Budget Paper

1191 Words Mar 21st, 2011 5 Pages

Development of a School Budget
Tracy Johnson
Grand Canyon University
EDA 533
Dr. Joyce MacKey

Development of a School Budget The budget is a plan of how to spend available funds wisely, and entails a list of all expected revenues and expenses. The budget is compiled annually and marks the beginning and end of the fiscal year. While the primary burden of the budget lies with the finance department, it is the responsibility of all faculty affected by budgetary practices to provide insight into the projected financial future of the school. The goal and evidence of a successful budget is to have the actual numbers of the financial year equal or come close to the estimated
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Once the budget has been implemented only the school board has the authority to alter the budget during the fiscal year although the authority may be delegated on an interim basis to the superintendent and chief financial officer (Brimley, Jr. & Garfield, 2005, p. 307-311). Specifically, developing a budget or financial plan involves a minimum of four different elements such as planning in regards to determining priorities and needs, receiving funds, spending funds, and evaluating the results of previous budgets. The process of developing a budget offers several managerial advantages such as the evaluation of programs and activities based on cost in regards to present and future educational advantages. It also allows for a systematic examination of internal operations for efficiency and economy so that improvements can be made throughout the district (Brimley, Jr. & Garfield, 2005, p. 304-307). Previously school districts and school administrators were not held accountable for expenditures much like they are today. It is now imperative that school funds are received and spent in the most “effective and efficient way”, so that schools are producing the greatest educational benefits for the least amount of funds. School districts and schools are expected to adhere to recommended practices in school accounting although there are some variations in school accounting systems (Brimley, Jr. & Garfield, 2005, p. 331). Horry County Schools provides each school with

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