Bill > SB1029

This bill establishes new requirements for school districts to increase transparency regarding their financial information. It mandates that each school district create and maintain a "financial ledger," which is defined as a searchable, machine-readable, and publicly accessible online database detailing all financial transactions made with school district funds. This ledger must be available without any login or fees, allow for data downloads in common formats like CSV and Excel, and record transactions using specific accounting categories. It must also include key data fields such as transaction date, amount, revenue or expenditure designation, fund and function codes, vendor or payee name, and a description. School districts are required to prominently link to this financial ledger on their websites, ensuring it's accessible within one click and is mobile-friendly. The ledger must be updated at least monthly, with details posted within 45 days of the month's end, and historical data for at least five prior fiscal years must be retained. While personal information can be redacted as legally required, vendor names, amounts, and accounting codes cannot be, and payroll data can be presented in an aggregated form. A separate section will detail debt obligations, including outstanding balances, issuance dates, repayment schedules, and annual debt service amounts. The state department of education may provide standardized templates or platforms to assist districts and will offer guidance on compliance. School districts will need to certify their compliance annually, and failure to do so may result in the withholding of state aid. The department will also establish a process for public complaints and may create a public dashboard to track compliance. Additionally, the bill amends reporting requirements for district secretaries to include the amount expended for legal services, with provisions for the attorney general to investigate and take civil action if this information is omitted.

Education

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=487