This section describes the requirements for the preparation of an annual budget:
· The board of school directors of each school district of the second, third or fourth class shall, annually, at least thirty days prior to the adoption of the annual budget, prepare a proposed budget of the districts for the following fiscal year. Such proposed budget shall be prepared on a uniform form, prepared and furnished by the Department of Education. Final action shall not be taken on the proposed budget until after ten days’ public notice. The proposed budget shall be printed, or otherwise made available for public inspection at least twenty days prior to the date set for the adoption of the budget.
· The board of school directors, after making any revisions, shall adopt the budget and the necessary appropriation measures required to put it into effect. The total amount of such budget shall not exceed the amount of funds, including the proposed annual tax levy and state appropriations, available for school purposes. Within fifteen days after the adoption of the budget, the board of school directors shall file a copy with the Department of Education.
· The board of school directors may, during any fiscal year, make additional appropriations or increase existing appropriations to meet emergencies, such as epidemics, floods, fires, or other catastrophes, or to provide for the payment for rental under leases or contracts to lease from the State Public School Building Authority or any municipal authority entered into subsequent to the date of the adoption of the budget. The funds shall be provided from unexpended balances in existing appropriations, from unappropriated revenue, if any, or from temporary loans. Such temporary loan shall be approved by a two-thirds vote of the board of school directors.
· The board of school directors shall have power to authorize the transfer of any unencumbered balance, or any portion thereof, from one class of expenditure or item, to another, but such actions shall be taken only during the last nine months of the fiscal year.