|
liability or obligation may not be incurred under this chapter |
| beyond the amount approved in the administrative operating budget. |
| The school board may make expenditures only in accordance with |
| allocations approved by the Legislature. Any balance of an |
| allocation or subdivision of an allocation made by the Legislature |
| for the school that at the time is not required for the purpose |
| named in the allocation or subdivision may be transferred prior to |
| the closing of the books for the fiscal year to any other |
| allocation or subdivision of any allocation made by the Legislature |
| for the use of the school for the same fiscal year. The transfer |
| is subject to review by the joint standing committee of the |
| Legislature having jurisdiction over appropriations and financial |
| affairs. Financial statements describing the transfer must be |
| submitted by the school board to the Office of Fiscal and Program |
| Review 30 days before the transfer is implemented. In case of |
| extraordinary emergency transfers, the 30-day prior submission |
| requirement may be waived by vote of the committee. These |
| financial statements must include information specifying the |
| accounts that are affected, the amounts to be transferred, a |
| description of the transfer and a detailed explanation of the |
| reason the transfer is needed. The school board shall also provide |
| an annual justification for the finances and operations of the |
| programs under the jurisdiction of the school to the joint standing |
| committee of the Legislature having jurisdiction over |
| appropriations and financial affairs and the joint standing |
| committee of the Legislature having jurisdiction over education |
| matters. The justification for the finances and operations of the |
| school must be presented as a line-item budget for each of the |
| programs under its jurisdiction. |