Venice has 270 students in grades kindergarten through 12th. The district was cited last week by the state for being unable to document how it spent more than $3 million in state funds over a three-year period.
State school superintendent Robert Schiller said the Venice district did not maintain any financial records for fiscal years 2002 and 2003.
It also was unable to meet the last teacher payroll, or provide special education services for students.
The Venice school board voted June 18th to ask the state board to create the panel.
The panel will approve a financial plan, balance the budget, and approve contracts.