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  • Bryan ISD Alignment of Fiscal Years

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    KBTX
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    This document proposes aligning the start date of the fiscal year for local budgets with the federal fiscal year start date of July 1. Currently the local budget year starts in August. Aligning to July 1 would better sync budgeting and financial reporting with the academic calendar year. It lists benefits like knowing staff salaries before contracts are signed and having campus funds available earlier. Challenges include setting staffing levels earlier and transitioning financial systems. A timeline is provided to adopt the new fiscal year start date of July 1, 2024 no later than June 2024.

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    Bryan ISD Alignment of Fiscal Years

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    This document proposes aligning the start date of the fiscal year for local budgets with the federal fiscal year start date of July 1. Currently the local budget year starts in August. Aligning to July 1 would better sync budgeting and financial reporting with the academic calendar year. It lists benefits like knowing staff salaries before contracts are signed and having campus funds available earlier. Challenges include setting staffing levels earlier and transitioning financial systems. A timeline is provided to adopt the new fiscal year start date of July 1, 2024 no later than June 2024.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    7K views6 pages

    Bryan ISD Alignment of Fiscal Years

    Uploaded by

    KBTX
    This document proposes aligning the start date of the fiscal year for local budgets with the federal fiscal year start date of July 1. Currently the local budget year starts in August. Aligning to July 1 would better sync budgeting and financial reporting with the academic calendar year. It lists benefits like knowing staff salaries before contracts are signed and having campus funds available earlier. Challenges include setting staffing levels earlier and transitioning financial systems. A timeline is provided to adopt the new fiscal year start date of July 1, 2024 no later than June 2024.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 6

    Alignment of

    Fiscal Year
    Start Dates
    February 2024
    Current Structure of the Fiscal Year

    Federal
    Budget

    Local August

    Budget
    Proposed Structure of the Fiscal Year

    Federal
    Budget

    Alignment of the Fiscal Year

    Local
    Budget
    Benefits Challenges
    Align the fiscal and academic year Staffing and salary decisions must be
    Recruits will know their salary before made earlier in the year, regardless of
    signing a contract legislative session
    Fiscal year-end close occurs in the Certified tax roll is not complete until
    summer and does not interfere with the July, therefore taxable values are
    start of school estimations
    Since the new year starts July 1 Debt Service Fund will show a jump in
    campus funds available when school fund balance due to the majority of
    starts for supplies, etc tax collections by June 30, with
    One-time addition to local fund balance payment due August 15
    due to 2 months of operating costs Transition to Skyward takes additional
    Greater flexibility with external audit staff staff time to set up initially and
    (auditors have more time) potentially added cost for support
    Transition to Skyward means that the
    district is already working on processes
    Proposed Timeline

    February Early March - April - June


    19 March April May Adopt budget
    for the 2024-
    Board Submit notice Staffing Interim Audit
    2025 Fiscal
    Discussion & to TEA projections, Work
    Year (July 1,
    Consideration Employee
    2024 - June 30,
    Compensation
    2025)
    Alignment of
    Fiscal Year
    Start Dates
    February 2024

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