Month: May 2018

A $200 petty cash fund shall be established for the school for the purchase of materials, supplies or services under conditions requiring immediate payment. The amount of individual reimbursement from the fund will not exceed fifty (50) dollars unless authorized by the Superintendent of Schools. The Board of Trustees shall appoint a custodian for the petty cash fund who shall administer and be responsible for such fund.

To ensure that the fund is properly managed, the following guidelines shall be followed:

• Receipts and cash-on-hand must always total the authorized fund amount. All disbursements from the fund are to be supported by receipted bills or other evidence documenting the expenditure.
• Payments may be made from petty cash for materials, supplies, or services requiring immediate payment. Sales tax on purchases will not be paid by the school district from petty cash funds.

The district shall reimburse uses of petty cash funds up to the extent of expenditures, with appropriate documentary support. The Purchasing Agent shall sign off on all uses of petty cash funds requested by others. The Business Manager shall reimburse the petty cash fund when necessary.

Ref:     Education Law §1604(26)

8 NYCRR §170.4

Adoption date:           August 21, 2013

The objectives of the district’s investment policy are to safeguard district funds and to minimize risk, to ensure that investments mature when cash is required to finance operations, and to ensure a competitive rate of return. In accordance with this policy, the District Treasurer is authorized to invest and/or deposit all funds, including proceeds of obligations and reserve funds, in time-deposit accounts, certificates of deposit, short-term government securities or other investment instruments permitted by law, subject to the investment regulations approved by the Board of Trustees.

To the extent feasible, investments and deposits shall be made in and through local or regional financial institutions. Concentration of investments in a single financial institution should be avoided. Diversification of investments and deposits is encouraged.

This policy will be reviewed annually by the Board and may be amended from time to time in accordance with the provisions of section 39 of the General Municipal Law.

Ref:     Education Law §§1604-a; 1723-a; 3651; 3652

Local Finance Law §§24.00, 25.00, 165.00

General Municipal Law §§6(d), 6(j); 6(l-n, p, r); 10; 11; 39

Adoption date:           August 21, 2013

Authorized Investments

The District Treasurer is authorized to invest all available district funds, including proceeds of obligations and reserve funds, in the following types of instruments:

• Savings Accounts or Money Market accounts of designated banks;
• Certificates of Deposit issued by a bank or trust company located in and authorized to do business in New York State
• Demand deposit accounts in a bank or trust company located in and authorized to do business in New York State
• Obligations of New York State
• Obligations of the United States government (US Treasury Bills and Notes)

Conditions

All investments made pursuant to this investment policy will comply with the following conditions:

1. Collateral
   1. Savings accounts, money market accounts, time deposit accounts and certificates of deposit will be fully secured by insurance of the Federal Deposit Insurance Corporation or by obligations of New York State, the United States, New York State school districts and federal agencies whose principal and interest are guaranteed by the United States. The market value of collateral will at all times exceed the principal amount of the certificate of deposit. Collateral will be monitored no less frequently than on a monthly basis.
   2. Collateral will not be required with respect to the direct purchase of obligations of New York State, the United States and federal agencies, the principal and interest of which are guaranteed by the United States Government
2. Delivery of Securities

Payment of funds may only be made upon receipt of collateral or other acceptable form of security, or upon the delivery of government obligations whether such obligations are purchased outright, or pursuant to a repurchase agreement. Written confirmation of delivery shall be obtained from the custodial bank.

1. Written Contracts

Written contracts are required for certificates of deposit and custodial undertakings. With respect to the purchase of direct obligations of U.S., New York State, or other governmental entities in which monies may be invested, the interests of the school district will be adequately protected by conditioning payment on the physical delivery of purchased securities to the school district or custodian, or in the case of book-entry transactions, on the crediting of purchased securities to the Custodian’s Federal Reserve System account. All purchases will be confirmed promptly in writing to the school district.

1. Designation of Custodial Bank
   1. The Board will designate a commercial bank or trust company authorized to do business in the State of New York to act as Custodial Bank of the school district’s investments. However, securities may not be purchased through a Repurchase Agreement with the Custodial Bank.
   2. When purchasing eligible securities, the seller will be required to transfer the securities to the district’s Custodial Bank.
2. Selection of Financial Institutions
   1. The District Treasurer will periodically monitor, to the extent practical but not less than annually, the financial strength, credit-worthiness, experience, size and any other criteria of importance to the district, or all institutions and trading partners through which the district’s investments are made.
   2. Investments in time deposits and certificates of deposit are to be made only with commercial banks or trust companies, as permitted by law.
3. Operations, Audit, and Reporting
   1. The District Treasurer will authorize the purchase and sale of all securities and execute contracts for investments and deposits on behalf of the school district. Oral directions concerning the purchase or sale of securities will be confirmed in writing. The school district will pay for purchased securities upon the simultaneous delivery or book-entry thereof.
   2. The school district will encourage the purchase and sale of securities through a competitive process involving telephone solicitation for at least three quotations.
   3. Monthly investment reports will be furnished to the Board of Trustees.

