HOW CAN SCHOOL DISTRICTS PRACTICE SOUND FISCAL MANAGEMENT?
Schools can successfully meet these challenges with two major strategies. First is practicing sound fiscal management, and second is an emphasis on cost-effectiveness and accountability, which are addressed in the next section. Gilbert Hentschke (1988) noted that a shift in authority must occur with site-based fiscal management. A prerequisite for assuming this new authority is mastery of these skills: Budget literacy, budget construction, costing out alternatives, monitoring revenues and expenditures, and computer literacy. School-based management becomes a meaningless exercise unless all participants are fluent in fiscal management. Budget literacy involves reading, understanding, interpreting, and analyzing a budget. Participants tie educational objectives to expenditures at the program (grade/subject), school, and district levels. Also necessary are budget construction skills. The principal and school council synthesize program budgets into a school budget, and so they must be able
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