The Context of Elizabeth School District's Budget

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The comprehensive annual financial report (CAFR) that I have used to develop important financial and budget data that are unique is the Elizabeth School District. Once initial impressions and tentative conclusions are gathered from the CAFR and districts website for period ending June 30, 2013, I will give an overview of budget and financial issues by comparing and contrasting the differences found based on the initial review and after the interview with the business administrator. Additionally provide new information found after the interview that was not included in the CAFR. Next, I will emphasize on important topics to better understand the context of the district’s budget and financials. Last part of the components will emphasize specific impressions and conclusions about the fieldwork assignment. Elizabeth School District is part of Union County headquartered in Elizabeth, New Jersey. The district has 34 schools that provide a full range of educational services and serves students from prekindergarten through 12th grade. This includes regular and vocational as well as special education for handicapped youngsters. The City of Elizabeth is the fourth largest municipality and the fourth largest school district in New Jersey out of 603 districts. The community is culturally diverse and constantly expanding. Approximately 68% of students are classified as Hispanic; 22% black, 8% white and 2% Asian. It’s estimated 44 different languages are spoken by the student body with the largest percentages of students speaking Spanish, English, Haitian Creole and Portuguese making 13% of the students enrolled in bilingual education classes. Since 2000 through 2013 the school population increased over 5,350 students. During the 2012-2013 t... ... middle of paper ... ...propriated budgets are done for the general fund, special revenue fund and the debt service fund which are approved by the voters of the municipality. The method used to account for outstanding purchases is encumbrance accounting that are either closed at year-end or canceled. If left open they are accounted for in the re-appropriations of fund balance in the subsequent year called reservations. The accounting system is organized on the basis of funds and account groups explained in the notes of the CAFR. Works Cited http://ballotpedia.org/Elizabeth_Public_Schools,_New_Jersey#cite_note-15 http://www.elizabeth.k12.nj.us/education/components/scrapbook/default.php?sectionid=1 http://www.nj.com/news/index.ssf/2011/08/2_elizabeth_school_district_of.html http://www.state.nj.us/education/data/ http://www.state.nj.us/education/finance/fp/cafr/search/13/1320.pdf

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