Accounting Procedures Handbook

9 BUDGET PROCESS 8. After final budget is approved by Board of Education, post to accounts: Post allocation of all approved budget amounts to the appropriate accounts on the BusinessPlus G/L Accounting System. 9. Post School Budget Allocations: Post approved school principal submissions to their appropriate accounts. Review with supervisors other applicable accounts and how they wish to allocate. Post to the BusinessPlus G/L Accounting System. C. Consolidated Budget 1. Obtain proposed restricted budget file from the Grant Accountant 2. Combine proposed restricted and unrestricted data: • Consolidated revenue by source • Consolidated expense by category and object • Consolidated position summary 3. Obtain proposed school construction fund budget from Project Accountant 4. Obtain proposed food service budget from Accounting Manager 5. Compile a draft of the Proposed Consolidated Current Expense Budget and submit in accordance with the approved budget calendar for the Board to review and, if required, make revisions 6. Board adopts the Proposed Consolidated Budget at their regularly scheduled March meeting 7. Finance submits the Proposed Consolidated Budget to the Wicomico County Executive by March 15 th 8. On May 31 st , the Wicomico County Council (WCC) notifies the Board of its annual County appropriation 9. If required, the budget is revised based on actual appropriations and resubmitted to the Board for their final approval no later than June 30 th . 10. Report Approved Consolidated Budget to State: Enter approved budget information onto the applicable MSDE state forms and submit to State within 7 days of budget approval. 11. Update the WCBOE website’s Budget Report page: • Update the narrative for the Budget Report Page • Post the new Approved Consolidated Budget as the Current Budget and move the prior year budget under the Historical Budget information • Post new approved rate schedules • Update the Selected Financial Statistic reports with the new approved budget information and post 12. Complete Master Plan Update for New Budget Requests: In the September/October timeframe, use templates provided by MSDE to complete the Master Plan Update Financial Schedules. Consult with those administrators having budget authority regarding the use of their prior year budgeted funds to achieve Master Plan initiatives. Document major increases and decreases in revenues and spending for the current year and their impact on implementation of the Master Plan.