Administrative Regulation

AR 3460

Business and Noninstructional Operations

Financial Reports And Accountability

Interim Reports

The Superintendent or designee shall submit two fiscal reports to the Board, the first report covering the financial and budgetary status of the district for the period ending October 31 and the second report covering the period ending January 31. (Education Code 35035, 42130)

Within 45 days after the close of the period reported, the Superintendent or designee shall send copies of these reports, as approved by the Board, to the County Superintendent of Schools. (Education Code 42131)

Qualified or negative certifications shall also be sent to the Superintendent of Public Instruction and to the State Controller together with a copy of the fiscal report and a completed transmittal form provided by the Superintendent of Public Instruction. (Education Code 42131)

Report of Appropriations Limit

The Board shall adopt a resolution by September 30 of each year to identify the estimated appropriations limit for the district for the current fiscal year and the actual appropriations limit of the district during the preceding year. Documentation used to identify these limits shall be made available to the public on the day of the meeting. (Education Code 42132)

Annual Financial Report

On a form prescribed by the Superintendent of Public Instruction, the Superintendent or designee shall prepare a statement of all receipts and expenditures of the district for the preceding fiscal year. On or before September 15, the Board shall approve this statement and file it with the County Superintendent of Schools. (Education Code 42100)

Investment Reports

Within 30 days of the end of each quarter, the Superintendent or designee shall provide the Board with quarterly reports of district investments that are more than $25,000. This report shall include the following: (Government Code 53646)

1. The extent to which the portfolio complies and/or does not comply with the district's investment policy

(cf. 3430 - Investing)

2. A statement denoting the district's ability to meet its pool's expenditure requirements for the next six months, or an explanation of why sufficient money shall or may not be available

3. The most recent statement(s) received from the state's local agency investment fund, the National Credit Union Share Insurance Fund-insured accounts in a credit union or from FDIC-insured accounts in a bank or savings and loan association, in a county investment pool or in any combination of these

4. The type of investment, issuer, date of maturity, par and dollar amount invested on all securities, investments and monies held by the district other than those specified in item #3 above

5. A description of any district funds, investments or programs that are under the management of contracted parties, including lending programs

6. The current market value, and the source of this information, for all securities held by the district and under management of any outside party that is not another local agency or the state's local agency investment fund

In the above report, a subsidiary ledger of investments may be used in accordance with accepted accounting practices. (Government Code 53646)

Regulation PALOS VERDES PENINSULA UNIFIED SCHOOL DISTRICT

approved: March 22, 2001 Palos Verdes Estates, California