Lake Forest City Schools

Week 4 Assignment – Finance Project

Overview

An abundance of funding sources exists for learners in K-12 and Higher Education. However, there are some differences in the type of funding for each level of education. As educational leaders, understanding these funding sources and how they are managed is a key part of educational leadership.

Programs that are eligible for budget cuts are provided for you in the case studies.

Case Study

For this assignment, you will assume the role of an administrator. If you choose a K-12 focus, your role is Assistant Superintendent for Finance. If you choose an institute of higher education for your focus, your role is Vice President of Finance and Administration. In your capacity, you are a member of the task force charged with brainstorming solutions for the ongoing budget issues. As part of the task force, you will develop potential solutions for the issues as addressed in the assignment and include justifications for the solutions you develop. One of the largest issues you are currently facing is that if cuts are not made to the budget, then there is a possibility of having to place some staff members on an indefinite furlough in order to reduce costs. This is definitely something you want to avoid. As part of the task force, you will develop at least three potential solutions for the budget issues as addressed in the assignment and include justifications for the solutions you develop. You only need to complete one of the case studies options and you may choose your case study below:

Case Study #1. Lake Forest City Schools. K-12 School Division

You are the Assistant Superintendent for finance in Lake Forest City Schools (LFCS). Enrollment at LFCS is strong, with just over 3,500 students. Approximately 75 percent of the school district’s operating revenue comes from local taxes and city funding. It is February and the fiscal year ends on June 30. The city has not sent the last 3 million dollars of your annual state appropriation. The City Treasurer indicates that property tax income is lower than expected because many families experienced unemployment due to the recent pandemic. Your district has a small grant of less than 5 million dollars. There is enough operating cash to pay salaries through the end of May. If the needed funds are not received after May, teaching contracts will be held up and some faculty and staff members will face an indefinite furlough.

Programs and positions under consideration for budget cuts include, but are not limited to:

· Special education.

· Arts.

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