To begin the budget development process, the administration analyzes expenditures from the Local funds support the largest portion of the school budget.īasic Process for the Development of School Budget
Local funds are generated primarily from property taxes and some miscellaneous sources. State government provides funds to support schools in districts. To specific categories of students with special needs for programming. Sources of Revenues that support the School Budgetįederal funds support a minimal portion of the budget for expenditures that are directed The philosophy in establishing the annual school budget should be to create a budget that supports appropriate funding for all educational programs so that the students may benefit and learn from quality learning experiences based on educationally sound and fiscally prudent planning. The time period is referred to as the fiscal year. Hence, the budget is a statement of purpose and a review of income and expenditures by function – with a timeline to explain past, current, and futureĪ school budget is a fiscal managerial document used to plan for the projection of expenditures that will be incurred during a designated period of time.
A vertical budget includes the various income and expenditure estimates in a given fiscal year, while a horizontal budget will include current estimates for a given fiscal year, compared to prior audited income and expenditures, and a projection of costs into the future. In more technical terms, a budget is a statement of the total educational program for a given unit, as well as an estimate of resources necessary to carry out the program and the revenues needed to cover those expenditures. Budgeting is a process and plan for determining how money is to be raised and spent, as well as a document – the budget – developed and approved during the budgeting process.
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