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Tuesday Tips: Budget Tips for Summer Break

Grow Schools

June 5, 2024

Budget Tips For Summer Break

Raj Thakkar from Charter School Business Management joined us to discuss budget tips for school leaders as they head into summer break. Here are the session’s top three tips.

  1. Review budget scenarios and account for known variables. School leaders should revisit their budgets to ensure all known factors, such as staff raises, rent increases, and inflation impacts, are accurately represented. Consider best case, mid case, and worst case scenarios for enrollment to plan effectively.
  2. Implement accurate forecasting and flexible staffing. Accurate forecasting on both an accrual and cash flow basis is crucial. School leaders should be prepared to make tough decisions early, repurpose staff where possible, and have contingency plans for both surplus and shortfall situations.
  3. Enhance enrollment management and marketing efforts. Maintain up-to-date enrollment figures and have quick response strategies for drawing from waiting lists. Enhance family engagement, revisit enrollment policies, and consider extending school days or adding grade levels. Use social media and community outreach to boost enrollment, and explore merging with nearby schools if necessary.