Norfolk Public Schools’ Post

Sharing for those in the accounting and financial services field:

From the testimony of Ms. Kim Cheatle, Director of the U.S. Secret Service, it appears that the agency lacks the most essential tool in internal control and budgeting. Like any well-run organization, the U.S. Secret Service's finance department should maintain a detailed position budget for every occupied, vacant, and new job/function within the agency. Without such an accurate spreadsheet that's continuously updated as employees are hired, terminated, or new positions created, a budget becomes simply a guesswork, not a reliable workplan. Throughout my career, from the University of La Verne to Lincoln Families, this has always been the first internal control mechanism and budgeting tool I've instituted. Any nonprofit organization or government agency that lacks this critical tool, would struggle both financially and operationally.

Budgeting – The Next Level - All communities have a wish list of projects.  The next level of budgeting is to formalize this wish list and place projects in priority order.  Next to each item, determine its costs and any deadlines for completion ... https://lnkd.in/gEV6MiCg

Budget season is just around the corner! A good rule of thumb is to have the budget completed and ready for approval at least 45 days prior to the date required by the association documents, or by the beginning of the fiscal year if no date is stated in the association documents. The first step in the budgeting process is reviewing the association documents to determine whether there are any specific requirements for preparing the budget. Typically, if the association’s fiscal year is the calendar year, the budget should be ready for approval at the November regular board meeting. For more information on the budget process and the steps to complete the budget, review our firm's Cheat Sheet Budgeting for Community Associations. https://lnkd.in/g8CTDKSP

𝗢𝘂𝗿 𝘁𝗼𝗽 𝘁𝗶𝗽𝘀 𝗳𝗼𝗿 𝗴𝗼𝗼𝗱 𝗯𝘂𝗱𝗴𝗲𝘁𝗶𝗻𝗴 𝗶𝗻 𝗳𝘂𝗻𝗱𝗶𝗻𝗴 𝗮𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀 ⬇ 🧮 𝗖𝗵𝗲𝗰𝗸 𝗶𝘁 𝗮𝗱𝗱𝘀 𝘂𝗽: sounds SO obvious, but budgeting mistakes are easy to make and give funders a guilt-free reason to put you in the No pile in a competitive funding round. Especially if multiple people have been involved in your budgeting, check that the total is accurate and that no formulae have been gone wonky along the way. 🧮 𝗘𝘅𝗽𝗹𝗮𝗶𝗻 𝘆𝗼𝘂𝗿 𝘄𝗼𝗿𝗸𝗶𝗻𝗴𝘀: Use separate columns for Item, Amount and Notes. E.g. if you're including £200 for volunteer expenses, explain that's based on £20 per volunteer x 10 volunteers. This ensures transparency and helps funders to understand and feel confident in your budget. 🧮 𝗔𝘃𝗼𝗶𝗱 𝘀𝘂𝘀𝗽𝗶𝗰𝗶𝗼𝘂𝘀 𝗿𝗼𝘂𝗻𝗱 𝗻𝘂𝗺𝗯𝗲𝗿𝘀: Avoid figures that give the impression you haven't done your sums accurately e.g. exactly £30,000 for a salary or - the worst example we've seen - £1million for a capital project! Instead, rely on real-life calculations, salary scales, market research etc. to provide more accurate costings. 🧮 𝗘𝗻𝘀𝘂𝗿𝗲 𝗳𝘂𝗹𝗹 𝗰𝗼𝘀𝘁 𝗿𝗲𝗰𝗼𝘃𝗲𝗿𝘆: Calculating and including a proper contribution towards overheads - and using a checklist of budget lines to remind yourself to check whether you need to include something for travel, printing etc. - will ensure you've budgeted properly and don't need to dip into vital core funds later to subsidise project costs later. 🧮 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁 𝗺𝗮𝘁𝗰𝗵 𝗳𝘂𝗻𝗱𝗶𝗻𝗴: As a general rule, if your project costs £50k and you've already secured £30k, don't just include a budget for the remaining £20k in your application. Instead, show the full project cost, how much you've already secured, and where it's coming from. This demonstrates that you've had some funding success already and usually builds funder confidence. Please share any other budgeting tips below 😁

