Budget Paper

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Running head: DEVELOPMENT OF A SCHOOL BUDGET

Development of a School Budget
Tracy Johnson
Grand Canyon University
EDA 533
Dr. Joyce MacKey
Fall/2005

Development of a School Budget
The budget is a plan of how to spend available funds wisely, and entails a list of all expected revenues and expenses. The budget is compiled annually and marks the beginning and end of the fiscal year. While the primary burden of the budget lies with the finance department, it is the responsibility of all faculty affected by budgetary practices to provide insight into the projected financial future of the school. The goal and evidence of a successful budget is to have the actual numbers of the financial year equal or come close to the estimated figures (Wikipedia, 2005).

At the beginning of each school year the Horry County school district is confronted with the task of meeting various educational objectives within available financial resources. In order to accomplish this task it is necessary that the district prepare a documented plan of action that outlines the financial resources to be utilized in order to achieve specific objectives (Horry County Schools [HCS], 2005). It is necessary to assign budgetary responsibilities to specific school district officials in order to ensure the completion of the budget process and to achieve the benefits of good budgetary management. Specifically the district superintendent and chief financial officer have the responsibility for developing the budget based on collected data and expected revenue for the upcoming fiscal year. The superintendent is also charged with the responsibility of presenting the proposed budget to the school board. Once the information has been presented it is the responsibility of the school board to review the budget and hold a public hearing, modifying it as necessary, and approving it for implementation prior to the beginning of the fiscal year. Again, the superintendent and chief financial officer have...
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