Current Fiscal Year
Local Educational Agencies, including Charter Schools, are required to adopt a budget prior to July 1 of each year in order to authorize the expenditure of funds. Budgets are “living documents” that change as new information becomes available. Interim budget reports provide an updated picture of the financial condition during the year and are a tool to evaluate the proposed budget as well as current year revenues and expenditures. The Adopted Budget and Interim reports summarize the cost to provide necessary resources and support for the students of Rocklin Academy Family of Schools (RAFOS).
The Board adopts a budget prior to July 1 for the upcoming year indicating the estimated revenues and expenses to be received and spent. This report also includes our Education Protection Account spending plan, as well as our Educator Effectiveness Program spending plan. This budget goes to the California Department of Education, Placer County and our Authorizers.
Interim Reports provide an opportunity to evaluate the Adopted Budget based on actual revenues and expenses or other factors.
The First Interim Report includes adjustments made to the original budget and evaluates the actuals from July 1st through October 31st.
We are required to close our books and obtain approval by the Board by September 15th for the preceding year. The report is designed to provide the Board, our authorizers, and the public with a general overview of our financial status and to report our accountability on the money we receive and spend.
To ensure the accuracy of the Unaudited Actuals that the Board approves, we are required to obtain an independent audit of those statements. The audit is required to be adopted by December 15th for the preceding year.