N.M. Code R. § 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).
[2/03/1993, 11/01/1997, 1/15/1999, 9/15/1999; 6.20.2.7 NMAC - Rn, 6 NMAC 2.2.1.7, 5/31/2001; A, 10/15/2003; A, 11/30/2006]