North Carolina General Statutes 115C-425. Annual balanced budget resolution
Terms Used In North Carolina General Statutes 115C-425
- Budget: is a plan proposed by a board of education for raising and spending money for specified school programs, functions, activities, or objectives during a fiscal year. See North Carolina General Statutes 115C-423
- Budget resolution: is a resolution adopted by a board of education that appropriates revenues for specified school programs, functions, activities, or objectives during a fiscal year. See North Carolina General Statutes 115C-423
- Budget resolution: Legislation in the form of a concurrent resolution setting forth the budget. The budget resolution establishes various budget totals, divides spending totals into functional categories (e.g., transportation), and may include reconciliation instructions to designated committees.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund: is a n independent fiscal and accounting entity consisting of cash and other resources together with all related liabilities, obligations, reserves, and equities which are segregated by appropriate accounting techniques for the purpose of carrying on specific activities or attaining certain objectives in accordance with established legal regulations, restrictions or limitations. See North Carolina General Statutes 115C-423
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Local school administrative unit: means a subdivision of the public school system which is governed by a local board of education. See North Carolina General Statutes 115C-5
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(a) Each local school administrative unit shall operate under an annual balanced budget resolution adopted and administered in accordance with this Article. A budget resolution is balanced when the sum of estimated net revenues and appropriated fund balances is equal to appropriations. Appropriated fund balance in any fund shall not exceed the sum of cash and investments minus the sum of liabilities, encumbrances, and deferred revenues arising from cash receipts, as those figures stand at the close of the fiscal year next preceding the budget year. The budget resolution shall cover one fiscal year.
(b) It is the intent of this Article that all moneys received and expended by a local school administrative unit should be included in the school budget resolution. Therefore, notwithstanding any other provisions of law, after July 1, 1976, no local school administrative unit may expend any moneys, regardless of their source (including moneys derived from federal, State, or private sources), except in accordance with a budget resolution adopted pursuant to this Article.
(c) Subsection (b) of this section does not apply to funds of individual schools, as defined in N.C. Gen. Stat. § 115C-448 (1975, c. 437, s. 1; 1981, c. 423, s. 1; 1993, c. 179, s. 1.)