2006 Code of Virginia § 22.1-115 - System of accounting; statements of funds available; classification of expenditures

22.1-115. System of accounting; statements of funds available;classification of expenditures.

The State Board, in conjunction with the Auditor of Public Accounts, shallestablish and require of each school division a modern system of accountingfor all school funds, state and local, and the treasurer or other fiscalagent of each school division shall render each month to the school board astatement of the funds in his hands available for school purposes. The Boardshall prescribe the following major classifications for expenditures ofschool funds: (i) instruction, (ii) administration, attendance and health,(iii) pupil transportation, (iv) operation and maintenance, (v) school foodservices and other noninstructional operations, (vi) facilities, (vii) debtand fund transfers, and (viii) contingency reserves.

(Code 1950, 22-143; 1979, c. 630; 1980, c. 559; 1984, c. 130; 1989, c. 94;2002, c. 470.)