Acton-Boxborough Regional School District Notes to Required Supplementary Information Year Ended June 30, 2024
NOTE A – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY Notes to required supplementary information A. Budgetary Information
The District adopts a balanced budget that is approved by the Committee. The Superintendent of Schools presents an annual budget to the Committee, which includes estimates of revenues and other financing sources, and recommendations of expenditures and other financing uses. The Committee, which has the full authority to amend and/or reject the budget or any line item, adopts the expenditure budget by a two-thirds vote and ratification by both member communities’ Town Meetings, as required by MGL. Increases to the budget subsequent to the approval of the annual budget also require a two- thirds vote of School Committee and Town Meeting ratification. The regional school committee may propose, with a two-thirds vote, an amendment to a previously approved budget, which provides bottom-line spending authority. If such amendment results in an increase in the total amount of the budget or an increase in assessment for any member, such amendment shall be submitted to the local appropriating authorities for their approval.
The majority of appropriations are non-continuing which lapse at the end of each year.
The District adopts an annual budget for the General Fund in conformity with the guidelines described above. The initial 2024 approved budget for the General Fund authorized $105.9 million in appropriations. The final budget totaled $107 million, which included $762,000 of carryforwards from the prior year. The District’s accounting office has the responsibility to ensure that budgetary control is maintained. Budgetary control is exercised through the District’s accounting system.
B. Budgetary - GAAP Reconciliation
For budgetary financial reporting purposes, the Uniform Municipal Accounting System basis of accounting (established by the Commonwealth) is followed, which differs from the GAAP basis of accounting. A reconciliation of budgetary-basis to GAAP-basis results for the general fund for the year ended June 30, 2024, is presented below:
Net change in fund balance - budgetary basis………………………$
(424,347)
Perspective differences: Activity of the stabilization fund recorded in the general fund for GAAP……………………………………… Basis of accounting differences: Recognition of revenue for on-behalf payments……………… Recognition of expenditures for on-behalf payments…………
(112,465)
14,584,205 (14,584,205)
(536,812)
Net change in fund balance - GAAP basis…………………………$
71
342
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