Overview of State prescribed budget structure
The financial management of schools rests with local elected school boards in the state's 295 school districts. The state, through the Office of the Superintendent of Public Instruction (OSPI), supervises school district budgeting, accounting, and financial reporting to provide consistent financial management and accountability. School districts account for the day-to day maintenance and operations of the district in their General Fund. Other funds are used to account for specialized activities. These include the Capital Projects Fund for the acquisition of land, equipment, and facilities; the Debt Service Fund for redemption of bonds and payment of interest; the Transportation Vehicle Fund for the acquisition and maintenance of student transportation equipment; the Associated Student Body Fund for student activities; and Trust Funds for donations dedicated for specific use. OSPI publishes an informational guide entitled Organization and Financing of Washington Public Schools for more detailed information on K-12 public finance.