The Finance Department consists of 9 individuals who perform all accounting functions for all funds for the District, including payroll, accounts payable, fixed assets, grants reporting, Medicaid billing, budgeting and financial reporting. The department also actively supports the schools and departments with training and day-to-day support for these accounting functions at the individual and departmental level.
The District follows the Uniform Chart of Accounts and Account Code Descriptions for Public School Districts under the direction of the Alaska Department of Education and Early Development.
Two of the primary communication tools of this department are the annual Budget and the Comprehensive Annual Financial Report. These documents as well as enrollment projections and other information are available for public inspection, posted on this page as well as other places on the District website.
The Preliminary Budget is developed after enrollment projections created in October provide the basis for staffing levels. Big numbers for the upcoming fiscal year are presented to the Board of Education in January and the Preliminary Budget Document is presented in February. Community and stakeholder input is sought in various ways for use by the Board in considering changes to the budget before action is taken on the spending plan. Approval by the board usually takes place in early April.
The general fund is funded based on the enrollment projection and calculations through the State educational funding formula. The formula also provides the basis for calculation of the Kenai Peninsula Borough's local effort contributions. Changes to the funding formula are enacted by the Alaska Legislature and then approved by the Governor. Federal and State funds are also received for specific purposes and are accounted for in special revenue funds of the District.
Monthly financial reports are presented to the Board on all funds. The Board approves all budget transfers in excess of $50,000 per Board Policy and reviews all budget transfers on a quarterly basis. An annual independent audit of the District's financial records is conducted in August, with a copy of the Comprehensive Annual Financial Report (CAFR) sent to the Department of Education and Early Development and other agencies once it has been accepted by the board in October.