W. Va. Code R. § 126-72-4

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 126-72-4 - Finances

4.1. The executive director of the RESA shall prepare and submit an annual basic operating budget for the next fiscal year at a regional council meeting held no later than April. The budget must be approved by the WVBE. In preparing the budget, the executive director is to (1) allocate expenditures with actions planned to accomplish the Strategic Plan; (2) consult with the Executive Director, WVDE Office of School Finance for ensuring any potential or standing audit issues are considered; and (3) prior to submitting the annual budget to the WVBE for approval, obtain a majority vote by a quorum of members on the regional council regarding the budget's appropriateness for meeting needs of school systems in the region.

4.2. The RESA executive director, with advice and assistance of the regional council, may select as its fiscal agent one of the county boards of education comprising the RESA. The county board so selected may maintain a separate bank account or accounts for the receipt and disbursement of all RESA funds and perform the accounting functions specified in the policies adopted by the WVBE. A county board of education serving as a RESA fiscal agent may not initiate action, direct the RESAs programs or substitute its judgment for that of the executive director as advised by the regional council. The county board of education may reject an action of the executive director if sufficient funds are not available, or if it perceives a legal conflict. The executive director of the RESA shall make arrangements for an annual audit to be conducted in accordance with the requirements of the Single Audit Act (Office of Management and Budget Circular A-133) and the cost of the audit shall be incurred by the RESA. Prior to making those arrangements, the executive director must coordinate with the respective fiscal agent to ensure the audit addresses all applicable issues.

4.3. Each RESA shall employee a competent chief financial officer who meets the qualifications specified in W. Va. 126CSR136, WVBE Policy 5202, Minimum Requirements for the Licensure of Professional/Paraprofessional Personnel and Advanced Salary Classifications. Current RESA employees performing financial functions who are deemed competent and are approved by the State Superintendent shall be allowed to continue in their positions. The chief financial officer will prepare monthly and annual financial reports and provide copies of those reports to the RESA executive director, RESA program directors, the chief school business official of the fiscal agent county board, the regional council, and submit a copy to the WVBE.

4.4. A RESA may receive and disburse funds from the state and federal governments, from member counties, from gifts and grants, and from profit-generating enterprises, the funds of which will contribute to RESA initiatives. Each RESA is encouraged to partner with member school systems, particularly those designated as low-performing, and other organizations as appropriate to attract and leverage resources available from federal programs to maximize its capacity for meeting the needs of member schools and school systems. The WVBE recognizes a RESA as an eligible LEA for the purposes of applying, on behalf of school systems, for grant funds consistent with performing regional services and functions in this rule and/or supportive of education initiatives of the WVBE.

W. Va. Code R. § 126-72-4