| Notice Filed with SOS |
11/08/2010 |
| Statutory Authority |
22-2-107(1)(c) and 22-30.2-603 C.R.S. |
| Description of Subjects/Issues |
amendment of the existing rules for accounting and reporting to conform to legislation 22-30.2-603 C.R.S. |
| Purpose/Objective of Rule |
The 2010 changes to the rules are due to statutory amendments in HB 08-1388 and SB 10-161, modifications to Governmental Accounting Standards (Statement No. 54), and procedural changes by the U.S. Department of Agriculture (elimination of the separate commodity coding).
The Accounting and Reporting law identifies seven funds to be used by school districts in financial accounting and reporting and specifies conditions and requirements regarding the use of these funds. The funds are: General Fund, Bond Redemption Fund, Capital Reserve Fund, Special Building and Technology Fund, Risk Management Reserves, Transportation Fund, and Full-day Kindergarten Fund.
Article 45 allows the authorization through regulation of additional funds by the state board of education. These regulations authorize ten additional funds for use by school districts in financial management and reporting. Generally accepted principles of governmental accounting permit the use of these funds. |
| Submitted in response to issues raised by COLS/OLLS? |
No
|
| Is this rule adopted in response to recent legislation? |
|
| Hearing Date |
01/12/2011 |
| Hearing Time |
01:30 PM |
| Hearing Location |
Colorado Department of Education, State Board Room, 201 E. Colfax Ave., Denver, CO 80203 |
| Contact Name |
Mary Frances Nevans |
| Contact Title |
Director of State Board Relations |
| Contact Telephone |
303 866-6809 |
| Contact email |
Nevans_mf@cde.state.co.us |