MS SB2131

Requires school districts to prepare and file a balanced budget by August 15 of each year with the levying authority and State Department of Education, with budgets limited to resources available without transfers from other fund balances.

Mandates that school boards hold at least one public hearing at least one week before budget adoption to allow public comment on proposed taxing and spending plans.

Imposes caps on central administration costs at $150,000 plus 4% of total school district expenditures, with exemptions for districts with 5 or fewer central office employees and authority for the State Board of Education to grant exemptions if needed to protect fiscal integrity or educational services.

Prohibits school district funds from having negative balances at the end of the fiscal year and establishes that school board members, superintendents, and officials are personally liable for expenditures exceeding available resources, with limited exceptions for AEP reductions and tortious acts.

Effective July 1, 2014.