Bill > SB3

This bill establishes a new process for school districts to adopt their annual budgets, requiring a minimum reserve of 2% of the total budget and setting specific deadlines for the superintendent to submit draft and proposed budgets to the local board of education for review and adoption at public meetings. It also mandates that school districts maintain a "district financial disclosure website" where various financial reports, including monthly accounts payable and check reconciliation reports, balance sheets, vendor payment reports, procurement card summaries, credit card statements, employment contracts of superintendents, and annual audit reports, must be published. Additionally, the bill requires the annual financial report and the Kentucky Department of Education's written report to be published on both the district's financial disclosure website and the department's website, and that the most recent available information be posted on the district financial disclosure website upon the bill's effective date. Several existing Kentucky Revised Statutes (KRS) sections are amended to align with these new requirements, primarily concerning financial reporting, budget adoption procedures, and the creation and maintenance of the district financial disclosure website.

Education

https://apps.legislature.ky.gov/record/26RS/sb3.html