2.200 Budget
Policy Statement:
The budget of Lakeway Christian Schools (LCS) serves as a critical financial planning and management tool, outlining the estimated plan of anticipated revenues and proposed expenditures for each fiscal year. The budgeting process aims to ensure the efficient allocation of resources while aligning with the school's mission, values, and strategic priorities.
Budget Components:
The budgeting process shall be collaborative and inclusive, involving input from relevant stakeholders, including school leadership, faculty, staff, and department heads.
Regular budget monitoring and reporting shall be conducted throughout the fiscal year to assess financial performance against the approved budget. Any significant budget variances or deviations shall be analyzed, reported, and addressed as necessary.
Amendments:
Budget amendments that impact the net budget overall shall follow the procedures outlined in Policy 2.202 (Budget Amendments).
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:
The budget of Lakeway Christian Schools (LCS) serves as a critical financial planning and management tool, outlining the estimated plan of anticipated revenues and proposed expenditures for each fiscal year. The budgeting process aims to ensure the efficient allocation of resources while aligning with the school's mission, values, and strategic priorities.
Budget Components:
- General Fund Budget: The budget for the general fund shall present the following key components:
- Beginning General Fund Balance.
- Estimated Revenues.
- Proposed Expenditures.
- Estimated Ending General Fund Balance.
- Restricted Fund Budgets:
- For each restricted fund, the budget shall be maintained as a balance available for the board to approve project type expenditures on a case-by-case basis.
The budgeting process shall be collaborative and inclusive, involving input from relevant stakeholders, including school leadership, faculty, staff, and department heads.
- The Chief Financial Officer (CFO) shall oversee the budget development process, working closely with budget managers and administrators.
- The budget shall align with LCS's strategic goals, educational priorities, and financial sustainability objectives.
- Budget assumptions, methodologies, and any significant changes from the previous year's budget shall be documented and explained in the budget proposal.
- The CFO shall present the proposed budget to the Board of Directors for review and approval.
- The Board of Directors shall review the budget to ensure alignment with the school's mission, values, and strategic priorities. The board may request modifications or clarifications as needed.
- Once approved, the budget shall serve as the guiding financial document for the fiscal year.
Regular budget monitoring and reporting shall be conducted throughout the fiscal year to assess financial performance against the approved budget. Any significant budget variances or deviations shall be analyzed, reported, and addressed as necessary.
Amendments:
Budget amendments that impact the net budget overall shall follow the procedures outlined in Policy 2.202 (Budget Amendments).
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