Compiling a school budget is no small feat: you have to ensure that it is realistically aligned with your school’s goals and objectives. To achieve optimal financial management throughout the school year, it’s advisable to follow the 6 stages of school budget preparation process outlined below:

1) Develop a realistic timeline for the entire annual school budget process

The planning stage of the compilation of your school budget is paramount to its success. Draw up a timeline that takes all planning factors into account. For example:

• 30 January - 14 February: Send out a needs assessment form to relevant stakeholders and compile their feedback
• 15 February - 5 March: Gather additional data from school website, local government and current school system
  
  

2) Estimate projected revenue for the next school year and obtain confirmation of additional funds

A correct estimation of anticipated funds is crucial, as it determines how much you should allocate to non-negotiable operational costs such as employee salaries, marketing strategy to increase school enrolment, insurance, grounds and preventative maintenance cost etc.

3) Invite coordinators and cluster leaders to submit their requirements for the allocation of funds

The Department of Education defines clusters as program coordinators or external stakeholders.

By inviting clusters to voice their suggestions, you allow teachers, principals, and managers to discuss and develop the roadmap for the school’s yearly development – of which the school budget plays a significant part.

4) Match requests with available resources

The allocation of school funds must take all resource requests into account (this includes all full-time and part-time employees). All costs should be weighted in terms of priority, and assigned a monetary value to determine how much these will cost the school for the year.

5) Submit final proposals to the school council or board

After the final adjustments have been made to the proposed school budget, and it’s been confirmed that there will be sufficient funds to cover all projected costs, it must be submitted to your school council or board for approval.

6) The school council approves the final budget

The Victoria State Government’s Department of Education advises that when approving the budget, the school council must ensure the following:

• That the school budget was developed collaboratively
• The school must have enough money to pay for all aspects of the budget
• The budget must reflect the school‘s policies and priorities
• The budget must meet legislative requirements.

Source: We’ve collated the information above from “A Guide to Budget Management in Victorian Government Schools” from the Victoria State Government’s Department of Education website.

There are so many aspects to running a successful learning facility that require regular attention and oversight. Only with thorough preparation can school business managers meet the ongoing needs of students and staff. Download our Guide to School Management to learn how to better plan, coordinate and oversee your school operations today.

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