Ch. 148

2004 LAWS OF MARYLAND

(B) (C) A LOCAL SUPERINTENDENT OR CHIEF EXECUTIVE OFFICER OF A
LOCAL SCHOOL SYSTEM SHALL:

(1)      FILE A QUARTERLY BIANNUAL REPORT ON THE FINANCIAL STATUS
OF THE LOCAL SCHOOL SYSTEM WITH THE SUPERINTENDENT ANY AND COUNTY
GOVERNING BODY ON OR BEFORE JUNE 30 APRIL 30 AND DECEMBER 31 OF EACH
FISCAL YEAR; AND

(2)     ATTEST TO THE ACCURACY OF EACH QUARTERLY BIANNUAL REPORT
WHEN THE REPORT IS SUBMITTED TO THE SUPERINTENDENT AND COUNTY
GOVERNING BODY.

(C) (D) IF A LOCAL SCHOOL SYSTEM DOES NOT FILE THE ANNUAL AUDIT
RESULTS IN A TIMELY MANNER WITH THE STATE SUPERINTENDENT AS REQUIRED
BY § 5-109 OF THIS TITLE, THE STATE SUPERINTENDENT SHALL:

(1)      IMMEDIATELY NOTIFY:

(I)      THE DEPARTMENT OF LEGISLATIVE SERVICES;

(II)     THE COUNTY GOVERNING BODY; AND

(III)   THE LOCAL BOARD AND LOCAL SUPERINTENDENT OR CHIEF
EXECUTIVE OFFICER OF THE LOCAL SCHOOL SYSTEM; AND

(2)      ORDER THAT THE AUDIT REPORT BE FILED WITHIN 10 DAYS.

(D) (E) (1) A LOCAL SCHOOL SYSTEM MAY NOT CARRY AN OPERATING
BUDGET A DEFICIT AS REPORTED IN THE ANNUAL AUDIT UNDER § 5-109 OF THIS
TITLE.

(2)      IF A LOCAL SCHOOL SYSTEM HAS A DEFICIT OF ANY AMOUNT, THE
STATE SUPERINTENDENT SHALL IMMEDIATELY NOTIFY THE GOVERNOR AND, THE
GENERAL ASSEMBLY. THE DEPARTMENT OF LEGISLATIVE SERVICES, AND COUNTY
GOVERNING BODY AND SHALL REQUIRE THE LOCAL SCHOOL SYSTEM TO:

(I)      DEVELOP AND SUBMIT FOR APPROVAL A CORRECTIVE ACTION
COST CONTAINMENT PLAN WITHIN 15 DAYS;

(II)     FILE MONTHLY STATUS REPORTS WITH THE STATE
SUPERINTENDENT AND COUNTY GOVERNING BODY DEMONSTRATING ACTIONS
TAKEN TO CLOSE THE DEFICIT AND THE EFFECT OF THE ACTIONS TAKEN ON THE
DEFICIT; AND

(III)   INCLUDE INFORMATION ON THE CORRECTIVE ACTION COST
CONTAINMENT PLAN, ACTIONS TAKEN TO CLOSE THE DEFICIT, AND STATUS OF THE
DEFICIT IN THE QUARTERLY BIANNUAL FINANCIAL STATUS REPORTS FILED WITH
THE STATE SUPERINTENDENT AND COUNTY GOVERNING BODY.

(3)      THE STATE SUPERINTENDENT SHALL INCLUDE INFORMATION ON
ANY LOCAL SCHOOL SYSTEM DEFICIT, CORRECTIVE ACTION COST CONTAINMENT
PLAN, ACTIONS TAKEN TO CLOSE A LOCAL SCHOOL SYSTEM DEFICIT, AND STATUS OF
ANY LOCAL SCHOOL SYSTEM DEFICIT IN THE QUARTERLY FINANCIAL A QUARTERLY

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