Mississippi Administrative Code › Title 7 - Education K-12 › Part 3 - Board Policies › Chapter 71 - School Business Officials › Rule 7-3-71.3 - Required Monthly Reports to be furnished to Local School Board

Current through June 25, 2024
1. The State Board of Education is directed
				by Miss. Code Ann. §
									37-9-18 to promulgate rules and
				regulations concerning the type of financial reports required to be submitted
				by the superintendent of schools to the local school board, and the frequency
				with which the reports shall be submitted. At a minimum, the superintendent of
				schools shall furnish to the local school board the following required
				financial reports each month at the regular school board meeting:
a.
Reconciled Bank
				Statements
All bank statements should be reconciled within 30 days of
				  receipt. Presentation of reconciled bank statements should be made at the next
				  regular board meeting after the bank statements are reconciled. Bank statements
				  should be reconciled to the district's general ledger cash balances in a
				  timely, accurate manner.
In lieu of actual bank reconciliations, a certification from
				  a designated individual listing all current district bank accounts by name, the
				  specific time period covered, and a statement that the accounts have been
				  reconciled is acceptable. Districts submitting a certification to the board
				  should also submit a summary of the bank reconciliations. Full bank
				  reconciliations should be available for review at the board meeting if
				  requested. A copy of the certification and the summary should be made a part of
				  the board minutes.
b.
Statement of Revenues and Expenditures
The Statement of Revenues and Expenditures should capture the
				  monthly revenues and expenditures of each fund. At a minimum, a total amount of
				  revenues and a total amount of expenditures should be presented for each fund
				  for the month. Additional detail would be added at the discretion of the
				  district.
c.
Current Budget Status
The school district should present the board with a current
				  listing of budgeted annual amounts for revenue and expenditures for all funds.
				  The report should present cumulative revenue and expenditures in comparison to
				  budgeted amounts for each fund.
d.
Cash Flow Statement by
				Month
The Cash Flow Statement should capture cash in and cash out
				  for the District Maintenance fund with each month presented separately. The
				  cumulative total of all months should be listed. Projected cash flow for the
				  remaining months may be presented at the discretion of the district.
e.
Combined Balance
				Sheet
The school district should present the board with a Combined
				  Balance Sheet to include, at a minimum, all general funds and special revenue
				  funds. Additional funds may be presented at the discretion of the
				  district.
OR
f.
Current Fund Equity Balances
In lieu of the Combined Balance Sheet the school district may
				  present the board with a current listing of fund balances. The listing should
				  include, at a minimum, all general funds, special revenue funds, and any other
				  funds supported by district maintenance.
Two or more of the required reports listed above may be
				  combined if all information is included and can be presented in the detail
				  listed above for each report.