Thursday, May 18, 2017

Best Practices in School Budgeting (MASBO Annual Institute 2017)

Presentation is here
They're also referencing the Government Finance Officers Association Award for Best Practices in School Budgeting.
And, as would only be right, there's a reference to ASBO's Meritorious Budget Award.

GFOA process is:
  • Plan and prepare
  • Set instructional priorities
  • Pay for priorities
  • Implement plan
  • Ensure sustainability
Plan and prepare:
A. Establish a partnership between the finance and instructional leaders.
B. Develop principles and policies to guide the budget process.
C. Analyze current levels of student learning.
D. Identify communications strategy.

and now we're getting into a back and forth about what's in policy and what's in statute...MA has in law what other states might need in policy, as it's not in state law

Districts being asked to review where they're at with: 
Level 1 - Adopt at least a general fund reserve and a balanced budget policy in order to provide essential guidance for on-going financial sustainability.
Level 2 - Level 1, plus asset management, and long-term forecasting policies. Also, adopt those policies most critical to your specific budgetary challenges (e.g., financial emergency, budgeting for staff compensation, etc.)
Level 3 - Achieve Level 2, plus develop and adopt budgeting principles for board and staff.

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