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 transferred from the unemployment compensation fund and any gifts, grants, or devises received. The bill specifies that the funds in this additional monies fund are not subject to reversion and can be used for any lawful purpose. Additionally, it repeals the requirement for governing boards to maintain a separate bank account for grants or gifts under $1,500, directing them instead to close these accounts and transfer any remaining funds to the new 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 makes technical changes to existing statutes, including the repeal of section 15-1224, which previously governed the handling of certain grants and gifts. The updates aim to streamline financial management for school districts and enhance their flexibility in utilizing 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