(1) The Office of Public Instruction conducts several checks on the accuracy of data reported by trustees, county treasurers, county superintendents of schools and school districts. If errors are found in data reported as a result of these checks, or if an error is brought to the Office of Public Instruction's attention by the district, county or another outside party, the Office of Public Instruction may require an amended report or budget to be submitted and may make any necessary adjustment to the district's state or federal payments.

(2) Regardless of the year the report or budget error occurred, whenever possible, any resulting adjustment to the district's prior or current year state payment will be made in the year the error is discovered. The adjustment will be made by increasing or decreasing, as appropriate, current year state payments remaining to be distributed to the district.

(3) If the amount remaining to be distributed to the district in the current year is less than the amount of an adjustment decreasing the district's state payment, the balance of the adjustment will be made by reducing state payments to the district in the following year or years until all prior year over-distributions of state payments have been recovered.

(4) The Superintendent of Public Instruction may require a district to provide reasonable documentation supporting the amount of additional state payments to be distributed to the district due to errors in financial or ANB data reported in the prior or current year. Examples of reasonable supporting documentation include copies of district accounting records, copies of county accounting records and official audit opinions.

(5) Revisions to the annual trustees' financial summary report made by the district or cooperative after December 10 of the ensuing fiscal year will not be considered in calculating amounts used for special education reversion or for federal maintenance of effort requirements.

(6) Material revisions to the annual trustees' financial summary submitted by December 10 shall be accepted, limited to the following types of adjustments:

(a) coding revisions between revenue or expenditure line items providing no change occurs in the fund balance of budgeted funds; and

(b) revisions in balance sheet accounts provided no change occurs in the fund balance of budgeted funds.

(7) Changes that affect fund balance in a budgeted fund or immaterial line item coding changes must be reported as prior period adjustments in the trustees' financial summary for the current year. The district may need to adopt a budget amendment in the current year to record the prior period adjustment within the budget of a fund.

(8) Revisions to the annual trustees' financial summary submitted by December 10 will be filed for information purposes by the Office of Public Instruction.