Budget Development

The reason for budget development is to estimate the funds required to operate the school's educational and support programs for the coming year (Budget, 2002). Budget development includes the formulation and distribution of individual school division and department budget preparation materials and the synthesis of these into a school division proposed budget, providing budget preparation assistance to all budget holders, assessing and updating budgetary processes, and assisting in development of performance measures for central office budget holders. Following adjustments by the School Board, an advertised budget is prepared and forwarded to the appropriating body, who may further adjust the budget amounts. After finalization by the Board of Supervisors and the School Board, an Approved School Board Budget document is published for the fiscal year.

Budget management is the overall management of the school division funds and expenditures (Budget, 2002). It ensures the appropriate administration of public funds for schools, prohibits over-expenditure of appropriated funds, and reconciles budget transactions with the county government's finance department. Management of the budget also includes assisting schools and central office budget holders and their staff in administering and controlling their individual budgets, formulation of and compliance with appropriate budgetary principles and procedures, and maintenance of the accounting system database. The Budget Offi

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Category: Economics - B