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Posted on Nov 1, 2008

Budget Model Template Excercises You School’s Financial Health

Budget Model Template Excercises You School’s Financial Health

by John Vegt, SCSBC Director of Finance  ◊  

If you fail to plan, you are planning to fail.

How good are your school’s budgets and budget processes? Are you comfortable that you got it right?

Can you explain how each budgeted revenue and expense item was determined?

Is your school budget a single worksheet with revenue and expense items adjusted only for inflation and perhaps student enrolment projections and a few other items?

Are you able to change any revenue or expense item and immediately see the impact on the school’s bottom line?

If your answer to any of these questions is NO, you are going to want to read the rest of this article.

On November 7, 2008 SCSBC unveiled a new management tool which will assist management in a more precise way to determine the annual operating and capital budgeting process for your school.

The SCSBC School Budget Template is based on a progressive step-by-step process and a detailed set of assumptions for all revenue and expense categories. The expenses are segregated for instructional, administration, development and promotion, transportation, special education, facilities, capital and financing categories. It is a highly interactive, 27-page linked spreadsheet program, which takes into consideration all aspects of school operations. The budget template is user friendly and does not require more than basic Excel experience.

The budget template provides for cash flow analysis, departmental budgets for elementary, middle and high school, and revision for significant changes during the school year. Each revenue and expense item has detailed backup information and assumptions.

The budget template also includes model school financial statements using the restricted fund and the deferral method of accounting including extensive sample notes to the financial statements. These are provided so that consistency in financial reporting for all our schools may be achieved. This will greatly assist future detailed benchmarking for improving financial operations of our schools. The model financial statements presentation is consistent with the budget model and chart of accounts included with the budget template.

On November 7th business managers and bookkeepers of SCSBC and other schools, will have received training and the opportunity to purchase a copy of the budget template. Some schools have quite sophisticated budgeting models, some very simple, and many are in between. SCSBC believes all will benefit from this budget template and some may completely rewrite their budget process because of this model. For those smaller schools who may not have the expertise to implement this budget template, SCSBC offers experienced business managers from several SCSBC schools to work with you in your office until the template has been fully implemented. A reasonable fee will be charged.

Please support your business manager and bookkeeper as they consider using the SCSBC School Budget Template for the 2009-2010 school year. Plan to avoid failing!

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