Business and Finance

The Finance Department consists of 3 individuals who perform all accounting functions for all funds for the District, including payroll, accounts payable, purchasing, fixed assets, cash receipts, grant finances, budgeting and financial reporting. The department also actively supports the schools and departments with training, collaboration and day-to-day support for these accounting functions at the individual and departmental level.

 

The District follows the Uniform Chart of Accounts and Account Code Descriptions for Public School Districts under the direction of the Alaska Department of Education and Early Development.

 

The primary communication tool of this department is the annual Budget.  This document is available for public inspection, and posted on this page.

 

The Preliminary Budget is developed after enrollment projections created in October provide the basis for staffing levels.  The Preliminary Budget Document is presented in February. Community and stakeholder input is sought in various ways for use by the Board in considering changes to the budget before action is taken on the spending plan.  Approval by the board usually occurs in April.

 

The general fund is funded based on the enrollment projection and calculations through the State educational funding formula.  The formula also provides the basis for calculation of the Nome City’s local effort contributions. Changes to the funding formula are enacted by the Alaska Legislature and then approved by the Governor. Federal and State funds are also received for specific purposes and are accounted for in special revenue funds of the District. 

 

Monthly financial reports are presented to the Board for the General Fund, Student Transportation and Food Service. The Board approves all budget transfers in excess of $50,000 per Board Policy and reviews all budget transfers on an annual basis. The Board also reviews accounts payable check registers monthly.  An annual independent audit of the District's financial records is conducted in August or September, with a copy of the Annual Financial Statement sent to the Department of Education and Early Development and other agencies once it has been accepted by the board in October, but no later than November 15th.