CCSA Answers: Budget Submission Requirements

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November 4, 2016 Question: Is there a legal requirement that we provide our draft or final budgets to our charter authorizer by a certain date? Or, is this just subject to terms of the memorandum of understanding with the charter authorizer?

Answer: You must provide your authorizer the annual (preliminary) budget no later than July 1st each year. Education code section 47604.33 spells out the annual fiduciary reporting requirements for charter schools. It reads:

(a) Each charter school shall annually prepare and submit the following reports to its chartering authority and the county superintendent of schools, or only to the county superintendent of schools if the county board of education is the chartering authority:
(1) On or before July 1, a preliminary budget. For a charter school in its first year of operation, the information submitted pursuant to subdivision (g) of Section 47605 satisfies this requirement.
(2) On or before December 15, an interim financial report. This report shall reflect changes through October 31.
(3) On or before March 15, a second interim financial report. This report shall reflect changes through January 31.
(4) On or before September 15, a final unaudited report for the full prior year.
(b) The chartering authority shall use any financial information it obtains from the charter school, including, but not limited to, the reports required by this section, to assess the fiscal condition of the charter school pursuant to subdivision (d) of Section 47604.32.

Read Education Code 47604.33: www.leginfo.ca.gov/cgi-bin/displaycode?section=edc&group=47001-48000&file=47600-47604.5