The purpose of this amendment is to update the “Financial and Program Cost Accounting and Reporting for Florida Schools.” Changes in laws, accounting principles and district practices require periodic revision of this publication, which includes the ...

 

DEPARTMENT OF EDUCATION

State Board of Education

RULE NO.:RULE TITLE:

6A-1.001District Financial Records

PURPOSE AND EFFECT: The purpose of this amendment is to update the “Financial and Program Cost Accounting and Reporting for Florida Schools.” Changes in laws, accounting principles and district practices require periodic revision of this publication, which includes the chart of accounts.

SUMMARY: Rule 6A-1.001, F.A.C., is amended to update the publication “Financial and Program Cost Accounting and Reporting for Florida Schools.” Changes in the publication and the chart of accounts include: (1) account modification and addition of elements of financial statements for presentation in accordance with the Governmental Accounting Standards Board (GASB) principles; (2) addition of guidance for negative cash; (3) removal of references to federal stimulus funds where programs have been closed out; (4) modification of revenue account definitions to clarify reporting purposes; and (5) modification of expenditure function and object accounts to remove obsolete terms, clarify reporting purposes and conform definitions to GASB pronouncements.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION: The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: Based on past agency experiences with the adjustment of accounting and financial reporting requirements for school districts, the adverse impact or regulatory cost, if any, does not exceed, nor would it be expected to exceed, any one of the economic analysis criteria set forth in Section 120.541(2)(a), Florida Statutes, because the modifications are either accounting changes anticipated with the periodic issuance of new GASB pronouncements that will not cost school districts additional expenditure for implementation, or are new accounting codes that represent financial data that school districts already present in the notes to financial statements.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 1001.02(1), (2)(n), 1010.01 FS.

LAW IMPLEMENTED: 1010.01, 1010.20, 1010.22(1) FS.

A HEARING WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:

DATE AND TIME: September 29, 2014, 8:30 a.m.

PLACE: Tampa Airport Marriott, 4200 George J. Bean Parkway, Duval Conference Room, Tampa, Florida 33607

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Mark Eggers, Assistant Deputy Commissioner, Finance and Operations, 325 West Gaines Street, Room 814, Tallahassee, FL 32399-0400, [phone]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

6A-1.001 District Financial Records.

The superintendent of schools of each school district shall be responsible for keeping adequate records and accounts of all financial transactions in the manner prescribed by the Commissioner in the publication titled “Financial and Program Cost Accounting and Reporting for Florida Schools, 2014 2013 http://www.flrules.org/Gateway/reference.asp?No=Ref-______03097,” which is hereby incorporated by reference in this rule. Copies of the publication may be obtained from the Office of Funding and Financial Reporting, Department of Education, 325 West Gaines Street, Tallahassee, Florida 32399, at a cost to be established by the Commissioner, but which shall not exceed actual costs.

Rulemaking Authority 1010.01 FS. Law Implemented 1010.01 FS. History–Amended 9-17-72, Repromulgated 12-5-74, Amended 4-28-77, 8-2-79, 7-21-80, 10-7-81, 8-10-83, 9-27-84, 10-1-85, Formerly 6A-1.01, Amended 11-8-88, 7-30-91, 10-6-92, 10-18-94, 1-26-98, 10-15-01, 12-20-11, 11-13-12, 11-3-13,___________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Linda Champion, Deputy Commissioner, Finance and Operations

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Pam Stewart, Commissioner, Department of Education

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: August 26, 2014

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: March 28, 2014