The Board of Education recognizes its responsibility to the taxpayers of the district and the state to expend public moneys wisely and prudently for the maintenance of a thorough and efficient system of public education and to institute appropriate controls and accounting procedures.

The Board alone is authorized by law to fix the school budget, approve bids, and approve substantial expenditures of district funds. The district shall not incur a deficit.

The Assistant Superintendent for Business/Board Secretary shall establish and implement sound accounting practices, institute effective business practices, recommend the acquisition of appropriate accounting equipment, present to the Board accurate and timely fiscal and statistical reports of the district, report annually to the Board on the effectiveness of district financial operations, and recommend improvement in those operations.

The books of account and the classification of expenditures shall be maintained in accordance with rules of the State Board of Education and the standards promulgated by the State Department of Education. Any change in forms, system of accounts, or methods of maintaining the books must be approved by the Board of Education and the State Department of Education.

N.J.S.A. 18A:4-14; 18A:4-14.1;
18A:18A-1 et seq.; 18A:19-1 et seq.;
18A:22-7 et seq.

N.J.A.C. 6:20-2A.2

Adopted: 21 April 2005