Conforms these regulations to the Accounting and Reporting
Law and the School District Budget Law, as amended through the 2007 legislative
session. The basis for these rules is found in Article 2 of Title 22, Article
30.5 of Title 22 and Article 45 of Title 22.
4.01 Statement of Basis and Purpose. The
basis for these rules is found in C.R.S. Article 45 of Title 22, Accounting and
Reporting; Article 30.5 of Title 22, Charter Schools, as well as in Section
22-2-107(l)(c)
which relates to the duties of the state board of education. The Accounting and
Reporting law identifies eight funds to be used by school districts in
financial accounting and reporting and specifies conditions and requirements
regarding the use of these funds. The funds are: General Fund, Bond Redemption
Fund, Capital Reserve Fund, Special Building and Technology Fund, Risk
Management Reserves, Transportation Fund, Preschool and Kindergarten Program
Fund, and Full-day Kindergarten fund.
Article 45 allows the authorization through regulation of
additional funds by the state board of education. These regulations authorize
nine additional funds for use by school districts in financial management and
reporting. Generally accepted principles of governmental accounting permit the
use of these funds.
4.02
Statement of Basis and Purpose amendments. The 2010 changes to the rules are
due to statutory amendments in HB 08-1388 and SB 10-161, modifications to
Governmental Accounting Standards (Statement No. 54), and procedural changes by
the U.S. Department of Agriculture (elimination of the separate commodity
coding).
The Accounting and Reporting law identifies seven funds to be
used by school districts in financial accounting and reporting and specifies
conditions and requirements regarding the use of these funds. The funds are:
General Fund, Bond Redemption Fund, Capital Reserve Fund, Special Building and
Technology Fund, Risk Management Reserves, Transportation Fund, and Full-day
Kindergarten Fund.
Article 45 allows the authorization through regulation of
additional funds by the state board of education. These regulations authorize
ten additional funds for use by school districts in financial management and
reporting. Generally accepted principles of governmental accounting permit the
use of these funds.
4.03
Statement of Basis and Purpose for Amendments. The 2012 amendment to these
rules are in response to recommendations from the Financial Policies and
Procedures Advisory Committee to designate a Debt Service Type Fund that will
allow school districts to account for the accumulation of resources and payment
of principal, interest, and related expenses on any non-voter approved
debt.
4.04 Statement of Basis and
Purpose for Amendments. The 2015 amendments to these rules are in response to
recommendations from the Financial Policies and Procedures Advisory Committee
to change the food service fund from an enterprise fund to a special revenue
fund. Additionally, the 2015 amendments incorporate rules related to the food
service fund which were previously included in 1 CCR
301-3 Food and Nutrition
Services into these rules and makes appropriate updates and clarifications to
assist school districts in complying with federal and state law and regulations
pertaining to food and nutrition service operations and to preserve and protect
the fiscal integrity of food and nutrition service operations in school
districts.
