According to Wharton School, the United States had the best higher education finance model in the world in the 20th century. It is mostly because of the high budget percentage that the government allots to the sector. However, despite the massive budget that the industry receives, if the authorities happen to fail to handle the budget appropriately, there is a big possibility that it won’t be enough. Nevertheless, it does not mean that you can’t do something about it. Manage the expenses of the school that you are managing by creating a school budget. In this article, we have gathered more than ten school budget samples and templates that you can choose from for your project.
FREE 10+ School Budget Samples
1. School Budget Template
2. Sample Primary School Budget
3. Elementary School Budget Template
4. School Operating Budget Sample
5. Free Secondary School Budget
6. Sample Private School Budget
7. Sample School Library Budget
8. School Budget Worksheet Sample
9. Sample School Budget Plan
10. District School Budget
11. Sample School Budget Proposal
What Is a School Budget?
A school budget is a document that outlines the expected revenues and expenditures for the upcoming year. It matches the institution’s goals and resource allocation accordingly.
How To Manage a School Budget
Did you know that education is one of the largest domestic programs that the $1.485 trillion US Federal Budget Breakdown discretionary budget for 2021 will go to? Yes, it is along with military expenses, health and human services, and housing and urban development. Therefore, if you intend to manage a School Budget, you need to do it carefully. Don’t worry, though, because we got you covered. Below are the steps that you can follow to do it properly.
1. Create a Realistic Timeline
Whether you are managing a public school or a private school, incoming budget funds do not occur very often. Thus, it is essential to create a timeline that includes the schedule of the budget to come into the institution. You should also include the schedules of the programs that the school leaders set. Thus, it is essential to advise the program coordinators to plan ahead. In this way, you can take account of all the future expenses accordingly and avoid unplanned expenditures.
2. Estimate the Projected Revenue Ahead of Time
Once you have completed the timeline, take note of the schedules of the budget. Some numbers that you will get may not be the exact amount since not all the funds that will come in are in a constant amount. Therefore, you need to communicate with the right people to get the most accurate information as possible. You will use the estimated amount as a basis to allocate the school budget for the next year.
3. Conduct a Meeting with the Stakeholders
By conducting a meeting with the stakeholders, such as the principals, you will have time to discuss the timeline and the projected revenue that you have created in the previous steps. At this stage, you can also confirm additional funds and other essential expenditures that you need to allocate, such as monthly staff salaries, insurance, building maintenance, etc. It will also help if you include collating suggestions and brainstorm to develop a roadmap for the annual school development in your meeting agenda.
4. Match the Expenses with the Available Resources
Your school budget may include multiple items. The thing is there is a chance that the total amount of projected revenue is lower than the expenses. It is also possible that the actual revenue is lower than the forecast. For this reason, you have to categorize the items according to their urgency and importance. By prioritizing these items, you will lessen the impact of the possible deficits of the budget. To properly sort the expenses, use an expenses spreadsheet. You can use Microsoft Excel or Google Spreadsheet to get it done more easily.
5. Submit a Proposal
At this point, you have properly allocated the money that the school will receive in the future. With the spreadsheet that you used in the previous step, create a school budget breakdown and include it in the budget proposal that you are going to submit to the school council or board.
What is a School Budget Cut?
At a certain period, the annual revenue statement of a school may indicate deficits. In this case, the school board may have to do a school budget cuts, which means reducing the amount to spend for a certain department of the school.
What are the Major Budget Groups for a School?
A school budget may include many items in it, but in general, these items should fit the following categories:
When Should the School Council Approve the Proposed School Budget?
For a School Council to approve the proposed school budget, the following statements must be true.
- The school budget must follow the school’s policies and priorities. It should also adhere to the legislative requirements.
- The one who creates the final school budget collaborated with the stakeholders during its development stage.
- The final budget matches the items(expenses) included in the proposal.
School developments are crucial to materialize its mission and vision. However, certain expenses are necessary to implement these developments. Therefore, school leaders must create a school budget to control these expenses. Additionally, working on the school budget alongside the school strategic plan can be a big help in implementing school developments.
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