Section D — Fiscal Management

This policy outlines the rules for managing school district finances, including budgeting, fundraising, and spending, with a focus on educational equity and transparency.

D1 SECTION D – FISCAL MANAGEMENT D.1 Fiscal Management Goals ........................................................................................................2 D.2. Annual Budget ........................................................................................................................3 D.2.1. Annual Budget Overview................................................................................................3 D.2.2. Budget Deadlines and Schedules ....................................................................................3 D.2.3. Budget Planning ..............................................................................................................4 D.2.4. Budget Adoption Procedures ..........................................................................................4 D.2.5. Budget Transfer Authority ..............................................................................................5 D.3. Gifts, Grants and Proposals ......................................................................................................6 D.3.1. Grants and Gifts from Private Sources ...........................................................................6 D.3.2. School-Specific Fundraising, Expenditures, and Reporting ...........................................6 D.4. Federal Funds Supplement Not Supplant Policy .....................................................................9 D.5. Authorized Signatures ............................................................................................................10 D.6. Bonded Employees and Officers............................................................................................11 D.7. Fiscal Accounting and Reporting ...........................................................................................12 D.8. Audits .....................................................................................................................................13 D.9. Purchasing ..............................................................................................................................14 D.9.1 Purchasing Overview .....................................................................................................14 D.9.2. Purchasing Authority ....................................................................................................14 D.9.3. Procurement Requirements ...........................................................................................15 D.10. Payment Procedures .............................................................................................................16 D.11. Expense Reimbursements ....................................................................................................17 D.12. Disposal of Property.............................................................................................................18 D.13. Cash in School Buildings .....................................................................................................19 D.13.1. Petty Cash ...................................................................................................................19 D.13.2. Cash on School Premises ............................................................................................19 D.13.3. Unaccounted-For Funds ..............................................................................................19 D.14. Student Activity Accounts ...................................................................................................20 D.15. Post-Secondary Scholarships ...............................................................................................21 D.15.1. Management of Scholarships in FY27 and Beyond....................................................21 D.15.2. Previous Policy Regarding Scholarships ....................................................................21 The entire Fiscal Management section of the Public Schools of Brookline Policy Manual was revised and adopted by vote of the School Committee on March 19, 2026. D2 D.1 FISCAL MANAGEMENT GOALS As the trustee of both public local, state, and federal funds, and private philanthropic funds, allocated for use in public education, the Committee will use these funds wisely in pursuit of the district's goals. • Revenues from Local Tax Sources: The School Committee, working with its staff and the community, shall exert maximum effort to secure adequate funding for the schools. • Revenues from State Tax Sources: The School Committee and staff will work jointly to secure maximum funding through the distribution formula established by the state legislature. The School Committee directs the administration to exert continued efforts to secure the maximum amount of funding available for special programs through grants. • Revenues from Federal Tax Sources: The School Committee and staff will work jointly to secure maximum funding from federal tax sources and directs the administration to exert continued efforts to secure the maximum funding available for special programs through grants. • Philanthropy: Public education is primarily the responsibility of the public and, therefore, the operating and capital budgets for PSB should reflect the will of the public to finance the schools through public revenues (tax sources). The Brookline School Committee welcomes additional revenues from non-tax sources as gifts to the PSB to advance the priorities and educational goals established by the School Committee, provided such gifts are in accordance with state and federal law, existing local by-laws, and this policy, and provided the gift and/or its effects reflect the PSB core value of educational equity. The quantity and quality of the district's educational programs are dependent on the effective, efficient management of allocated funds. Achievement of the district's purposes can best be achieved through excellent fiscal management. It is imperative that the educational program be held of paramount importance. Decisions made due to resource limitations must center on the educational goals of the district. This prioritization will be incorporated into all aspects of district management and Committee decision making. Regarding the district's fiscal management, it is the Committee´s intent: 1. To allocate district funding, centering equity while achieving the greatest educational returns and the greatest contributions to the educational program in relation to dollars expended. 2. To engage in thorough advance planning, with staff and community involvement, in order to develop budgets. 3. To advocate for levels of public funding that will provide high quality education for all students. 4. To support the use of the best tools and techniques for budget development and management. 5. To provide timely and appropriate information to the community. SOURCE: MASC Reviewed 2022 The entire Fiscal Management section of the Public Schools of