2. Budget
A budget is a fiscal plan formulated to reach the goals of the school. It is a
tool of great importance for exercising financial control. It reflects the
aspirations of the school and the financial means to fulfil them. and reduces
uncertainty. Hence a budget expresses the plans regarding all the operations
to be undertaken along with realistic estimates regarding the expenses that
would be incurred to undertake these operations. Since the operations are
either yet to be undertaken or are those that have already been undertaken but
require to be continued in future, therefore budgets are futuristic in nature.
A budget is thus the main framework for financial management of schools. It
provides
the essential pathways through which the financial resources 'of the school
could be
harnessed for attaining the objectives that have been set.
• r
3. School Master Budget: This is the overall school financial an operating plan for a
forthcoming fiscal period. This is usually prepared annually. It is a comprehensive
financial plan that takes into account every operation to be undertaken during a
particular financial year. It includes all the possible sources of revenue and
involved.
School Capital Budget: This type of budget usually is for terms longer than one
year and they are fiscal plans for major expenditure on capital assets like the
school building, halls, laboratories etc. implications for the school. It requires
estimates of time and hence is more difficult to prepare.
School Department Budgets : These budgets are segments of the School Master
Budget and are concerned with the different departments for instance chemistry
dept, computer lab etc. They are prepared usually by the person heading the
department and are prepared for a term or one financial year.
4. Steps in Budgeting :
1. Planning
2. Receiving of funds
3. Allocation of Funds
4. Utilisation of Funds
5. Statement of Expenditure
6. Review / Evaluation
Editor's Notes
This template can be used as a starter file for presenting training materials in a group setting.
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