School Finance

Changes to FY2009-2010 Trustees Financial Summary (TFS)

Friday, October 1, 2010, 11:25 am

If you find a material coding error on your FY2009-10 Trustees Financial Summary (TFS), you may submit a revision to Rebecca Phillips in the School Finance Division.  As provided in 10.10.504(6), Administrative Rules of Montana, changes to the FY2009-10 TFS are limited to:

a) coding revisions between revenue and expenditure line items providing no change occurs in the fund balance of the budgeted funds, and

b) revisions in the balance sheet accounts provided no change occurs in the fund balance of the budgeted funds.

OPI cannot process TFS changes that affect the fund balance in a budgeted fund because fund balance is carried forward to the FY2010-11 budget, and a change in fund balance may impact the number of mills already levied in the fund.

Revisions should be submitted to Rebecca Phillips in the School Finance Division by following these procedures:

  1. Photocopy the original page of the TFS with amounts to be revised crossed out and the correct amount written above it.
  2. When sending balance sheet account revisions, please also send any expenditure and revenue line item changes that correlate with such changes.  The fund balance on the balance sheet should equal the ending fund balance shown on the statement of revenues, expenditures and change in fund balance report after the revisions are made.
  3. Fax the revisions to Rebecca at (406) 444-0509 or mail them to her at P.O. Box 202501, Helena, MT 59620-2501.  Please submit the revisions by December 10 so that questions or problems related to processing the changes can be addressed before school districts are closed for the holiday break.

Note that immaterial line item coding changes or changes that affect fund balance in the budgeted funds for FY2009-10 must be reported as prior period adjustment in the TFS for the current year (FY2010-11).  The district may need to adopt a budget amendment for the current year to record a prior period expenditure adjustment in a budgeted fund.

For more information, contact Rebecca Phillips, (406) 444-0783