The accounts of the Metropolitan Nashville Public Schools are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts comprised of assets, liabilities, fund equity, revenues and expenditures or expenses. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The board’s budget includes the following funds:
General Purpose Fund – The board’s primary operating fund used to account for all financial resources of the board except those required to be accounted for in another fund.
Federal and Categorical Programs – This fund includes appropriations for the expenditure of federal categorical grants.
Food Service Fund – This is an enterprise fund that accounts for the operations of the Food Service Program.
Capital Budget - The Capital Budget is made up of a six-year list of projects approved annually by the Board of Education. With this approval, the budget moves on, along with the budgets from all other Metro agencies, to the mayor and metro finance director who review, make changes and submit a full capital spending proposal to the Metro Council for funding approval. Depending on the city’s bonding capacity and specific needs, capital funds may not always be provided to the school district. Allocations that are received may be less than needed to completely fund the Capital Budget. If an allocation is given, projects listed within the Capital Budget are prioritized and given funding.