The #Law #Public_Finance #7 Continuation: Independent Budget After discussing the definition of the public budget as a financial document, the law of its approval, the attached tables, and the difference between the objective public budget law and the procedural budget approval law, and after defining the independent public budget, its features and characteristics It is important to note the relationship between the independent budget and the general budget of the state. https://lnkd.in/eSj59eu7 * The rule: The independent budget does not affect the general budget of the state, because it is assumed that its own revenues will cover its expenditures, and it will also manage to finance the deficit and carry over the surplus to the next budget. * The exception: The general budget may decide to allocate appropriations to the entity with the independent budget in the event of a deficit. * The appropriations allocated to the independent budget within the general budget of the state do not constitute a pure right for the government entity with the independent budget, and are not transferred immediately upon approval. * The financial appropriations allocated within the general budget of the state are a form of support for the independent budget, and are not used until after the own revenues of the independent budget itself have been exhausted. * It is not conceivable that the independent budget will achieve a surplus based on the amount of the appropriation allocated to it in the general budget of the state. * At the end of the year, a settlement must be made through which part of the appropriation amount is transferred to the government entity's revenues, equivalent to the costs shown in the income statement after deducting any own revenues achieved by the government entity during the fiscal year and up to a maximum of the government's outstanding credit balance shown in the entity's budget at the end of the year. *On the other hand, the independent budget may affect the revenue side of the general budget of the state if it achieves a surplus and does not have the legal authority to carry over the surplus. In this case, the surplus is transferred to the general budget of the state and appears on the revenue side. * All financial rules and procedures applicable to the general budget shall apply to the independent budget unless there is a specific provision in its financial regulations. (Article 114 of the Bahraini Constitution and Article 3/A of the Bahraini Public Budget Law) - In the next post, we will shed light on the annexed budget as one of the types of public budgets.

#Law Public Finance #6 Follow-up: Independent Budget In the previous posts, we discussed the definition of the public budget as a financial document, the law of its adoption, the schedules attached to it, and the difference between the substantive law of the public budget and the procedural law of its adoption. We also defined the independent public budget https://lnkd.in/dGKGv4ry. In this post, we will discuss the characteristics and features of government entities with independent budgets and their relationship with the state's general budget. Second: Characteristics of Government Entities with Independent Budgets From the previous definition of the independent budget, we can infer some important characteristics of government entities with independent budgets: 1. Independent legal (moral) personality: An independent budget cannot be granted to an entity that does not have an independent legal personality. This requires that it be granted by law (or decree by law). Therefore, the law of the government entity must state that it is granted an independent legal personality before it is granted an independent budget. 2. Self-generated revenues: The principle is that this type of budget is granted to the government entity so that it can operate independently and cover its expenses from its own revenues. However, if the entity relies on the appropriations allocated to it in the state's general budget for all or most of its expenses, there is no reason to grant it an independent budget. 3. Nature of the activity: The activity of the government entity is supposed to be of an economic or semi-economic nature that requires financial flexibility that may not be available in traditional government financial systems. This justifies granting this government entity special financial rules that are usually more flexible than government financial systems. 4. Carrying forward the surplus: Although the legal definition includes this power within the definition of the independent budget, this power is not assumed. Therefore, the law must explicitly state that the government entity is granted the power to carry forward the surplus, as this is an exception to the general principle of depositing any surplus in the state's general account. It should be noted that this surplus must be realized from the government entity's own revenues. It is not conceivable that the surplus of the independent budget would be realized from the financial appropriations allocated to it within the state's general budget. To be continued... (In the next post, we will discuss the relationship between the independent budget and the state's general budget.)

HOA Budgeting Best Practices Every HOA Should Follow Proper HOA budgeting is an association’s first defense against financial trouble. When an HOA has a clear and specific game plan, operations flow much smoother. Unfortunately, not all board members know how to budget for their HOA community. Several factors are to consider and some key actions that may get overlooked. #CommunityBudget #FinancialPlanning #BudgetTransparency #ReserveFund #FinancialStability #CostReduction #FiscalResponsibility #BudgetCommittee https://lnkd.in/gY-WQc-v

In the past, public sector organizations relied on the previous year's budget to build the next one—with many still following that process. Using historical precedent to determine where to allocate funds in the coming year is not wrong by any means, but it has some drawbacks.    This budgeting approach relies too heavily on the past instead of anticipating economic shifts and evolving citizen needs. The result? A government that’s slow to adapt to change and less optimized for positive community impact.  So how can agencies like yours achieve a flexible, future-proof, and citizen-first budget?    Read ICMA - International City/County Management Association's blog post to explore the age-old challenges within public sector budgeting as well as effective approaches to merging budget and strategy: https://lnkd.in/gRPY7SH8

I'm Alarmed! Monthly Financial Reports Missing in Schools! As a school financial administrator/consultant, I'm dismayed to discover that many school accountants don't prepare monthly financial reports, such as cash books and bank reconciliation statements. These essential documents are crucial for tracking income, expenses, and cash flow. But here's the shocking part: cash book and bank reconciliation statements are not just theoretical concepts learned in secondary school Accounting classes. They are practical tools that should be prepared monthly to ensure financial transparency and accountability! Dear School accountant, do you know what Sub-heads are? Effective financial management requires categorizing expenditures into sub-heads, such as: - Salaries and Wages - Teaching Materials - Utilities - Maintenance - Transportation These sub-heads help schools track spending, identify areas for cost-saving, and make informed decisions. By not preparing monthly financial reports, schools risk: - Poor financial decision-making - Inaccurate budgeting - Unidentified financial leaks - Lack of transparency and accountability Dear school Administrators/ accountants, I urge you to prioritize monthly financial reporting. Partner with me so I can adequately guide you on how to do this effortlessly. Contact me to learn more about financial record keeping and let's get your school's finances in order! 08036512611