Fiscal accountability

Brimley, Verstengen, and Garfield (2008) noted, ?Efficiency and effectiveness in school financial practice require a sound system of accounting for income and expenditures? (p. 330). Schools must adopt an accounting system that will provide and maintain records of all income and expenses. An annual budget must be developed and then funds secured through different federal, state, and local sources. The funds must be matched to the budget and any shortfalls must result in reduction of spending. This may require programs to be cut or other cost-cutting measures to ensure the allocated funds are adequate to cover required programs, salaries, and facilities maintenance. Accounting practices include receiving, allocating, and complying with accounting funding principles. Operating budgeting and accounting procedures ensure safety and security of funds, maintain accurate records of transactions, enlist oversight through audits, and support local, state and federal requirements.

Required Reading:
Please see each Activity for Required Readings.

Facilities and the School Community
Activity Required Reading:
• Financing education in a climate of change. Chapters 11, 14
• State roles in financing public school facilities (2006)

Main Task:
As the superintendent of the Applegate School District, you are looking ahead to the next school year which includes the district?s expansion and school facilities project. The district needs to expand as there are several land developers who received approval from the town council and zoning board to build several townhome complexes in the Applegate community. These new homes bring an increased enrollment and this means one thing; a new school must be built to accommodate the new students moving into town. In the assignment, please create a strategic plan which includes steps the district must take to allocate funding for the project. The plan should include a projected timeline for putting the ball in motion to begin the facilities building project. In the plan, describe what criteria your state should use to equalize the capital-outlay expenditures to the Applegate School District. How should you decide where the new building(s) are to be built? What kinds of capital equipment are needed (if any)? How will funds be raised for the building(s)? Please discuss any additional steps you as the superintendent should take in planning for this construction project from a financial standpoint.