Section 7. Definitions

A. "Budget" - A written plan of financial operation for one fiscal year to include an estimate of revenues and proposed expenditures. B. "Department” means the public education department. C. "Operating budget" - The budget submitted and approved by the local board by June 20 and certified by the department on or before July 1. D. "Fiscal year" - A twelve-month period, beginning July 1 and ending June 30, to which the annual operating budget applies. E. "Fixed assets" - Land, buildings, improvements other than buildings, equipment, machinery, construction work in progress, and capital leased assets with a cost of $500 or more. The definition of fixed assets applies to all assets purchased regardless of funding source. F. "GAAP" - generally accepted accounting principles. G. "Local school board" or “board” means the governing body of a school district or charter school. H. “School districts” means public school districts, charter schools and regional education cooperatives (RECs).