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Educational Finance (Budget Calendar) - Assignment Example

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BUDGET CALENDAR Name Professor Institution Course Date A budget is a document that set forth the priorities and levels of spending, how to finance the spending, and a plan for managing the funds. The federal budget, for example, comprises a record of actual receipts and spending for the fiscal year…
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Download file to see previous pages There are steps to be followed in the budgeting process. The first step is usually a review of the program and management achievements and the fiscal performance of the year that is about to end. The objectives are therefore reviewed, the committee will compare the budget to the actual figures, and takes into account the number of people served during each program. The solution obtained after dividing true cost of the program by the number of people served will help analyze the cost per unit of service. Hence, ne goals and objectives should be discussed and an consensus is reached. All the individuals and groups affected by the budget should be involved in the whole process. Consultations are fundamental in the budgeting process. This would minimize unnecessary conflicts during or even after preparation of the budget. In addition, it would also help spearhead the implementation process. A school budget for instance should be inclusive of the parents and teachers as it will have an impact on them either directly or indirectly. Parents have a responsibility of paying school fees for their sons and daughters hence have exclusive rights for information on how school funds are used. At the district level, it is the responsibility of the civilians to interrogate how fund are utilized in the development of infra-structural projects such as road construction, railway lines, hospitals, electrification projects among other social amenities. Because they pay taxes, it is their right to scrutinize how district budgeting committees prioritize their fiscal year spending spree through budgets. Budgets are important tools towards realization of goals and ambitions of any organization. Without budgets, it would be difficult to anticipate what stands good or bad on the way of the organization. The School Budget Many stakeholders are usually involved in the budging process of schools. For instance, the representatives of school administration, the board of Governors, parents as well as budgeting experts must be involved either directly or indirectly in the budgeting process. These representatives make up the budget committee. The staff and the Board must all participate in the budgeting process at all phases. The district Budget The budgeting process in the district primarily comprises three phases. First, is the budget formulation. Here the budget is clearly drawn with all-important priorities taken into consideration. The budgeting committee shall have employed thorough consultation among themselves and with the stakeholders and financial experts. The second procedure would be the budget presentation and the congregational process (Van, 2011). This process would ensure that contentious issues are harmonized and attain amicable solution is attained. Members and other groups affected by the budget are allowed to express their reservations about the estimates. Some projects, which were under-estimated in financing, would therefore get much more funding than previously. In addition, those one, which had earlier enjoyed unnecessary huge allocations, would therefore have their finances cut down. Moreover, the white elephant projects would also be scrapped out at this particular stage. Many financial analysts argue that lack of financial expertise in most budgeting activities have seen many district waste funds in projects that are never viable at all or even those that they waste a lot of money in never to finish. However, it is important to ...Download file to see next pagesRead More
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