§ 16-77-12 - Charter school reporting.
SECTION 16-77-12
§ 16-77-12 Charter school reporting.– All charter schools shall continuously monitor their financial operations bytracking actual versus budgeted revenue and expense. The chief financialofficer of the charter school shall submit a report on a quarterly basis to thestate office of municipal affairs certifying the status of the charter schoolbudget.
The quarterly reports shall be in a format prescribed by thestate office of municipal affairs and the state auditor general. The reportsshall contain a statement as to whether any actual or projected shortfalls inbudget line items are expected to result in a year-end deficit, the projectedimpact on year-end financial results including all accruals and encumbrances,and how the charter school plans to address any such shortfalls.
The auditor general or the state director of administrationmay petition the superior court to order the charter school to file saidreports. The director of administration may also direct the state controllerand general treasurer to withhold any funding to the charter school until theschool complies with the reporting requirements hereunder. Failure to complywith this section shall be cause for the revocation of the school charter.