A school budget is a legal document of the school's financial management pertaining to its educational program in a designated period of time. This covers two budget lines, vertical and horizontal. The budget line is constructed to weigh how applicable a budget is to various expenses. A vertical budget estimate includes the different income and expenditure in a given span of time, the horizontal budget includes the budget and expense estimation compared to prior audited income and expenditures.
A school budget should be established to support all the educational programs that the student may benefit from and learn from a quality-based school with good fiscal planning. To remain the budget plan, expenditures must be less than or equal to the revenue. The budget document will serve as a guide for evaluating the school program and serves as a way to determine its quality and efficiency.
No matter what phase you look at, a school needs money to run appropriately. This comprises the important components that a school must address in their educational plans stated in the budget. A budget can be hard to plan, especially with numerous things that must be raised and given importance but if properly created, it will surely shoulder all premises concerns.
To properly plan your school budget, provided are steps on how to do so.
1. Match Your Expenses to Your Resources
When you plan your school budget, you must take into account your expenses to meet the source of your money. This is hard but the amount that you can render on your expenses will depend on your budget's total amount. If you have a bigger business budget, expected are wider expenses. If you have the other way, then, most probably, you will have a limited list of expenses.
2. Set the Labor Costs
Start with all the labor costs. Consider all the concerned positions, from the administrative down to the ancillary positions such as the school nurse. Do not forget your teaching staff and aid workers. Add insurance costs, vacation and sick pay, payroll taxes, and any other benefits.
3. Include the Needed Facilities and Equipment
Not all the time, learning can be accessed through books. You have to provide your students with actual experience in learning. Of course, you have to provide your school the needed amenities that will help your students attain their deserved learning. Include all the needed facilities and equipment, computers down to all laboratory equipment.
4. Repairment of Facilities and Equipment
Part of the contingency plan is to allocate a budget for repair. Equipment cannot last long that is why you need to set your repairment as part of your budget so that if the time comes, you have money to use and the students can avail functional equipment for their learning.
It is your responsibility to make sure that your students are in a good and secure school. Therefore, always include security in your school budget. Trusted security is a good image that you must ensure with your school.