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    6 Strategies For Effective Financial Management Trends in K12 Schools

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    Rainiel Victor M. Crisologo
    The document outlines 6 strategies for effective financial management in K-12 schools during challenging economic times: 1) Continuously monitor data, public policy, and legislation; 2) Create a 3-5 year strategic plan aligned with annual budgets; 3) Minimize unnecessary administrative costs; 4) Appropriately manage district/school assets; 5) Operate with transparency, ethics, and accountability; 6) Review cost containment strategies like consolidation and contracting services. It argues that contracting substitute teacher staffing to an agency can improve quality, reduce costs, and support instructional goals.

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    6 Strategies For Effective Financial Management Trends in K12 Schools

    Uploaded by

    Rainiel Victor M. Crisologo
    188 views16 pages
    The document outlines 6 strategies for effective financial management in K-12 schools during challenging economic times: 1) Continuously monitor data, public policy, and legislation; 2) Create a 3-5 year strategic plan aligned with annual budgets; 3) Minimize unnecessary administrative costs; 4) Appropriately manage district/school assets; 5) Operate with transparency, ethics, and accountability; 6) Review cost containment strategies like consolidation and contracting services. It argues that contracting substitute teacher staffing to an agency can improve quality, reduce costs, and support instructional goals.

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    6 Strategies for Effective Financial Management Trends in K12 Schools

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    The document outlines 6 strategies for effective financial management in K-12 schools during challenging economic times: 1) Continuously monitor data, public policy, and legislation; 2) Create a 3-5 year strategic plan aligned with annual budgets; 3) Minimize unnecessary administrative costs; 4) Appropriately manage district/school assets; 5) Operate with transparency, ethics, and accountability; 6) Review cost containment strategies like consolidation and contracting services. It argues that contracting substitute teacher staffing to an agency can improve quality, reduce costs, and support instructional goals.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    188 views16 pages

    6 Strategies For Effective Financial Management Trends in K12 Schools

    Uploaded by

    Rainiel Victor M. Crisologo
    The document outlines 6 strategies for effective financial management in K-12 schools during challenging economic times: 1) Continuously monitor data, public policy, and legislation; 2) Create a 3-5 year strategic plan aligned with annual budgets; 3) Minimize unnecessary administrative costs; 4) Appropriately manage district/school assets; 5) Operate with transparency, ethics, and accountability; 6) Review cost containment strategies like consolidation and contracting services. It argues that contracting substitute teacher staffing to an agency can improve quality, reduce costs, and support instructional goals.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 16

    6 STRATEGIES FOR

    EFFECTIVE FINANCIAL
    MANAGEMENT IN
    K-12 SCHOOLS
    CHALLENGING TIMES NECESSITATE A
    SYSTEMATIC APPROACH
    • School finances are closely tied to both public policy and student
    achievement. School funding is a concern in the current climate of
    economic uncertainty.
    • With per-pupil allocations and revenue-raising tax system fluctuations,
    it is necessary to keep pace with decisions affecting school funding.
    • Declines in enrollment and revenue alongside aging facilities strain
    school districts to operate more efficiently.
    • During these challenging economic times, effective school finance
    officers can leverage the following strategies to support a systematic
    approach.
    STRATEGY #1: MONITOR DATA, PUBLIC
    POLICY, AND LEGISLATION CONTINUOUSLY
    • These include student demographic and achievement data,
    enrollment trends, financial reviews, state funding formulas, etc.
    Since district finances are closely tied to enrollment and per-
    pupil funding allowances, recognizing and analyzing trends
    allows school finance officers to make data-driven decisions,
    proactively create projections, and anticipate impending
    challenges.
    STRATEGY #2: CREATE A STRATEGIC THREE
    TO FIVE YEAR PLAN
    • By focusing on student learning outcomes, stakeholders create a
    three to five year strategic plan. This long-term plan is then
    broken down into implementation plans with actions steps that
    guide the budgeting process.
    • In partnership with instructional staff, finance leaders ensure
    that annual budgets are carefully aligned to district goals.
    STRATEGY #3: MINIMIZE UNNECESSARY
    ADMINISTRATIVE COSTS
    • Consider hidden costs, locate inefficiencies, and rethink
    outdated processes. By keeping administrative costs under
    control, districts can ensure that funds are allocated where they
    should be: in the classroom. Investigate the indirect and soft
    costs related to district or school operations.
    STRATEGY #4: MANAGE DISTRICT/SCHOOL
    ASSETS APPROPRIATELY
    • Anticipate capital expenditures and minimize maintenance
    costs. By working closely with facilities administrators and staff,
    school finance officers can plan appropriately and in advance.
    STRATEGY #5: OPERATE WITH
    TRANSPARENCY, ETHICAL, AND
    ACCOUNTABILITY
    • Establish and maintain public trust. Tailoring communications to
    various groups allows school finance officers to collaborate effectively
    with school board members, administrators, academic leaders, and
    community members. Engaging these stakeholders in long-term
    planning increases buy-in and confidence, building support for the
    strategic goals.
    STRATEGY #6: REVIEW COST CONTAINMENT
    STRATEGIES
    • Take a look at cost containment relative to consolidation and
    contracting school support services. Even as school districts
    strive to improve student outcomes with rigorous standards and
    new technologies, it is possible to improve business practices by
    refining operational processes. Academic return on investment
    should always be a top priority.
    EXAMINING SUPPORT SERVICES

