DCA-R - LRSD Board Policy | www.lrsd.org

DCA-R - LRSD Board Policy

Published by jackbgarvey on Tue, 07/09/2013 - 10:52

LITTLE ROCK SCHOOL DISTRICT - NEPN CODE:  DCA-R

 

MANAGEMENT OF CAPITAL PROJECTS FUND

Reporting and Operation

The District’s Chief Financial Officer (CFO) will coordinate both the expenditure of funds and final scheduling of the projects for all bond financed capital projects and projects of the dedicated maintenance and operation millage.  The CFO will coordinate with the district’s architect and the operations division.  The District will implement a reporting system and accountability system that has the following components:

  • All expenditures will comply with Arkansas state law and District procurement policies and regulations.
  • All current capital projects will continue to be tracked in a separate account and report.  This will include previously funded capital projects included in the current bond account, as well as funds included in the second lien bonds issued in 2000.
  • All funds from the new bond issue of 2000 and projects funded from this account will be accounted for in a separate account.  Reporting will be by school and project.  Budgets for each project at a school will only be identified after an award has been made for that project.  The total allocated for each location will be shown as a separate budget with any unallocated balance left for projects not yet awarded.
  • The format for the Board report on all capital projects will contain the following for each location:
  1. Total projected revenues for projects
  2. Total projected expenditures
  3. Budgets based on award of contracts for projects
  4. Unallocated budgets for school
  5. Funds spent per project and per school
  6. Percent completion of each project
  7. Estimated completion date of each project.
  • The dedicated maintenance and operation millage funds will be in a separate account.  The format for dedicated millage projects will follow the same format as the capital projects report.  All expenditures from this fund will be reported by project and facility (if related to a unique facility).
  • The capital projects budget will include previous bond issues and funded projects, new 2000 bond projects and dedicated millage projects.  Projects will be detailed after an award has been made.
  • Budgets for capital projects and the dedicated maintenance and operation millage will be submitted each year with the operating budget.
  • A monthly report will be submitted to the Board and a biannual report prepared for the community.  The biannual report will be reviewed by the District’s external audit firm.
  • The District's internal auditor will review reports prior to issue and review the financial and reporting systems for compliance with internal controls.

 

 

Date:  May 25, 2000