LAKE ORION — The Lake Orion Community Schools Board of Education adopted four policy revisions on March 12.
One policy regarding field trips and other sponsored trips, allows a parent, student or staff member to drive and transport students if written permission is provided for the student driver and student passenger through completing a district form.
Another policy, regarding the district fund balance, was removed entirely so it could be combined with other policies through proposed revisions.
The system-of-accounting policy revision includes language adding “prepaids and non-current receivables” to amounts that are not in spendable forms. Theses amounts are listed as a non-spendable fund balance.
Another section was added stating assigned fund balances in governmental funds other than the general fund represent the amount that is not restricted or committed. According to the policy, this indicates resources in other governmental funds, at minimum, are intended to be used for the purpose of the fund.
Under the policy, the board authorizes the superintendent or designee to determine the assigned fund balances annually for end-of-year reporting.
Expenditures are also supposed to be presented from the restricted fund balance first, when needed, followed by the committed, assigned and unassigned fund balances.
The revision also added that the board delegates the authority to assign amounts to be used for specific purposes to the superintendent or their designee.
The next policy listed is a budget preparation policy, and adds language defining what funds are used for.
Special revenue funds are used to account for and report proceeds of revenue sources restricted or committed to expenditure for specific purposes other than debt services or capital projects, debt service funds are used to account for financial resources restricted, committed or assigned expenditure for principal, interest and applicable fees, capital projects funds are used to account for all financial resources restricted, committed or assigned to expenditure for the acquisition or construction of capital assets, proprietary funds used in situations where the flow of economic resources is required to account for activities that involve providing goods or services to other funds or activities of the district, while the general fund is used to account for financial resources not accounted for and reported in other funds.
Other additions include requiring the board to not fall below five percent of total general fund revenues for the two most recently completed fiscal years, definitions and the purpose of the district’s fund balance, outlines reasons the district will retain adequate fund balances and reserves and smaller wording updates.
The board’s next regular meeting is scheduled for April 9, at 6:30 p.m.