Signed by Governor Steve Beshear

Vote Smart's Synopsis:

Vote to pass a bill that requires monthly and yearly financial reports of public schools.

Highlights:

• Requires a school finance officer to obtain certification from the Department of Education prior to holding the position (Sec. 2).

• Requires a school finance officer to present a “detailed” monthly financial report for school board approval that includes the previous month’s revenues and expenditures of the school district (Sec. 2).

• Requires the monthly report to be posted on the school district’s website for at least 6 months (Sec. 2).

• Requires a school finance officer to submit a “detailed” annual financial report within 6 months following the end of each fiscal year to the Department that includes the school district’s total assets, liabilities, revenues, and expenditures (Sec. 2).

• Requires the annual report to be posted on the school district’s website and the Department’s website for at least 2 years (Sec. 2). 

• Requires the Department to review each school district’s annual financial report, and requires the Department within 2 months of receipt of the report to provide the local board of education a written report indicating the financial status of the district (Sec. 2).

• Requires the written report to be posted on the school district’s website and the Department’s website for at least 2 years (Sec. 2).

• Requires the continuing professional development requirements for school superintendents to include the following (Sec. 3):
• 3 hours of annual training in school finance; and
• 3 hours of annual training in ethics.

• Requires annual in-service training requirements for school board members to include the following, beginning January 1, 2015 (Sec. 1):
• 12 hours for members with up to 8 years of experience; and
• 8 hours for members with more than 8 years of experience.

• Requires annual training for all school board members to include the following (Sec. 1):
• 2 hours of school finance training;
• 2 hours of ethics training; and
• 2 hours of superintendent evaluation training.

Full Bill Text