§ 22-45-102 — Accounts

(1) (a) Each school district shall use the full accrual
basis of accounting when budgeting and accounting for any enterprise funds
included in the district budget. The board of education of each school district shall
cause financial records to be kept in accordance with generally accepted principles
of governmental accounting. The financial transactions of the school district shall
be recorded in general, appropriation, revenue, and expenditure records.
Appropriate entries from the adopted budget shall be made in the records for the
respective funds. Separate accounts shall be maintained for each of the several
funds prescribed by this article. Continuing balances of the various budgetary
accounts shall be maintained on at least a monthly basis.

(b) The board of education of each school district shall review the financial
condition of said school district at least quarterly during the fiscal year. The board
shall require the secretary, treasurer, or any employee who has duties which relate
to the fiscal affairs of said school district to submit a financial report covering the
fiscal actions involving the general fund, and other funds that the board may
request, at least quarterly. At a minimum, the report shall include:

(I) The actual amounts spent and received as of the date of the report from
each of the several funds budgeted by the district for the fiscal year, expressed as
dollar amounts and as percentages of the annual budget;

(II) The actual amounts spent and received for each fund for the same period
in the preceding fiscal year, expressed as dollar amounts and as percentages of the
annual budget;

(III) The expected year-end fund balances, expressed as dollar amounts and
as percentages of the annual budget; and

(IV) A comparison of the expected year-end fund balances with the amount
budgeted for that fiscal year.

(2) All records shall be maintained at the principal administrative offices of
the school district. Accounts shall be posted and reconciled with fund resources at
least monthly. Records shall be open for public inspection during reasonable
business hours. The state board of education shall prescribe the minimum accounts
to be maintained under the provisions of this article.

Legislative History

Source: L. 64: p. 627, � 2. C.R.S. 1963: � 123-33-2. L. 2003: (1) amended, p. 1284, � 4, effective July 1.