1 Colo. Code Regs. § 301-11.2245-R-4.00

Current through Register Vol. 47, No. 24, December 25, 2024
Rule 1 CCR 301-11.2245-R-4.00 - Statement of Basis and Purpose

Conforms these regulations to the Accounting and Reporting Law and the School District Budget Law, as amended through the 2007 legislative session. The basis for these rules is found in Article 2 of Title 22, Article 30.5 of Title 22 and Article 45 of Title 22.

4.01 Statement of Basis and Purpose. The basis for these rules is found in C.R.S. Article 45 of Title 22, Accounting and Reporting; Article 30.5 of Title 22, Charter Schools, as well as in Section 22-2-107(l)(c) which relates to the duties of the state board of education. The Accounting and Reporting law identifies eight 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, Preschool and Kindergarten Program 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 nine additional funds for use by school districts in financial management and reporting. Generally accepted principles of governmental accounting permit the use of these funds.

4.02 Statement of Basis and Purpose amendments. 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.

4.03 Statement of Basis and Purpose for Amendments. The 2012 amendment to these rules are in response to recommendations from the Financial Policies and Procedures Advisory Committee to designate a Debt Service Type Fund that will allow school districts to account for the accumulation of resources and payment of principal, interest, and related expenses on any non-voter approved debt.
4.04 Statement of Basis and Purpose for Amendments. The 2015 amendments to these rules are in response to recommendations from the Financial Policies and Procedures Advisory Committee to change the food service fund from an enterprise fund to a special revenue fund. Additionally, the 2015 amendments incorporate rules related to the food service fund which were previously included in 1 CCR 301-3 Food and Nutrition Services into these rules and makes appropriate updates and clarifications to assist school districts in complying with federal and state law and regulations pertaining to food and nutrition service operations and to preserve and protect the fiscal integrity of food and nutrition service operations in school districts.

1 CCR 301-11.2245-R-4.00

38 CR 11, June 10, 2015, effective 6/30/2015