MS SB2005

Requires school districts to submit a balanced budget to the levying authority and State Department of Education by August 15 each year, prepared on forms prescribed by the State Auditor.

Mandates that school districts limit expenditures of each fund to available resources, explicitly prohibiting transfers from other fund balances to cover expenses.

Caps central administration costs at $150,000 plus 4% of total school district expenditures annually, with exemptions for districts with five or fewer full-time administrators or those meeting other specified criteria.

Prohibits school district funds from having negative balances at the end of the fiscal year and makes school board members and superintendents personally liable for expenditures exceeding available resources.

Requires at least one public hearing at least one week before budget adoption and publication of a budget synopsis in a newspaper with general circulation in the school district.