Back to school season is a fresh start for many—including those who manage department or school budgets. Here's a short A,B,C checklist to help keep your spending on track this year.
A - Assess Your Account Health
In the first few weeks, take time to assess your spending from the previous school year so you can start the new year with an analytical lens.
- Review last year’s ending balances: Did you run out of funds in one area last year, or leave money unspent in another? Note any overspending or underspending to get ahead of those categories this year.
- Collaborate with your Central Office: Check in with your finance office to identify any major budget changes and work with them to make any budget amendments, if necessary.
- Study this year's budget: Where are most of your funds going? How much is related to personnel vs. non-personnel expenses?
B - Budget with the End in Mind
After you've assessed, revisit your spending plan to ensure your budget aligns with your spending goals for the year. Think of your budget as a living tool that requires consistent updates as circumstances change throughout the year.
- Reflect on district, school, and program goals: Has your district developed strategic plans or achievement-based goals for future school years? If so, are your spending and encumbrances aligned to those goals? Where you put your money now reveals what your priorities for the year really are, so make adjustments as necessary.
- Inventory of staff and supplies: Do you have the right staffing in place as enrollment numbers solidify? Do you need more supplies?
- Expect the unexpected: Do you have an emergency fund? If not, now is the time to create one.
C - Check Things Off!
Now it’s time to take action.
- Make early purchases: Plan ahead to ensure this year’s dollars benefit this year’s students. Early purchase planning also allows you to compare prices and find the best deal to stretch your dollars a little farther.
- Finalize staffing: Finalize additional hires so the right people are in place at the start of the year.
- Identify spending deadlines: Take note of all spending deadlines and proactively draw on those funds so all available money is spent in the best way possible for your students.