Earned Interest: All interest earned is considered General Fund revenue unless there is a law or statute stating otherwise. For example, CPA, Water, Sewer, Storm, the Health fund, and some trusts are allowed to keep their own interest. For the school department specifically, the Food Service Revolving Fund, Education Stabilization Fund, and Student Activity Funds, the interest is able to be retained within the fund as well. All other earned interest is deposited to the City's general fund and not maintained by the separate funds. Expenses Incurred: Only expenses related to the fund’s purpose can be charged to the fund. For instance, revenue received from Athletics cannot be used to fund textbook replacements. Since the fund balance is not a recurring revenue source, the district is cautious about charging recurring expenses against fund balances. Budget Administration and Management Process Newton Public Schools and the City of Newton utilize the MUNIS financial system, a fully. integrated accounting and human resource system. Decentralization of MUNIS provides each. school budget manager and their support staff access to real-time budget information and on- line requisition entry. Financial Reporting: The Assistant Superintendent for Finance and the Business, Finance and Planning team reviews all funds monthly with the appropriate budget managers and Superintendent. Fiscal and Operations reports are typically submitted to the School Committee and Superintendent quarterly. Budget Flexibility and Transfers: In keeping with the need for periodic reconciliation of the district's budget, the School Committee will review transfers of funds as they are recommended by the Superintendent and Assistant Superintendent of Finance. The quarterly financial report has two columns including the School Committee budget approved in May, and an adjusted budget which includes budget transfers made throughout the year to reflect actual salary and benefits costs. All funds in the general account not expended by the close of the fiscal year will be returned to the municipality except as allowed by law.
-40-
Made with FlippingBook interactive PDF creator