School Finance Terms

1. A budget is a financial plan for a future period. In school finance, the period is typically one year.

2. An object of expenditures budget is one within which expenditures are classified according to specifically identified services or commodities. Teacher salaries would be classified as an object of expenditure in such a budget.

3. A functional budget is one within which expenditures are classified according to functional activities. Instructional services would be classified as a function in such a budget.

4. An operational unit budget is one within which expenditures are classified according to specific cost generating centers. An individual school could be classified as an operational unit in such a budget.

5. A program budget is one within which expenditures are classified according to specific programs. Elementary education and education for handicapped students could be classified as programs in such a budget.

6. A tax base consists of the assets which are subject to a specific tax. Land and improvements within a jurisdiction may constitute a tax base, or personal income within a jurisdiction may constitute a tax base.

7. Intergovernmental aid consists of funds collected by a senior jurisdiction which are subsequently transferred to a junior jurisdiction. Thus, federal aid to education represents intergovernmental aid, and state funds provided to local school districts represents intergovernmental aid.

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aranteed tax base approach discussed above. In the percentage equalizing approach, however, the emphasis is on per pupil expenditures, as opposed to the revenue generation emphasis in the guaranteed tax base approach. 14. Power equalizing is an approach to the funding of public education, whereby wealthy local districts are required to turnover to the state a part of the revenues which they generate through their local district taxation. These funds turned over to the state are then redistributed by the state to the poorer local districts. The procedure is intended to assure each local district an equity in power to deliver educational services. 15. Impact aid refers to funding provided by the federal government to local school districts which are affected by the presence of federal facilities located within the local school district. The presence of a large military installation in a sparsely populated area, as an example, would likely create an unbearable educational burden on the local public school district, in the absence of federal impact aid for the local school district. 16. Educational block grants are a form of financial aid provided by a senior jurisdiction to a junior jurisdiction. While educational block gr
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Approximate Word count = 1467
Approximate Pages = 6 (250 words per page)

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