Getting started
To begin you will need the following:
- Final accounts for previous years
- Year to date accounts
- Expected pupil enrolment numbers
- Plans /goals for coming year
Income
Begin with revenue – determine total resources available and identify all revenue sources.
- Department of Education Grants
- Other State Income
- School Generated income
- Other income to fund day to day spending such as Parents’ contributions, voluntary subscriptions and fundraising (Revenue for Capital Spending is considered separately).
Expenditure
Gather all information regarding all possible expenditures – distinguish between essential or unavoidable spending and discretionary spending. Do not consider any items of capital spending (e.g. new computers or furniture) at this stage.
- Salaries
- Education Other
- Repairs, Maintenance and Establishment
- Administration
- Finance
Capital Expenditure
Capital expenditure is expenditure of a once off nature rather than recurring. The purpose is to acquire an asset or advantage of a lasting nature for the enduring benefit of the school. Identify capital receipts which may be available to finance capital expenditure.
- State grants
- Fundraising
- Parents’ contributions
- Donations
Next steps
Approval of the budget
- Once the budget has been finalised it need to be approved by the board of management and noted in the minutes.
- It should then be forwarded to the patron / trustee for approval if requested.
Monitoring
- The budget should be imported on to the schools’ accounts system to monitor the income and expenditure on an ongoing basis
- The variances ie I&E v’s Budget analysis will help to identify any overspends and enable the board to take action to prevent any further losses.