Budget Development Process

Budget Development Process - Strategic

These are typical budget development process components. The Superintendent will want to study/learn these components over time. An understanding of all of these components is needed to operate as a competent fiscal administrator.

I. PRINCIPLES (Working Knowledge)

A. BUDGET POLICY

1. Board of Education Policy
2. Policy v. Administrative Regulations

B. BUDGET PROCESS

1. Uniform System of Accounts
2. Sequence of Preparation Events
3. Fund Balance
4. Authorizations
5. Popular Budget v. Detail Budget
6. Budget Defeats

C. BUDGET PLANNING GUIDE

1. Budget Calendar
2. Long Term Planning (five year plans)

D. BUDGET IMPLEMENTATION

1. Monitoring the Budget (monthly reports)
2. Budget Transfers (authorizations)

E. LEGAL ASPECTS

1. Responsibility of Boards of Education to Prepare Budgets
2. Legal Process Involved in Adopting Budgets
3. Availability of Proposed Budgets
4. Adoption of the Regular Budget
5. Contingent Budget
6. Taxing Power
7. Total Expenditures Limitations
8. Budget Transfers and Supplemental Appropriations
9. Internal Controls

F. FUNDS OTHER THAN THE GENERAL FUND

1. School Lunch Fund
2. School Store Fund
3. Special Aid Fund
4. Debt Service Fund
5. Capital Projects Fund
6. Trust and Agency Fund

G. RESERVES

1. Workers Compensation Reserve
2. Unemployment Insurance Reserve
3. Repair Reserve
4. Capital Reserve
5. Insurance Reserve
6. Property Loss & Liability Reserve
7. Mandatory Reserve for Debt Service
8. Reserve for Tax Reduction
9. Tax Certiorari Reserve
10. Reserve for Employee Benefits

H. THE INDEPENDENT AUDIT and GASB

I. MAINTENANCE OF FUND BALANCE

II. BUDGET – The Education Blue Print

III. COORDINATION OF COMMUNITY BUDGET SUPPORT

A. KNOWING YOUR COMMUNITY (Internal - External)

1. History
2. Key Players

B. COMMUNITY INVOLVEMENT

1. Budget Review Committees?
2. What Works (situational)

C. PUBLIC RELATIONS

1. P. R. Opportunities Everyday - Students and Parents
2. Trust Factor

IV. TAX LEVY and TAX RATE STABILITY

A. IMPACT

B. FACTORS

1. Fiscal Stability
2. Tax Rate Stability