Subdivision 1. Uniform financial accounting and reporting standards. Each Minnesota school district must adopt the uniform financial accounting and reporting standards for Minnesota school districts provided for in guidelines adopted by the department.
Subd. 1a. School district consolidated financial statement. The commissioner, in consultation with the advisory committee on financial management, accounting, and reporting, shall develop and maintain a school district consolidated financial statement format that converts uniform financial accounting and reporting standards data under subdivision 1 into a more understandable format.
Subd. 2. Audited financial statement. Each district must submit to the commissioner by September 15 of each year unaudited financial data for the preceding fiscal year. These financial data must be submitted in the format prescribed by the commissioner.
Subd. 3. Statement for comparison and correction. (a) By November 30 of the calendar year of the submission of the unaudited financial data, the district must provide to the commissioner audited financial data for the preceding fiscal year. The audit must be conducted in compliance with generally accepted governmental auditing standards, the federal Single Audit Act, and the Minnesota legal compliance guide issued by the Office of the State Auditor. An audited financial statement prepared in a form which will allow comparison with and correction of material differences in the unaudited financial data shall be submitted to the commissioner and the state auditor by December 31. The audited financial statement must also provide a statement of assurance pertaining to uniform financial accounting and reporting standards compliance and a copy of the management letter submitted to the district by the school district's auditor.
(b) By February 1 of the calendar year following the submission of the unaudited financial data, the commissioner shall convert the audited financial data required by this subdivision into the consolidated financial statement format required under subdivision 1a and publish the information on the department's website.
Subd. 4. Budget approval. Prior to July 1 of each year, the board of each district must approve and adopt its revenue and expenditure budgets for the next school year. The budget document so adopted must be considered an expenditure-authorizing or appropriations document. No funds shall be expended by any board or district for any purpose in any school year prior to the adoption of the budget document which authorizes that expenditure, or prior to an amendment to the budget document by the board to authorize the expenditure. Expenditures of funds in violation of this subdivision shall be considered unlawful expenditures.
Subd. 5. Joint powers agreements; service cooperatives, education districts. All governmental units formed by joint powers agreements entered into by districts pursuant to sections 123A.22, 125A.03 to 125A.24, 125A.26 to 125A.48, 125A.65, 471.59, or any other law and all service cooperatives and education districts are subject to the provisions of this section.
Subd. 6. Benefits. A district providing early retirement incentive payments under section 122A.48, severance pay under section 465.72, or health insurance benefits to retired employees under section 471.61, must account for the payments according to uniform financial accounting and reporting standards.
1976 c 271 s 30; 1977 c 447 art 7 s 7; 1980 c 609 art 7 s 5; 1982 c 548 art 4 s 5; 1983 c 314 art 7 s 7; 1984 c 463 art 7 s 3; 1989 c 329 art 6 s 3; 1990 c 562 art 8 s 6; 1993 c 224 art 12 s 13,14; art 14 s 5; 1994 c 647 art 13 s 1; 1Sp1995 c 3 art 16 s 13; 1996 c 305 art 1 s 138; 1998 c 397 art 6 s 18,124; art 11 s 3; 1998 c 398 art 1 s 2,3; 1999 c 241 art 9 s 20; 2000 c 489 art 6 s 9; 2003 c 130 s 12; 2004 c 294 art 1 s 4; 2006 c 263 art 2 s 8,9; 2007 c 146 art 5 s 2; 2009 c 96 art 1 s 6; 1Sp2015 c 3 art 7 s 2
Structure Minnesota Statutes
Chapters 120 - 129C — Education Code: Prekindergarten - Grade 12
Chapter 123B — School District Powers And Duties
Section 123B.01 — Definitions.
Section 123B.02 — General Powers Of Independent School Districts.
Section 123B.025 — School Sponsorship And Advertising Revenue.
Section 123B.03 — Background Check.
Section 123B.04 — Site Decision Making; Individualized Learning Agreement; Other Agreements.
Section 123B.045 — District-created Site-governed Schools.
Section 123B.06 — Evaluation Of Pupil Growth And Progress; Permanent Records.
Section 123B.07 — Missing Children; Voluntary Fingerprinting.
Section 123B.08 — Flag School Records Of Missing Children.
Section 123B.09 — Boards Of Independent School Districts.
Section 123B.10 — Publication Of Financial Information.
Section 123B.11 — Imprest Cash Funds.
Section 123B.12 — Insufficient Funds To Pay Orders.
