ago, due to budget cost associated with a decline in enrollment. The decrease in Capital Outlay in the District resulted from school improvements that are 100% funded by the State of New Jersey. There was a decrease in the NJSDA related capital expenditures in fiscal year 2015. Charter and Renaissance school expenditures increased due to the opening of a new renaissance school. General Fund Budgeting Highlights The School District's budget is prepared according to New Jersey law, and is based on accounting for certain transactions on a basis of cash receipts, disbursements, and encumbrances. The most significant budgeted fund is the General Fund. Over the course of the year, the District revised the annual operating budget several times. Revisions in the budget were made to prevent over-expenditures in specific line item accounts. Several of these revisions bear notation: During the course of fiscal year 2015, the District modified the General Fund Budget as needed inan effort to ensure no line item was projected to be over-expended.The District continues to adopt prudent fiscal management by continuously implementing policiesand procedures to ensure the reliability of the monthly financial reports.29
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