EBudget Transfer over $50,000 2019-11-4

Budget Transfers over $50,000 – Background Information

Budget transfer 131, in the amount of $57,873 has been processed by the Business Office to move substitute salaries and benefits to the school locations. These funds are available for school use for activity travel during the year.

Detail for this transfer is attached.

A budget is a financial plan created to allocate funds for estimated costs of programs and needs in accordance with the District's plans and goals. It is usually necessary to make changes to the original plan through the use of budget transfers, which follow Generally Accepted Accounting Principles (GAAP), as more information about actual costs becomes available and decisions about programs and circumstances are revised. Prior to approval, all budget transfer requests are reviewed in light of current policies and procedures and evaluated for appropriateness and necessity in conjunction with the District's internal controls.

This budget transfer exceeds $50,000; therefore, requires Board of Education approval per Board Policy 3120.