2023 Financial Reporting Calendar - District

The school district governing board shall hold a public hearing on the budget to be adopted. The agenda for that hearing shall be posted at least 72 hours prior to the public hearing and shall include the location where the budget will be available for public inspection. The date, time, and location of the public hearing and the dates and locations at which the district’s proposed budget may be inspected shall be published in a local newspaper by the county superintendent. The budget to be adopted shall be prepared in the format prescribed by the State Superintendent.
[EC 42127(a)(1), EC 42126, EC 42103]

The school district governing board shall adopt a budget and, not later than 5 days after the adoption or by July 1, whichever occurs first, file the budget (utilizing the forms prescribed by the State Superintendent) with the county superintendent of schools. The budget and supporting data shall be maintained and available for public review.

The board shall not adopt a budget before the board adopts a local control and accountability plan, if an existing local control and accountability plan or annual update to a local control and accountability plan is not effective for the budget year. The board shall not adopt a budget that does not include the expenditures necessary to implement the local control and accountability plan or the annual update to a local control and accountability plan that is effective during the subsequent fiscal year.

Each charter school shall submit a preliminary budget to its chartering authority and the COE. [EC 47604.33(a)(1)]

County examines and approves or disapproves revised district budget

County superintendent calls for budget or regional review committee

If a waiver of the budget review committee requirement has not been approved:

If a waiver of the budget review committee requirement has not been approved:

If a waiver of the budget review committee requirement has not been approved:

The budget review committee shall review the proposed budget of the district and the underlying fiscal policies of the district and transmit to the State Superintendent, the county superintendent of schools, and the district governing board either of the following:

1. A recommendation to approve the district budget, or
2. A report disapproving the budget with recommendations for revisions that will enable the district to meet its current year and multiyear financial commitments.

The State Superintendent may extend the deadline for a period of not more than 15 working days.

If the budget review committee recommends disapproval of the school district's budget, not later than five working days after receipt of the report, the school district governing board may submit a response to the State Superintendent, including any revisions to the adopted final budget and any other proposed actions to be taken. Based upon the recommendations of the budget review committee, and any response to those recommendations provided by the school district governing board, the State Superintendent shall either approve or disapprove the budget. If the State Superintendent disapproves the district budget, notification is sent in writing to the school district governing board, and until the county superintendent certifies the district’s first interim report, the county superintendent of schools shall assume expanded authority. [EC 42127.3(b)]

If the district budget is disapproved by the State Superintendent, the county superintendent of schools, not later than December 31, shall develop and adopt, in consultation with the State Superintendent and school district governing board, a fiscal plan and budget that will govern the district and will allow the district to meet its financial obligations, both in the current fiscal year and with regard to the district's multiyear financial commitments. The State Superintendent may extend the date by which the county superintendent of schools is required to develop and adopt a fiscal plan and budget. The governing board of the district shall govern the operation of the district for the current fiscal year in accordance with that adopted budget. [EC 42127.3(b)(1)]

If the governing board of any school district neglects or refuses to make a budget, the county superintendent of schools shall not make any apportionment of state or county school money for the particular school district for the current school year. The county superintendent shall notify the appropriate county official that any warrants issued by the school district shall not be approved. [EC 42128]

December 15** -
First Interim

No later than 45 days after the close of each reporting period, the school district governing board shall:

• Approve the interim report and certify in writing whether the school district is able to meet its financial obligations for the remainder of the fiscal year and, based on current projections, for subsequent fiscal years. The certification shall be classified as positive (will meet financial obligations for the current fiscal year and subsequent two fiscal years), qualified (may not meet financial obligations for the current fiscal year or two subsequent fiscal years), or negative (will be unable to meet financial obligations for the remainder of the current fiscal year or the subsequent fiscal year), as per the standards prescribed in EC 42131(a)(1).
• File copies of a positive certification and interim report with the county superintendent of schools.
• File copies of a qualified or negative certification, and the interim report, with the county superintendent of schools. The county office sends copies to the State Superintendent and the State Controller.

December 15 - First Interim

Each charter school shall annually prepare and submit interim reports to its chartering authority and the county superintendent of schools (or only to the county superintendent if the county board of education is the chartering authority).

• The first interim financial report shall reflect changes to the budget through October 31.
• The second interim financial report shall reflect changes to the budget through January 31.

January 15** - First Interim
Status Report

No later than 75 days after the close of each reporting period:

After the county reviews the district interim or determines there are indicators of fiscal distress

If a school district has a qualified or negative certification, or if there are indicators of fiscal distress, the county superintendent of schools shall notify the school district governing board and the State Superintendent in writing of his or her determination and the basis for that determination. The county superintendent shall report to the State Superintendent on the financial condition of the district and shall take action, as necessary, to ensure that the district meets its financial obligations.
[EC 42131(b), EC 42127.6(a)]

June 1

The governing board of each school district that files a qualified or negative second interim certification, or whose second interim certification is changed to qualified or negative by the county superintendent of schools, shall provide to the county superintendent of schools, the State Superintendent, and the State Controller, no later than June 1, financial statement projections of the district’s fund and cash balances through June 30 for the period ending April 30.
[EC 42131 (f)]

Each charter school shall approve, in a format prescribed by the State Superintendent, an annual statement of all receipts and expenditures of the charter school for the preceding fiscal year and shall file the statement with the entity that approved the charter school.
[EC 42100(b)]****