Schools
with sound fiscal practices and high academic achievement would win an «earned charter,» granting them regulatory flexibility from the state and district.
«Many of our members were concerned that taking from the rainy day fund this early in the fiscal year would not be
sound fiscal practice and would send a poor message to bond - rating services and other fiscal analysts,» Looney said.
They have had to follow detailed «
sound fiscal practices» established by the state and submit annual independent financial audits.
Schools must be in existence for at least five years and must demonstrate academic excellence as measured by standardized achievement tests, strong governance, operational sustainability and
sound fiscal practices.
Retain responsibility for the daily activities of the WHRC and adherence to
sound fiscal practices.