Which statement correctly describes the timing of interim periods in the budget cycle?

Which statement correctly describes the timing of interim periods in the budget cycle?

• A. The first interim ends Oct 31 and the second interim ends Jan 31
• B. The first interim ends Jan 31 and the second ends Oct 31
• C. The first interim ends Dec 15 and the second ends Mar 15
• D. The first interim ends Oct 31 and the second ends Dec 15

Answer: (A)

Interim periods are set to give a timely, midyear view of the budget so the district can compare actual results to what was planned and adjust before year-end. The standard schedule has the first interim ending October 31, covering July 1 through October 31, which provides an early check on whether revenues and expenditures are tracking against the adopted budget. The second interim ends January 31, extending the review through the winter period to incorporate more up-to-date information and near-term projections, allowing budget revisions before the spring adoption. This timing aligns with the fiscal-year calendar and state reporting practices, enabling timely corrective action if needed. Other end dates don’t fit this established cadence, so the described pair—first interim ending October 31 and second interim ending January 31—is the correct one.

Interim periods are set to give a timely, midyear view of the budget so the district can compare actual results to what was planned and adjust before year-end. The standard schedule has the first interim ending October 31, covering July 1 through October 31, which provides an early check on whether revenues and expenditures are tracking against the adopted budget. The second interim ends January 31, extending the review through the winter period to incorporate more up-to-date information and near-term projections, allowing budget revisions before the spring adoption. This timing aligns with the fiscal-year calendar and state reporting practices, enabling timely corrective action if needed. Other end dates don’t fit this established cadence, so the described pair—first interim ending October 31 and second interim ending January 31—is the correct one.