Budgeting Process

The budgeting process is required for all charter schools and there are many statutes governing the process. Review the guidance below as you develop your school's budget.

Adopted Budget

Adopted budgets must be approved by the school's board by June 30th.  Do not forget to publish notice of budget (C.R.S. 22-44-109).  The budget must be adopted with an appropriation resolution (C.R.S. 22-44-107).  If the school's budget uses beginning fund balance an additional resolution is required (C.R.S. 22-44-105(1.5)(a)).  The budget must also set aside in reserve 3% of the school's fiscal year spending, excluding bonded debt, known as TABOR reserve (C.R.S. 22-44-105(1)(c.5). A copy of the adopted budget must be sent to CSI and is due to CSI by June 30th.   You will need to submit 1) a signed budget resolution, 2) the Uniform Budget Summary (C.R.S. 22-44-105(1)(d.5)), and 3) a detail budget document that contains the current fiscal year budget, the amount estimated to be expended for the current fiscal year and the amount budgeted for the ensuing fiscal year (C.R.S. 22-44-105(1)(c)).

Other factors to consider in creating a school budget:
Non-Competitive Funding Sources
PERA Contributions
Charter School Adjusted At-Risk Funding Calculation

Amended Budget

Revised budgets must be approved by the school's board by January 31st (C.R.S. 22-44-110(5) and a copy sent to CSI.  This budget should be revised to reflect the school's revised per pupil revenue based on the school's actual pupil count and any other known factors.  After January 31st, budgets can only be revised with a supplemental budget approved by the school's board.

Direct links to budget resources:

Sample Annual Budget
Sample Appropriation Resolution
Sample Use of BFB Authorization Resolution-Short Version
Sample Use of BFB Authorization Resolution
Sample Supplemental Budget

For more information on budgeting see the Financial Policies and Procedures Handbook.