California Code of Regulations › Title 5 - Education › Division 6 - California Community Colleges › Chapter 9 - Fiscal Support › Subchapter 4 - Budgets and Reports › Section 58310 - Report on District's Financial Condition

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The chief executive officer or other designee of the
					 governing board of each district shall regularly report in detail to the
					 governing board of the district the district's financial condition and shall
					 submit reports showing the financial and budgetary conditions of the district,
					 including outstanding obligations, to the governing board at least once every
					 three months. The chief executive officer or other designee shall also prepare
					 a quarterly report on forms provided by the Chancellor. The district shall
					 submit a copy of the certified report to the appropriate county offices and the
					 Chancellor no later than forty-five days following the completion of the first,
					 second, and third quarter of the fiscal year. The certified report shall be
					 reviewed by the district governing board at a regularly scheduled meeting and
					 entered into the minutes of the meeting.
Upon review and analysis of the report, the Chancellor or
					 his/her designee shall determine if follow-up or intervention is needed.
					 Intervention may be necessary if a district's financial data indicate a high
					 probability that, if trends continue unabated, the district will need an
					 emergency apportionment within three years or that the district is not in
					 compliance with the principles of sound fiscal management specified in section
					 58311. Such follow-up or
					 intervention may include, but shall not be limited to, requiring the submission
					 of additional or more frequent reports, requiring the district to respond to
					 specific concerns, and directing the district to prepare and adopt a detailed
					 plan for achieving fiscal stability and an educational plan demonstrating the
					 impact of the fiscal plan on the district's educational program.
Intervention may also include the assignment of a special
					 trustee having the authority described in section
					 58312 to any district that requires
					 intervention within the five fiscal years immediately following the ending date
					 of the services of a previously assigned special trustee. The renewed
					 assignment of a special trustee under this paragraph may be made upon a finding
					 by the Chancellor or his/her designee that if trends continue unabated, the
					 district will need an emergency apportionment within three years or that the
					 district is noncompliant with the principles of sound fiscal management
					 specified in section
					 58311, except that the special
					 trustee may only assume management and control of the district if authorized to
					 do so by the Board of Governors. The costs incurred by the performance of the
					 special trustee shall be paid in the manner described in subdivision (f) of
					 section 58312 from funds which would have
					 otherwise been apportioned to the district.
The Chancellor shall develop and maintain procedures for
					 the administration of the fiscal monitoring program specified in Education Code
					 section
					 84040 and
					 this section.
1. New
					 section filed 3-4-91 by Board of Governors of California Community Colleges
					 with the Secretary of State; operative 4-5-91 (Register 91, No. 23). Submitted
					 to OAL for printing only pursuant to Education Code Section
					 70901.5(b).
2.
					 Amendment filed 10-25-91; operative 11-24-91 (Register 92, No.
					 9).
3. Amendment filed 10-15-93; operative 11-4-93. Submitted to OAL
					 for printing only pursuant to Education Code section
					 70901.5(b)
					 (Register 93, No. 42).
4. Editorial correction of HISTORY 1
					 (Register 95, No. 23).
5. Amendment of section and NOTE filed
					 9-14-2004; operative 10-14-2004. Submitted to OAL for printing only (Register
					 2004, No. 39).
6. Amendment of first paragraph filed 4-3-2019;
					 operative 5-3-2019. Submitted to OAL for printing only pursuant to Education
					 Code section
					 70901.5
					 (Register 2019, No. 15).
Note: Authority cited: Sections
						66700,
						70901 and
						84040,
						Education Code. Reference: Section
						70901,
						Education Code.