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Building Quality Budgets For Strong Community Schools

Building Quality Budgets For Strong Community Schools. Marcia Saulo and Elsa Forthmuller Region Finance Directors, Imagine Schools. Why Budget?. Sustainability Accountability. Outcomes of Poor Budgeting. Confusion Missed Opportunities Mismanagement Waste Surprising deficits.

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Building Quality Budgets For Strong Community Schools

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  1. Building Quality Budgets For Strong Community Schools Marcia Saulo and Elsa ForthmullerRegion Finance Directors, Imagine Schools

  2. Why Budget? • Sustainability • Accountability

  3. Outcomes of Poor Budgeting • Confusion • Missed Opportunities • Mismanagement • Waste • Surprising deficits

  4. Outcomes of Successful Budgeting • Administration of school is eased • Effective instruction is within your means

  5. Getting Started • Know your enrollment • Project revenue accurately • Make the right assumptions • Include all expenses • Write it down – Do not assume you will remember what you were thinking!

  6. Enrollment and Revenue 101 Basic K-3 111 Basic K-3 with ESE Services 102 Basic 4-8 112 Basic 4-8 with ESE Services 103 Basic 9-12 113 Basic 9-12 with ESE Services 254 ESE Level 4 (Grade Level PK-3) 254 ESE Level 4 (Grade Level 4-8) 254 ESE Level 4 (Grade Level 9-12) 255 ESE Level 5 (Grade Level PK-3) 255 ESE Level 5 (Grade Level 4-8) 255 ESE Level 5 (Grade Level 9-12) 130 ESOL (Grade Level PK-3) 130 ESOL (Grade Level 4-8) 130 ESOL (Grade Level 9-12) 300 Career Education (Grades 9-12) • Enrollment equals revenue! • Match your budget to enrollment • Use the Florida DOE Charter School Revenue Estimator: https://www.fldoe.org/fefp/chartinst.asp

  7. When Will Revenue Come In? • October and February FTE counts • Disbursement likely to change in July, December, and April Timing dependson your district! • Plan your cash flow • Other Possible Revenue • Grants, Charter Capital Outlay, VPK, Title I, Food Service, Before/After Care, Fundraisers, Other Local Revenue

  8. Key Assumptions Needed

  9. Key Assumptions Needed • How many students will you have? • How many teachers do you need? • What expenses should you plan for? • When will revenue come in? • What revenue other than FEFP will you receive?

  10. How Many Students Will You Have? • Enrollmentdetermines costs! • Demographics? Local history? Grades planned? Parent meeting turnout? • Less painful to adjust for more students than fewer. Do not over spend before October! • Set up your budget for multiple “what ifs”

  11. How Many Teachers Do You Need? • Know class size restrictions • Establish a personnel budget to match your (changing) enrollment • Remember Salary andBenefits Do Not Over Hire!

  12. What Expenses Should You Plan For? • Cost Categories • Salaries & Benefits • Direct Educational Expenses • Facility Operating Expenses • Furniture, Fixtures and Equipment • Other School Services • General & Administrative

  13. Salaries and Benefits

  14. Direct Educational Expenses

  15. Facility Expenses

  16. Furniture, Fixtures and Equipment

  17. Other School Services

  18. General and Administrative Expenses

  19. Other Expenses?

  20. What Will Things Cost? • Gather Historical Data – your own and others • Percentage Guidelines for Budget Categories • Salaries and Benefits 50% or more Benefits are running 32% of salaries • Rent 20% or less • Other Facility Operating Expenses 3% • Contingency 3% or more

  21. Write it Down! • Do not assume you will remember what you were thinking! • Set up a Master Budget Workbook in Excel

  22. Incorporate Florida Redbook • What is it and what does it do for you? https://www.fldoe.org/fefp/redtoc.asp • Fund, Function ( 4 digit, purpose, e.g. health services), and Object (3 digit, what type of goods or services, e.g. supplies) • Build Redbook into your General Ledger codes • Put your GL codes into your workbook • Important for reporting and auditing purposes This is Governmental Accounting!

  23. Budgeting Throughout The Year • Get your whole team (including teachers) on board with your budget • Monitor and adjust for changes during the year • Watch your cash flow and fund balance • Suggested process for creating and working with your school’s budget April – early bird budget June – pre-final budget November – final budget July – amended final budget

  24. Questions?

  25. Thank You! Marcia Saulo and Elsa ForthmullerRegion Finance Directors, Imagine Schools marcia.saulo@imagineschools.comelsa.forthmuller@imagineschools.com

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