Budgeting

Generating financial budgets are standard operating practice for any business to maintain and continuously review. For schools, budgets affect the day-to-day operations and they impact students and teachers alike. When state and federal funding or donor contributions run dry, budget reductions may be necessary. In this assignment, you will be tasked with making challenging budget decisions while keeping the best interests of students, teachers, and staff in mind. Unfortunately, funds are not as lucrative as they used to be for school districts and colleges. You must reduce the budget by at least 20%, but no more than 50%. Read the case studies below, then answer the instruction questions using the allocation table template. The table will be completed after viewing the budget allocation spreadsheet.

Case Study
For this assignment, you will read the appropriate case study applicable to your educational level and complete the requirements.

Lake Forest City Schools (LFCS). K-12 School Division
You were originally allocated $53, 349, 882 for your annual budget at Lake Forest City Schools (LFCS). The funding sources that allocated funds are included for your review. Due to COVID-19 impacts, your budget has been reduced to $42,169, 665 and more cuts are needed. There are certain areas that are eligible for this round of budget cuts. The instructional budget is not eligible for cuts at this time.

Justify which areas of the budget you made reductions to for your chosen school or university.
Explain how the budget reductions affect the overall budget and operation of your chosen school or university.
Complete the Budget allocation spreadsheet [XLSX] Download Budget allocation spreadsheet [XLSX]for your chosen school or university.
For help with Microsoft Excel spreadsheets, view the following videos:
Navigating workbooks with CTRL shortcutsLinks to an external site.
Navigating large data sheetsLinks to an external site.
Complete the budget allocation table Download budget allocation tablefor your chosen school or university.
Use four sources to support your writing, outside of your textbook. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. The references page and budget allocation table do not count toward the page total.
Submit the assignment and the budget allocation table together in one attachment.
This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support