultation with the Finance Committee, shall develop procedures that must be followed for the Portland Public Schools to incur certain expenses. Such procedures shall, at a minimum, provide a process for prior central office administration approval of expenditures that relate to long term vendor contracts or that exceed threshold levels. Such procedures also shall provide a process for prior school board approval of expenses when such approval is legally required (for example, for lease purchases). The Superintendent and Chief Financial Officer, in consultation with the Finance Committee, shall update such procedures as necessary.
- The Superintendent and Chief Financial Officer shall communicate with City officials on budgetary and financial status on a schedule to be determined by the parties. The Superintendent and Chief Financial Officer shall work cooperatively with the City’s Finance Director on behalf of Portland Public Schools.
- The Superintendent and Chief Financial Officer in consultation with the School Board or Finance Committee shall take appropriate action in response to matters identified in an independent audit report not to be in accordance with generally accepted accounting principles, and in response to deficiencies or weaknesses in internal control identified in the management letter, including development and implementation of a plan for correcting the same.
The Superintendent and Chief Financial Officer shall implement any procedures necessary to ensure good stewardship of all funds received and expended by the Portland Public Schools, as well as compliance with Board policies, state and federal laws, and the Portland City Charter.
Legal Reference: 20-A M.R.S.A. §§ 1055, 6051-6052, 1485(4), 15006; 30-A M.R.S.A. § 5821
Cross Reference: DA – Multi-Year Budgeting and Fiscal Management Goals
DBC – School Budget Adoption
DI – Fiscal Accounting and Reporting
Adopted: February 6, 1984
Revised: August 26, 1992; August 6, 2003; November 9, 2011
20-A M.R.S.A. §§ 1055, 6051-6052, 1485(4), 15006
DA - Multi-Year Budgeting and Fiscal Management Goals
DI - Fiscal Accounting and Reporting
DIC - Budget Oversight and Administration.pdf (18 KB)
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