Lynchburg City School Board members are scheduled to take up more budget talks Tuesday night and approve the creation of a finance committee.
Officials are expected to discuss recommendations for reducing expenditures in the 2009-2010 budget. The division faces trimming an estimated $6 million from its budget next year.
Board members are also expected to OK a new finance committee. The creation of the committee is part of a multi-pronged approach to better monitor school division finances. It comes after an annual city audit revealed in December the system had a $440,000 deficit. Division officials were unaware of the mistake until the audit report was released.
The finance committee will include the superintendent, deputy superintendent, the chief financial officer and three school board members. The board chairman and an alternate school board member will also serve as ex-officio members. The committee is expected to meet quarterly, or as needed, in the school administration building.
The school board chairman will determine membership. Board members Mary Ann Barker, Albert Billingsly and Tom Webb have been proposed to serve on the committee, with board member Keith Anderson as an alternate.
According to agenda materials, the finance committee would be responsible for monitoring the schools operating budget revenues and expenditures, the division’s fund balance, reviewing student enrollment reports, reviewing financial reports quarterly to determine if adjustments are necessary and reviewing the management letter prepared as a result of the annual audit.
The committee will also review reports from the Office of Internal Audit and suggest areas to be audited.
The board is also expected to approve changes to the 2009-2010 Middle School Program of Studies and give the OK for a new policy regarding the division’s homeless children.
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