This bill proposes several updates to current statutes regarding school district finances. It mandates that each school district governing board establish an additional monies fund, which will consist of funds received as gifts, grants, and devices. The bill also specifies that these funds are not subject to reversion and can be used for any lawful purpose. Additionally, it prohibits the transfer of funds from the maintenance and operations fund or unrestricted capital outlay fund into the additional monies fund. The bill repeals the existing requirement for governing boards to maintain a separate bank account for grants or gifts under $1,500, directing them instead to close such accounts and transfer any remaining funds to the newly established additional monies fund.

Furthermore, the bill sets a deadline of August 15 for the Office of the Auditor General and the Arizona Department of Education to prescribe the format for the annual financial report (AFR) and its summary. It modifies the timeline for publishing the AFR, requiring it to be published on or before November 15, and mandates that the report include detailed information on various school district expenditures. The bill also repeals section 15-1224, which previously governed the handling of certain grants and gifts, and makes technical and conforming changes to ensure consistency across the statutes.

Statutes affected:
Introduced Version: 15-341, 15-904, 15-1224, 15-717.01, 15-701, 15-701.01, 15-481, 15-491, 15-342, 15-1125, 15-1126, 15-1223, 13-3108, 13-3120, 15-764, 15-761, 13-706, 13-105, 15-157, 15-107, 2008-2009, 39-101, 36-2267, 3-365, 41-5701.02, 41-5711, 15-1102, 11-255, 15-255, 2020-2021, 15-746, 15-747
Senate Engrossed Version: 15-341, 15-904, 15-1104, 15-1224, 15-1232, 15-717.01, 15-701, 15-701.01, 15-481, 15-491, 15-342, 15-1125, 15-1126, 15-1223, 13-3108, 13-3120, 15-764, 15-761, 13-706, 13-105, 15-157, 15-107, 2008-2009, 39-101, 36-2267, 3-365, 41-5701.02, 41-5711, 15-1102, 11-255, 15-255, 2020-2021, 15-746, 15-747
House Engrossed Version: 15-341, 15-904, 15-1224, 15-1232, 15-717.01, 15-701, 15-701.01, 15-481, 15-491, 15-342, 15-1125, 15-1126, 15-1223, 13-3108, 13-3120, 15-764, 15-761, 13-706, 13-105, 15-157, 15-107, 2008-2009, 39-101, 36-2267, 3-365, 41-5701.02, 41-5711, 15-1102, 11-255, 15-255, 2020-2021, 15-746, 15-747