1997 Minnesota Statutes

     121.906 Expenditures; reporting. 

    Subdivision 1.    Recognition.  School district 
 expenditures shall be recognized and reported on the district 
 books of account in accordance with this section. 

    There shall be fiscal year-end recognition of expenditures 
 and the related offsetting liabilities recorded in each fund in 
 accordance with the uniform financial accounting and reporting 
 standards for Minnesota school districts.  Encumbrances 
 outstanding at the end of the fiscal year do not constitute 
 expenditures or liabilities.  

    Deviations from the principles set forth in this 
 subdivision shall be evaluated and explained in footnotes to 
 audited financial statements. 

    Subd. 2.    Accounting.  Expenditures for any legal 
 purpose of the school district not accounted for elsewhere shall 
 be accounted for in the general fund. 

    HIST: 1976 c 271 s 29; 1980 c 609 art 7 s 4; 1981 c 358 art 7 
 s 8,9; 1993 c 224 art 12 s 12; 1996 c 412 art 1 s 2