1997 Minnesota Statutes

     121.908 Accounting, budgeting and reporting requirement. 

    Subdivision 1.  Each Minnesota school district shall adopt 
 the uniform financial accounting and reporting standards for 
 Minnesota school districts provided for in guidelines adopted by 
 the department of children, families, and learning.  

    Subd. 2.  Each district shall submit to the commissioner by 
 August 15 of each year an unaudited financial statement for the 
 preceding fiscal year.  This statement shall be submitted on 
 forms prescribed by the commissioner. 

    Subd. 3.  By December 31 of the calendar year of the 
 submission of the unaudited financial statement, the district 
 shall provide to the commissioner and state auditor an audited 
 financial statement prepared in a form which will allow 
 comparison with and correction of material differences in the 
 unaudited statement.  The audited financial statement must also 
 provide a statement of assurance pertaining to uniform financial 
 accounting and reporting standards compliance. 

    Subd. 3a.  Prior to July 1 of each year, the school board 
 of each district shall approve and adopt its revenue and 
 expenditure budgets for the next school year.  The budget 
 document so adopted shall be considered an 
 expenditure-authorizing or appropriations document.  No funds 
 shall be expended by any board or district for any purpose in 
 any school year prior to the adoption of the budget document 
 which authorizes that expenditure, or prior to an amendment to 
 the budget document by the board to authorize the expenditure.  
 Expenditures of funds in violation of this subdivision shall be 
 considered unlawful expenditures. 

    Subd. 4. Repealed, 1993 c 224 art 12 s 32; 1993 c 374 s 22 

    Subd. 5.  All governmental units formed by joint powers 
 agreements entered into by districts pursuant to section 120.17, 
 120.1701, 123.351, 471.59, or any other law and all service 
 cooperatives and education districts shall be subject to the 
 provisions of this section. 

    Subd. 6.  A school district providing early retirement 
 incentive payments under section 125.611, severance pay under 
 section 465.72, or health insurance benefits to retired 
 employees under section 471.61, must account for the payments 
 according to uniform financial accounting and reporting 
 standards.  

    HIST: 1976 c 271 s 30; 1977 c 447 art 7 s 7; 1980 c 609 art 7 
 s 5; 1982 c 548 art 4 s 5; 1983 c 314 art 7 s 7; 1984 c 463 art 
 7 s 3; 1989 c 329 art 6 s 3; 1990 c 562 art 8 s 6; 1993 c 224 
 art 12 s 13,14; art 14 s 5; 1994 c 647 art 13 s 1; 1Sp1995 c 3 
 art 16 s 13; 1996 c 305 art 1 s 138