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 specifies that these funds are not subject to reversion and can be used for any lawful purpose, with expenditures requiring a majority vote from the governing board without the use of a consent agenda. Additionally, the bill repeals the requirement for governing boards to maintain separate bank accounts for grants or gifts under $1,500, directing them instead to close these accounts and transfer any remaining funds to the newly established additional monies fund.

Furthermore, the bill sets August 15 as the deadline 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 also modifies the existing requirements for the publication and submission of the AFR, ensuring that detailed information on expenditures is included. The bill repeals section 15-1224, which previously governed the handling of certain grants and gifts, and changes the article heading in the statutes from "Career and Technical Education Projects Fund" to "Special Funds." Overall, these changes aim to streamline financial reporting and enhance the management of school district funds.

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