2007 Minnesota Statutes

123B.10 PUBLICATION OF FINANCIAL INFORMATION.
    Subdivision 1. Budgets; form of notification. (a) Every board must publish revenue and
expenditure budgets for the current year and the actual revenues, expenditures, fund balances
for the prior year and projected fund balances for the current year in a form prescribed by the
commissioner within one week of the acceptance of the final audit by the board, or November 30,
whichever is earlier. The forms prescribed must be designed so that year to year comparisons of
revenue, expenditures and fund balances can be made.
    (b) A school board annually must notify the public of its revenue, expenditures, fund
balances, and other relevant budget information. The board must include the budget information
required by this section in the materials provided as a part of its truth in taxation hearing, post the
materials in a conspicuous place on the district's official Web site, including a link to the district's
school report card on the Department of Education's Web site, and publish the information in a
qualified newspaper of general circulation in the district.
    Subd. 2. Debt summary. The board must also publish at the same time a summary of bonds
outstanding, paid, and sold; a summary of orders not paid for want of funds; certificates of
indebtedness for the year ending June 30; the statutory operating debt of the district as defined
and certified pursuant to section 123B.81; and the balance amount of the reserved fund balance
reserve account for purposes of statutory operating debt reduction established pursuant to sections
126C.40 to 126C.45, 126C.48, and 124D.22.
    Subd. 3. Budget inspection. A statement must be included in the publication that the
complete budget in detail may be inspected by any resident of the district upon request to the
chief school administrator.
    Subd. 4. Cost per pupil. The board must also publish at the same time the average cost
per pupil in average daily membership educated in that district in the preceding year. This
computation must be made exclusive of debt service or capital outlay costs.
History: 1969 c 1011 s 1-3; 1971 c 690 s 1; 1977 c 447 art 7 s 17-19; 1984 c 543 s 7;
1Sp1986 c 1 art 9 s 1; 1987 c 398 art 7 s 42; 1991 c 130 s 37; 1992 c 499 art 12 s 29; 1993 c 224
art 13 s 28; art 14 s 7; 1993 c 374 s 24; 1995 c 212 art 4 s 64; 1998 c 397 art 6 s 106,124; art 11
s 3; 2006 c 263 art 4 s 1; 2007 c 146 art 5 s 1