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2512 George Mason Drive • P.O. Box 6038 Virginia Beach, Virginia 23456-0038   757.263.1000 • 757.263.1240 TDD

Policies and Regulations

School Board of the City of Virginia Beach
Bylaw 1-6

SCHOOL BOARD BYLAWS

Fiscal Agent

The Director of the Office of Business Services is designated the Fiscal Agent and the Chief Financial Officer, Department of Budget and Finance, and the Accounting Coordinator are designated the Deputy Fiscal Agents of the School Board to examine, approve, and upon approval, authorize payment of all claims against the School Board, following the processing of those claims by the Internal Accounting Control System. In the event that the Fiscal Agent and the Deputy Fiscal Agents are absent or unavailable, the Financial Management Specialist is designated a Deputy Fiscal Agent with limited authority to act during the period of their absence or unavailability.

While "examination" of claims against the School Board may be delegated, no "payment" of claims against the School Board shall be made absent approval by either the Fiscal Agent or a Deputy Fiscal Agent.

The Fiscal Agent and Deputy Fiscal Agents shall post corporate surety bond, paid for by the School Board, in an amount of $1,000,000, as required by the Code of Virginia.

It shall be the responsibility of the Fiscal Agent and Deputy Fiscal Agents to insure that the requirements of Code of Virginia, Virginia Board of Education Regulations, School Board Policy and Regulations, and Code of Virginia § 22.1-122 are met with respect to the claims each examines, approves and, upon approval, authorizes for payment.

Code of Virginia § 22.1-122, as amended. Approval and payment of claims; warrants; prohibited acts.

Adopted by School Board: July 21, 1992
Amended by School Board: October 15, 1996
Amended by School Board: August 17, 1999
Amended by School Board: October 19, 1999
Amended by School Board: December 2, 2008
Amended by School Board: August 2, 2016