BBudget Transfers over $50,000 2023-3-6

Budget Transfers over $50,000 – Background Information

Budget transfer 424 in the amount $50,000.00 has been processed by the Business Office to move money for the purchase of laptops for Connection students. 

Budget Transfer 434 in the amount of $83,855.00 has been processed by the Business Office to move money to align costs to actual for Fireweed Charter.

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.