Financial Resources
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The District employs a Chief School Financial Officer to oversee financial resources. The CSFO’s qualifications include: a minimum of three years experience in financial management with responsibilities in business, public accountant certification and/or a Bachelor’s degree from an accredited four-year college or university in business administration or accounting (Master’s degree preferred) and eligibility to hold necessary bond required. The CFSO, under the supervision of the Superintendent, oversees all financial matters regarding the budget of more than $27,000,000. The CSFO maintains all payroll records for all employees as well as statistical financial reports. The District takes great pride in maintaining a budget that is based on sound financial principles in accordance with Generally Accepted Accounting Principles (GAAP) and carrying out the educational goals of the school district. State statutes require that budgets for all funds be adopted prior to the start of the fiscal year. The most common used funds are General, Special Revenue, Debt Service, Capital and Fiduciary Trust. The financial staff usually begins the budgeting process in early spring with the submission of the Average Daily Membership (ADM) report to the state followed by gathering personnel recommendations from all department heads and administrators. As required by law, two budget hearings are held and are open to the public. The final budget is usually adopted by the school board in early August of each year after these hearings. The budgets include proposed expenditures and the means of financing them. Several years of actual expenditure histories are presented to the school board for review with each budget submission. Formal budget integration into the accounting records helps staff monitor budgetary progress during the year with revisions allowed. Each department supervisor closely maintains custody of funds and is authorized to transfer appropriations with the permission of the Superintendent.

The accounting cycle of the District runs from October 1st to September 30th, with final state accounting reports due by the beginning of November. These state reports are used to project funding for future years with accounts reconciled to the annual financial statements and audit reports.

In accordance with state and federal law, the Board has developed policies and procedures for fixed assets, payment processes and investments. The ALSDE defines the coding and expenditure classification methodology to be implemented by all Alabama districts in the Financial Planning, Budgeting and Reporting System for Alabama Public Schools Manual. Annual budget reports provided to the Board by the CFSO detail projected expenditures and revenues for the upcoming school year.


 
It is the official policy of the Pickens County Board of Education that no person shall on the basis of age, sex, race, religion, national origin, ethnic group, or disability be denied, be excluded from participation in, be denied the benefits of, or subjected to discrimination in any course, program or activity.