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Area of Practice - Financial Resource Management
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Financial Resource Management

Principles of School Finance


  1. Apply economic and financial theory
  2. Recognize and forecast all sources of revenue
  3. Interpret the provincial funding model and analyze the impact of change
  4. Explore alternative and innovative revenue sources
  5. Identify and evaluate all expenditures
  6. Recognize and analyze significant social, demographic and economic changes that impact financial planning

Budgeting and Financial Planning


  1. Use multiple approaches to determine enrolment and personnel projections
  2. Forecast anticipated revenues and expenditures by program
  3. Apply legal requirements for budget adoption
  4. Recognize and explain external influences
  5. Maximize available resources
  6. Through various methods, identify and apply budget analysis, and control
  7. Communicate budget principles, priorities, revenue sources and expenditure plan to stakeholders
  8. Develop a methodology to monitor and communicate financial health

Accounting, Auditing and Financial Reporting


  1. Establish and verify compliance with finance-related legal and contractual provisions
  2. Communicate the relationship between programs, revenues and appropriations of the school district to the stakeholders
  3. Prepare, analyze and report financial statements and supporting discussion documents to the board throughout the fiscal year.
  4. Prepare a corrective action plan from the information conveyed in the annual audit report to improve financial tracking and reporting and internal controls and guide the implementation of the plan.
  5. Adhere to the accounting standards – setting governing body and prepare financial statements in accordance with the most current standards as issued by such body.
  6. Report the financial status of the district to the appropriate provincial agency in the appropriate regulatory format, which may be on a generally accepted accounting basis or on a customized/regulated basis of reporting. 

Cash Management Investments, and Debt Management


  1. Develop specifications and select financial institutions, advisors etc. as required
  2. Ensure appropriate level of cash resources to meet current financial obligations
  3. Comply with and understand the legal constraints for cash collection and disbursement
  4. Apply cash flow forecasting to meet future obligations
  5. Develop/recommend investment policies to include objectives such as maximizing investment income and preserving investment principle
  6. Understand the risk of various investments options and debt financing instruments
  7. Analyze internal transfers and loans
  8. Investigate opportunities for leasing or partnership opportunities to maximize cash resources

Technology for School Finance Operations


  1. Keep current with technology application and programs
  2. Assess technology needs related to available financial resources
  3. Ensure technology applications meet the financial planning and reporting requirements of the district
  4. Ensure that a disaster recovery plan is in place for accounting and business operation data