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District Budgetary Overview - Essay Example
Finance & Accounting
Pages 4 (1004 words)
District Budgetary Overview The district's generally accepted accounting practices of building a budget The Cartwright Elementary school District No. 83 is guided by the generally accepted accounting practices for disclosure of financial statements and providing the same to the State…
The schools in the district would require prepare a budget for the period of July, 1 to June, 30 and submit the same for sanction of the governing body by July, 15. The three generally accepted accounting practices include the incremental budgeting, the zero based budgeting and the planning, programming, budgeting system. The incremental budgeting is done the district school where they adjust the budget of the previous year to that of the next year (Hosted, 2012). The zero based budgeting includes starting he budgeting at the beginning of the year. The planning, programming and the budgeting system includes the cost on a per pupil basis. Due to this accounting practice, the fluctuation of the budget is eliminated due to change of demographics. The superintendent and school board responsibilities for building a budget The responsibility of the superintendent and the school board is crucial for building the budget. The responsibilities range from forecasting the enrolment for the next year as compared to the current years, take feedbacks from the supporting staffs and confirm the final budget. The actual enrolment figures are tallied against the projected figures to produce an error free budget. The feedback from the operational staffs is taken to make necessary adjustment for meet the unplanned expenses. ...