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I.
Work Session: Draft Budget/Allocation Formula
Audio: 1 26 2015 Work Session
KRS 160.470(6)(a) requires that each district board of education shall, on or before January 31 of each year, formally and publicly examine detailed line item estimated revenues and proposed expenditures for the subsequent fiscal year.
The Draft Budget Report compares last year’s actual revenues and expenditures and the current year revised budget figures with next year’s projected budget. State law requires that the local board review the Draft Budget by January 31 of each year. NOTE: You are not required to submit the Draft Budget Report to the State.
The Draft Budget is a starting point for discussion. The intent is that the budget figures be presented in open forum with full knowledge that they are subject to change as both revenue and expenditure requirements are refined.
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