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Studies
Local Receipt and Expenditure
May 30, 2007
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By
Dr. Ryan S. Olson
and
Michael D. LaFaive
State Aid Financial Status Reports
Districts’ Receipt of Funds
School District Budgeting
General Format of a School Budget
The Government Accounting Standards Board
The Budget Process
Expenditure Reporting
Fund Balance
Deficits
School District Financial Audits
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SKU: S2007-04
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Contents
Acknowledgements
Introduction
A Brief Overview of the Structure of Michigan’s Public School System
Revenues
Appropriations for K-12 Education
Local Receipt and Expenditure
State Aid Financial Status Reports
Reading a State Aid Financial Status Report
‘Current Year Allowances’ in a State Aid Financial Status Report
‘22a Prop A Obligation (Statepp: $3,873.11)’
‘51c Spec Ed Headlee Obligation’
‘26a Renaissance Zone’
‘22b Discretionary Payment’
‘22c Equity Payment’
‘29 Declining Enrollment’
‘11F Nonplaintiff Durant Settlement’
‘24 Court Placed Children’
‘31A At Risk’
‘31d School Lunch’
‘32d Mich School Readiness’
‘53A Court And State Agency Placed Pupi[ls]’
‘61a.1 Vocational Education’
‘99c Middle School Math’
‘107.1 Adult Education Participants’
Districts’ Receipt of Funds
Separation of Funds
School District Budgeting
General Format of a School Budget
The Government Accounting Standards Board
The Budget Process
Step 1: Local Program Review and Preliminary Revenue Forecasts (August-November)
Step 2: Request Early Cost Estimates (September-December)
Steps 3 and 3A: Board of Education Workshop and Budget Submissions (January-February)
Step 4: Central Office Review (March-April)
Step 5: Budget Review With Board of Education (April-May)
Step 6: Preparation of Final Budget (April-May)
Step 7: Adoption of Final Budget (June)
Expenditure Reporting
Fund Balance
Deficits
School District Financial Audits
Audits Resulting From Federal Revenues
Other Reporting Requirements
Appendix 1: U.S. Department of Education Spending in Michigan
Appendix 2: Summary of ‘Durant’ Court Decisions
Appendix 3: Guide to a New School Finance Electronic Module
About the Authors
Endnotes