    • Schools/districts perform a wide variety of services that may


    include meals, transportation, and communications on top of
    their primary mission of instruction. In addition, there are
    numerous administrative duties involved in the provision of
    these services. To remain viable and competitive in the current
    market, school districts must be fiscally responsible. Contracting
    services where appropriate can improve quality, reduce costs, or
    both.
    • School finances support and enable the district’s educational
    initiatives, as instructional goals drive the budget. The strategic
    use of outside contractors and staffing agencies can add value
    to a district’s spending. Personnel costs, a dominant feature of
    school district budgets, are largely controlled at the local level.
    The staffing of substitute teaching personnel is a budgetary line
    item that warrants consideration.
    ACCESSING INNOVATIVE AND COST-SAVING
    SOLUTIONS
    • Effective financial management means thinking outside the box and
    looking outside the district.
    • Accessing specialized and innovative solutions can impact the bottom
    line.
    • A staffing agency that increases fill-rate for substitute teachers
    promises an academic return on investment.
    • With substitute teachers filling in for inevitable teacher absences, this
    budget line supports the strategic plan and helps to maintain
    instructional momentum.
    • Quality substitutes trained to support the district’s instructional goals
    and educational initiatives add value to the school day.
    • A full-service K-12 educational staffing agency that manages the
    hiring, background checks, and credentialing of a substitute pool
    relieves the district’s human resource department of the time
    and money required. When that agency also handles the
    training, scheduling, and reporting functions of managing that
    talent pool, the savings continue to grow.
    REFERENCES

    • HTTPS
    ://ESS.COM/BLOG/ARTICLES-EFFECTIVE-FINANCIAL-MANAGEMENT-IN-K-12-SC
    HOOLS
    /
    • PHIL ENGLE - ESS, VICE PRESIDENT OF TRANSITIONS AND SYSTEMS
    • PHIL HAS BEEN SUPPORTING SCHOOL DISTRICTS ACROSS THE COUNTRY FOR
    MORE THAN 12 YEARS. HE WORKS HANDS-ON WITH DISTRICTS
    IMPLEMENTING CUSTOMIZED SOLUTIONS TO IMPROVE THEIR SUBSTITUTE
    TEACHER AND SUPPORT STAFF PROGRAMS. WHEN HE’S NOT INCREASING
    DISTRICTS’ FILL RATES, PHIL CAN BE FOUND SWINGING HIS CLUBS ON A
    GOLF COURSE.
    THANK YOU!
    BUT WAIT THERE’S MORE……..
    ACTIVITY# 1
    STRATEGIC FINANCIAL MANAGEMENT
    PLANNING
    1. Create a Financial Management Plan using the 6 strategic trends for
    effective financial management in your respective institutions.
    2. Use meta-cards to show the paradigm of your set financial
    management plan prior to the needs and improvements which are
    relevant to your schools/institutions’ financial management goals.
    3. Show the relationship between strategic trends/strategies and your
    school’s financial management output.

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