1997 Minnesota Code
Chapters 120 - 129B Education Code: Prekindergarten - Grade 12
Chapter 121 State Administration; Interstate Compact
Section 121.906 Expenditures; reporting.
121.906 Expenditures; reporting.
Subdivision 1. Recognition. School district expenditures shall be recognized and reported on the district books of account in accordance with this section.
There shall be fiscal year-end recognition of expenditures and the related offsetting liabilities recorded in each fund in accordance with the uniform financial accounting and reporting standards for Minnesota school districts. Encumbrances outstanding at the end of the fiscal year do not constitute expenditures or liabilities.
Deviations from the principles set forth in this subdivision shall be evaluated and explained in footnotes to audited financial statements.
Subd. 2. Accounting. Expenditures for any legal purpose of the school district not accounted for elsewhere shall be accounted for in the general fund.
HIST: 1976 c 271 s 29; 1980 c 609 art 7 s 4; 1981 c 358 art 7 s 8,9; 1993 c 224 art 12 s 12; 1996 c 412 art 1 s 2
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