Annual Budget
Budget Reporting Cycle
In California, school districts follow a “continuous” budget cycle that updates throughout the fiscal year – July 1 to June 30 – as state funding and local expenditures become clearer. A preliminary budget is the district’s initial financial plan for the upcoming school year and is adopted prior to July 1. The Adopted Budget continues to be adjusted at what are called interim periods. The First Interim Report updates the budget with actual financial data from July 1 through October 31 and is due by December 15. The Second Interim Report updates the budget with actual financial data from July 1 through January 31 and is due by March 15. This report also serves as a “springboard” for the next year’s budget planning. The last reporting period for a fiscal year is the Unaudited Actuals which are actual revenues and expenditures for the year that have not yet been verified by an outside auditor. After the books for that year are closed, the process ends with an Independent Audit Report conducted by an outside audit agency certifying the accuracy of district records. The report from this audit is then forwarded to the School District Board, the County Office of Education and the California Department of Education.