Section 123B.13 — Land In Settlement Of Claim Against Surety.
Section 123B.14 — Officers Of Independent School Districts.
Section 123B.143 — Superintendent.
Section 123B.147 — Principals.
Section 123B.19 — Failure Of Auditor To Report.
Section 123B.195 — Board Members' Right To Employment.
Section 123B.20 — Dealing In School Supplies.
Section 123B.21 — Duty Of Officers To Report Violations Of Law.
Section 123B.22 — Combination To Control Prices.
Section 123B.23 — Liability Insurance; Officers And Employees.
Section 123B.24 — Legal Actions By Districts.
Section 123B.25 — Legal Actions Against Districts And Teachers.
Section 123B.28 — Records As Evidence.
Section 123B.29 — Sale At Auction.
Section 123B.30 — Improper Classification Of Pupils.
Section 123B.31 — Limitation Of Sections.
Section 123B.34 — Minnesota Public School Fee Law, Citation.
Section 123B.35 — General Policy.
Section 123B.36 — Authorized Fees.
Section 123B.37 — Prohibited Fees.
Section 123B.39 — Postsecondary Instructional Programs.
Section 123B.40 — Declaration Of Policy.
Section 123B.41 — Definitions.
Section 123B.43 — Use Of Individualized Instructional Materials.
Section 123B.44 — Provision Of Pupil Support Services.
Section 123B.445 — Nonpublic Education Council.
Section 123B.45 — Payments For Contractual Obligations.
Section 123B.46 — Administrative Costs.
Section 123B.47 — Notice To Districts; Proration.
Section 123B.48 — Limit On District Obligations.
Section 123B.49 — Extracurricular Activities; Insurance.
Section 123B.492 — Supervised Competitive High School Diving.
Section 123B.50 — Special School Districts, Laws Applicable.
Section 123B.51 — Schoolhouses And Sites; Uses For School And Nonschool Purposes; Closings.
Section 123B.53 — Debt Service Equalization Program.
Section 123B.535 — Natural Disaster Debt Service Equalization.
Section 123B.54 — Debt Service Appropriation.
Section 123B.55 — Debt Service Levy.
Section 123B.56 — Health, Safety, And Environmental Management.
Section 123B.57 — Health And Safety Projects.
Section 123B.571 — Radon Testing.
Section 123B.572 — Solar Panel Fire Safety.
Section 123B.58 — Disability Access And Fire Safety Improvements To School Buildings.
Section 123B.595 — Long-term Facilities Maintenance Revenue.
Section 123B.60 — Building Bonds For Calamities.
Section 123B.61 — Purchase Of Certain Equipment.
Section 123B.62 — Bonds For Certain Capital Facilities.
Section 123B.63 — Capital Project Referendum.
Section 123B.65 — Energy-efficiency Projects.
Section 123B.651 — Energy Use Reduction And Reporting For Public Schools.
Section 123B.67 — School Building Accessibility Capital Improvement Grant Act.
Section 123B.68 — Approval; Application Forms.
Section 123B.69 — Grant Application Process.
Section 123B.70 — School District Construction.
Section 123B.71 — Review And Comment For School District Construction.
Section 123B.72 — School Facility Commissioning.
Section 123B.74 — Eminent Domain.
Section 123B.744 — Agricultural Education.
Section 123B.747 — National Forest Land Funds, Handling And Disposition.
Section 123B.75 — Revenue; Reporting.
Section 123B.76 — Expenditures; Reporting.
Section 123B.77 — Accounting, Budgeting, And Reporting Requirement.
Section 123B.79 — Permanent Fund Transfers.
Section 123B.80 — Exceptions For Permanent Fund Transfers.
Section 123B.81 — Statutory Operating Debt.
Section 123B.82 — Reorganization Operating Debt.
Section 123B.83 — Expenditure Limitations.
Section 123B.85 — Definitions.
Section 123B.86 — Equal Treatment.
Section 123B.87 — Funds And Aids.
Section 123B.88 — Independent School Districts; Transportation.
Section 123B.885 — Diesel School Buses; Operation Of Engine; Parking.
Section 123B.90 — School Bus Safety Training.
Section 123B.91 — School District Bus Safety Responsibilities.
Section 123B.92 — Transportation Aid Entitlement.
Section 123B.93 — Advertising On School Buses.
Section 123B.94 — Common School Districts; Meetings, Elections.
Section 123B.95 — Boards Of Common School Districts.
Section 123B.97 — Schoolhouses And Sites; Common School Districts.