school board may make expenditures only in accordance with |
allocations approved by the Legislature. Any balance of an |
allocation or subdivision of an allocation made by the Legislature |
for the school that at the time is not required for the purpose |
named in the allocation or subdivision may be transferred prior to |
the closing of the books for the fiscal year to any other |
allocation or subdivision of any allocation made by the Legislature |
for the use of the school for the same fiscal year. The transfer |
is subject to review by the joint standing committee of the |
Legislature having jurisdiction over appropriations and financial |
affairs. Financial statements describing the transfer must be |
submitted by the school board to the Office of Fiscal and Program |
Review 30 days before the transfer is implemented. In case of |
extraordinary emergency transfers, the 30-day prior submission |
requirement may be waived by vote of the committee. These |
financial statements must include information specifying the |
accounts that are affected, the amounts to be transferred, a |
description of the transfer and a detailed explanation of the |
reason the transfer is needed. The school board shall also provide |
an annual justification for the finances and operations of the |
programs under the jurisdiction of the school to the joint standing |
committee of the Legislature having jurisdiction over |
appropriations and financial affairs and the joint standing |
committee of the Legislature having jurisdiction over education |
matters. The justification for the finances and operations of the |
school must be presented as a line-item budget for each of the |
programs under its jurisdiction. |