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Policy Committee updates budget and fund-balance wording, changes accounting reference to WUFAR
Summary
The committee directed editorial updates to finance policies: extend the budget notice publication deadline from 10 to 15 days, replace the outdated 'WESIS' reference with 'WUFAR,' and merge Policy 625 with WASB Sample Policy 4 (renumber to 662.3) keeping a minimum fund balance of 15% and goal of 20%.
At its Nov. 5 meeting the Policy Committee reviewed three finance-policy items and directed staff to prepare technical revisions aligning district rules with state requirements and WASB guidance.
The committee agreed to change Policy 620's publication deadline for budget notices from 10 days to 15 days to match state law. For Policy 651 the committee directed staff to replace the outdated reference to "WESIS" with "WUFAR" (Wisconsin Uniform Financial Accounting Requirements). On fund balance (Policy 625), the committee accepted Danielle's recommendation to adopt WASB Sample Policy 4, merge it with the district's current language, relabel the policy as 662.3, and preserve a minimum fund balance requirement of 15% of next year's expenditures with a goal of 20%.
Finance Team members Danielle and Andy were assigned to draft the technical wording and return the edited text to the committee for review.
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