BBudget Transfers over $50,000 2021-7-12

Budget Transfers over $50,000 – Background Information

Budget transfer 862, in the amount of $2,111,091 has been processed by the Business Office to align the revenue budgets with funding provided by Kenai Peninsula Borough. The Kenai Peninsula Borough reduced the appropriation and provided funding to the General Fund through the Cares Act.

Detail for these transfers are 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.