Adoption date:           August 21, 2013

The Board of Trustees will make certain that professional services are secured in a manner that protects the integrity of the process, ensures the prudent use of taxpayer dollars and provides a high quality standard of service, in accordance with law and regulation. Professional services are defined as services requiring special skill and/or training, such as legal services, medical services, auditing services, property appraisals or insurance.

Purchasing professional services does not require competitive bidding. The Board directs the Superintendent of Schools to take measures to ensure that a highly qualified professional is secured through the prudent and economical use of public money, which may include:

• Reviewing trade journals
• Checking professional listings; and/or
• Inquiring of other districts or other appropriate sources.

The designated district staff will prepare a comprehensive written request for proposals (RFP) which will contain critical details of the services sought. The RFP will specify that the proposal include the structure of the relationship between the district and the provider, including, if applicable, the terms of the retainer, the hourly fees, and other associated costs.

In reviewing the RFPs, the district will consider, at a minimum, the following factors:

• The suitability of the individual/firm for the district’s needs
• The special knowledge or expertise of the individual/firm
• The credentials and applicable certifications of the individual/firm
• The quality of the service provided by the individual/firm
• Cost
• The staffing available from the firm or the time available from the individual.

The district will periodically, but not less frequently than every three years, issue professional service RFPs and may conduct interviews as part of the RFP process. The written proposals submitted by applicants shall be maintained for at least three (3) years.

The Superintendent, after a thorough review of the proposals, will recommend the professional service provider best suited to the district to the Board for its approval.

Regardless of when during the year the professional service provider was engaged by the Board, at the annual Reorganizational Meeting the Board will appoint the attorney, physician, or other professional, as applicable. Professional service providers selected and appointed in this manner will not be considered employees of the district.

The Superintendent is charged with developing administrative procedures to implement this policy.

Ref:     General Municipal Law §104-b

2 NYCRR §§315.2, 315.3

Trane Co. v Broome County, 76 A.D. 2d 1015

Appeal of Lombardo, 38 Educ. Dept. Rep. 730

Opn. St. Comp. 92-33

Adoption Date:          August 21, 2013

The Board of Trustees will perform the claims audit function for the district.

The claims audit function formally examines, allows or rejects all accounts, charges, claims or demands against the school district. The auditing process should determine:

• That the proposed payment is for a valid and legal purpose
• That the obligation was incurred by an authorized district official
• That the items for which payment is claimed were in fact received or, in the case of services, that they were actually rendered
• That the obligation does not exceed the available appropriation, and
• That the submitted voucher is in proper form, mathematically correct, does not include previously paid charges or tax, and is in agreement with the voucher or purchase order or contract upon which it is based.

Ref:     Education Law §§1604(35)

8 NYCRR §170.2

Matter of Levy, 22 EDR 550 (1983)

Adoption date:           August 21, 2013

The budget calendar prepared by the Superintendent of Schools shall include:

• A schedule which sets forth all important meetings and dates, including deadlines for budget proposals from within the district;
• Commencement dates and deadlines for certain budgetary tasks, such as the estimation of all revenues and income expected to be received by the district; and
• Events such as the preliminary dates for the Board of Trustees’ consideration of the tentative budget.

As part of the budget planning process, the Superintendent of Schools and the Business Manager will evaluate:

• The educational philosophy, goals and objectives of the District and their modification where required:
• The district education program and support systems, such as transportation;
• Census and enrollment projections;
• The condition of the physical plant for operation and maintenance needs;
• Debt service schedules; and
• Estimated revenue from sources other than property tax (e.g. Federal aid)

Adoption date:           August 21, 2013

The Superintendent of Schools, with the assistance of the Business Manager, shall be responsible for the preparation of the budget. This shall include developing a budget calendar in accordance with the Budget Planning Regulation, and adhering to that calendar. The budget calendar shall be approved by the Board of Trustees in advance of the preparation of the district’s annual budget.

The budget shall be designed to reflect the Board’s objectives for the education of the children of the district. It shall be carefully organized and planned to provide adequate accounting for each program expenditure, understanding of the financial needs of anticipated program developments, and be within the financial limitations of the district.

The budget for the ensuing school year shall be thoroughly reviewed by the Board before its presentation to the voters for final adoption.

Ref:     Education Law §§1608(2)-(4); 2002(1); 2003(1); 2004(1); 2022(2); 2601-a

Fiscal Management (NYSSBA, 1997)

Adoption date:           August 21, 2013