FISCAL MANAGEMENT

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Chapter 10 FISCAL MANAGEMENT FISCAL MANAGEMENT • DEALS WITH GOAL SETTING, • DESIGNING A BUDGET THAT IS TARGETED TO ACHIEVE THOSE GOALS, • THE PROCESS OF BUDGET REVIEW AND APPROVAL, • AND THE ACTUAL MANAGEMENT OF THE PROGRAM IMPORTANCE AND FUNCTION OF FISCAL MANAGEMENT • ENSURE THE WISE AND EFFICIENT USE OF RESOURCES • PREVENT MISUSE AND WASTE • FOCUS ON ACHIEVING OBJECTIVES • ALLOCATE FUNDING TO NEEDS • ENGAGE ENTIRE STAFF IN PLANNING • GUARANTEE INTEGRITY & PURPOSE BUDGETING FORMULATION OF A FINANCIAL PLAN • IN TERMS OF WORK TO BE ACCOMPLISHED AND SERVICES TO BE PERFORMED • BASED ON PROJECTED EXPENDITURES AND ESTIMATED INCOME TO BE GENERATED TYPES OF BUDGETS • SHORT TERM AND LONG TERM • CLASSIFIED IN VARIOUS WAYS: – ORGANIZATIONAL UNIT OR FUND – FUNCTION (E.G., TECHNOLOGY) – OPERATIONAL – EQUIPMENT AND SUPPLY – CAPITAL OUTLAY – HUMAN RESOURCE CRITERIA FOR A SOUND BUDGET • • • • • • • • CLEARLY PRESENTS FINANCIAL NEEDS KEY PERSONS IN THE UNIT CONSULTED IS A REALISTIC ESTIMATE OF INCOME REFLECTS EQUITABLE ALLOCATIONS FLEXIBILITY TO MEET EMERGENCIES PREPARED WELL IN ADVANCE REQUESTS ARE RALISTIC, NOT PADDED MEETS ALL ESSENTIAL REQUIREMENTS THE PROCESS OF BUDGET PREPARATION • • • • • • • PLANNING COORDINATING INTERPRETING PRESENTING APPROVING ADMINISTERING APPRAISING INVOLVEMENT OF STAFF MEMBERS • • • • MAINTAIN INVENTORY RECORDS KEEP RECEIPTS OF EXPENDITURE IDENTIFY UNADDRESSED NEEDS GO OVER INITIAL BUDGET TO ENSURE CORRECTNESS • ENGAGE IN DISCUSSIONS TO HELP PRIORITIZE NEEDS BUDGET ORGANIZATION • CLEAR INTRODUCTORY MESSAGE • OVERALL GRAPHIC PROJECTION OF ANTICIPATED INCOME & EXPENSES • DETAILED ESTIMATE OF RECEIPTS AND ITEMIZED EXPENDITURES • SUPPORTING DOCUMENTATION IF NEEDED TO CLARIFY ANY REQUESTS REVENUE SOURCES FOR SPORT AND PHYSICAL EDUCATION • • • • • • • STATE (STATE UNIVERSITIES) LOCAL (PUBLIC SCHOOLS) GATE RECEIPTS CONCESSIONS ACTIVITY FEES BOOSTER CLUBS FUNDRAISING PAY-TO-PLAY POLICIES • • • • • FEE ASSESSED TO PARTICIPANTS SUPPLEMENTS SCHOOL REVENUES PREVENTS ELIMINATING SPORTS MORE FAIR TO NONPARTICIPANTS FEES MUST FAIRLY ADDRESS SPORT COSTS AND GENDER EQUITY • DISADVANTAGED STUDENTS NEED ASSISTANCE OR EXEMPTION ZERO-BASED BUDGETING • INTRODUCED IN 1969 BY TEXAS INSTRUMENTS COMPANY • REQUIRES JUSTIFICATION FOR EACH EXPENDITURE IN THE BUDGET • EXPENDITURES ARE DETAILED AS LINE ITEMS • PROMOTES MORE FAIR AND EQUITABLE FUNDING STEPS IN THE PROCESS OF ZERO BASED BUDGETING • • • • IDENTIFY GOALS GATHER DATA PLAN PROGRAM TO MEET GOALS IDENTIFY ALTERNATIVE WAYS TO ACHIEVE GOALS • DO COST ANALYSIS OF ALTERNATIVES • MAKE DECISION AS TO FUNDING PPBES STANDS FOR: • PLANNING PROGRAMMING -BUDGETING EVALUATION -SYSTEM • HOOVER COMMISSION (1949) • FORD MOTOR COMPANY (1950s) • DEPARTMENT OF DEFENSE (1960s) THE PPBES CYCLE • GOALS AND OBJECTIVE • STATEMENT OF NEEDS • EXPECTED SATISFACTION • CONSTRAINTS • IDENTIFY ALTERNATIVES • RESOURCE REQUIREMENTS • ESTIMATE OF BENEFITS • OPERATING PLAN • IMPLEMENTATION • EVALUATION • FEEDBACK • ANALYSIS COST ANALYSIS • NEEDED TO EVALUATE PRESENT OPERATIONS AND THE PROJECTIONS IN FUTURE BUDGETS • LIMITED BY THE ACCOUNTING SYSTEM AND SOFTWARE USED • VERY APPLICABLE TO BUDGETS OF SCHOOLS, COLLEGES, AND UNIVERSITIES BUSINESS MANAGERS AND FINANCIAL OFFICERS IN SCHOOLS AND COLLEGES • FUNCTION • OBJECTIVE – OBTAIN GREATEST EDUCATIONAL VALUE FROM EACH DOLLAR SPENT • RESPONSIBILITES – next slide RESPONSIBILITIES OF FINANCIAL OFFICERS AND MANAGERS • BUDGET AND FINANCIAL PLANNING • PURCHASE & SUPPLY MANAGEMENT • PLANNING FACILITY EXPANSION, RENOVATION, & CONSTRUCTION • HUMAN RESOURCE FINANCING • STAFF DEVELOPMENT • COMMUNITY RELATIONS RESPONSIBILITIES OF FINANCIAL OFFICERS (continued) • • • • • • • • TRANSPORTATION FOOD SERVICES ACCOUNTING AND REPORTING DEBT SERVICE INSURANCE LEGAL MATTERS GRANTS AND FINANCIAL AID SYSTEMS ANALYSIS FINANCIAL ACCOUNTABILITY • MANAGEMENT POLICIES FOR FINANCIAL ACCOUNTABILITY • ACCOUNTING FOR RECEIPTS AND EXPENDITURES • REASONS FOR FINANCIAL ACCOUNTING [...]... PURCHASE & SUPPLY MANAGEMENT • PLANNING FACILITY EXPANSION, RENOVATION, & CONSTRUCTION • HUMAN RESOURCE FINANCING • STAFF DEVELOPMENT • COMMUNITY RELATIONS RESPONSIBILITIES OF FINANCIAL OFFICERS (continued) • • • • • • • • TRANSPORTATION FOOD SERVICES ACCOUNTING AND REPORTING DEBT SERVICE INSURANCE LEGAL MATTERS GRANTS AND FINANCIAL AID SYSTEMS ANALYSIS FINANCIAL ACCOUNTABILITY • MANAGEMENT POLICIES
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