N.M. Admin. Code § 6.20.2.7

Current through Register Vol. 35, No. 24, December 23, 2024

Section 6.20.2.7 - 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).

N.M. Admin. Code § 6.20.2.7

02-03-93, 11-01-97, 01-15-99, 09-15-99; 6.20.2.7 NMAC - Rn, 6 NMAC 2.2.1.7, 05-31-01; A, 10-15-03; A, 11-30-06