Policy Statement:

The budgeting process at Lakeway Christian Schools (LCS) is designed to provide a structured framework for efficient financial planning, management, and control. This policy outlines the approach to budgeting and the timeline for the budget process.

Budgetary Approaches:

• Object Classifications:
  • Budgeting at LCS shall focus on object classifications within a function, program, or operational unit.
• Revenue Projections:
  • Revenue projections in budgets must be conservative and based on historical figures or proven formulas.
• Appropriations Level:
  • Appropriations and budgeting shall be maintained at a higher level of classification than the level at which accounting records are kept. This approach minimizes excessive detail in the budget, ensuring efficiency and ease of budget adjustment.  (e.g. "Supplies" may be budgeted together and transferred to smaller sub-accounts as required throughout the year).

Budget Timeline:

• Early Budget Preparation:
  • LCS is committed to beginning the budgeting process as early as possible to allow for thorough planning and consideration.
• Budget Adoption:
  • The budget shall typically be adopted during the May or June board meeting, covering the fiscal year beginning on August 1.

Budget Process:

• Budget Development:
  • The budgeting process shall be a collaborative effort, involving input from relevant stakeholders, including school leadership, faculty, staff, and department heads.
• Budget Managers:
  • Individual budget managers may maintain more detailed budgets within their respective areas to facilitate effective management and accountability.
• Chief Financial Officer (CFO):
  • The CFO shall oversee the budget development process, working closely with budget managers and administrators.

Alignment with Mission and Goals:

The budget shall align with LCS's mission, values, and strategic goals, ensuring that financial resources support the school's educational objectives.

Review and Revision:

This policy shall be reviewed annually and revised as necessary to reflect changes in the school's financial practices, objectives, and best practices in budget management. Any proposed revisions to this policy shall be presented to the Board of Directors for approval.

References:

• LCS Mission Statement
• LCS Strategic Plan
• LCS Financial Policies and Procedures
• Federal Laws, Regulations, and Standards