PRINTER'S NO. 2397
No. 1577 Session of 2008
INTRODUCED BY BROWNE, EARLL, ORIE, GREENLEAF, ROBBINS, BAKER,
BOSCOLA, WAUGH, MUSTO AND KASUNIC, SEPTEMBER 18, 2008
REFERRED TO EDUCATION, SEPTEMBER 18, 2008
AN ACT
1 Amending the act of March 10, 1949 (P.L.30, No.14), entitled "An
2 act relating to the public school system, including certain
3 provisions applicable as well to private and parochial
4 schools; amending, revising, consolidating and changing the
5 laws relating thereto," further providing for reports to
6 Department of Education and for financial reports.
7 The General Assembly of the Commonwealth of Pennsylvania
8 hereby enacts as follows:
9 Section 1. Section 218 of the act of March 10, 1949 (P.L.30,
10 No.14), known as the Public School Code of 1949, added May 10,
11 2000 (P.L.44, No.16), is amended to read:
12 Section 218. Reports to Department of Education.--All
13 financial accounting and reporting by school districts to the
14 Department of Education shall be in accordance with generally
15 accepted accounting and reporting standards[.], except for the
16 annual financial report. The Department of Education shall
17 establish a reporting standard for the annual financial report.
18 The standard shall conform to fund level reporting criteria
19 only. Entity-wide statements, management discussions and
1 analyses and notes to the financial statements shall not be a
2 required component of the annual financial report.
3 Section 2. Section 921-A of the act, amended July 11, 2006
4 (P.L.1092, No.114), is amended to read:
5 Section 921-A. Financial Reports.--An annual financial
6 report shall be submitted to the Secretary of Education by each
7 intermediate unit not later than the 31st day of October,
8 together with an auditor's report prepared by an independent
9 auditor who shall be a certified public accountant or other
10 competent public accountant. All financial accounting and
11 reporting by intermediate units to the Department of Education
12 shall be in accordance with generally accepted accounting and
13 reporting standards[.], except for the annual financial report.
14 The Department of Education shall establish a reporting standard
15 for the annual financial report. The standard shall conform to
16 fund level reporting criteria only. Entity-wide statements,
17 management discussions and analyses and notes to the financial
18 statements shall not be a required component of the annual
19 financial report.
20 Section 3. This act shall take effect immediately.
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