The most important budget terminologies are
Revenue
The revenue is the money received by the school district within an accounting year. A fund is part of the revenue and there are four sources of revenue for the school district and this include:
Local source,
Intermediate source, state, and Federal sources.
Expenditures
Expenditures are the expenses that the school district must fulfill within an accounting year. Part of the school district expenditures are the payment of teachers' salary, and travel expenses for the school staff
Balance Sheet
Balance sheet reveals the total assets and the total liabilities in the budget. The assets consist of current assets and fixed assets. The current assets are the assets that the school district could turn into cash within one year while the fixed assets are the assets that the school district could turn into cash after one year. The liabilities are the obligations that the school district must settle, and the current liabilities are to be settled within one year while the long-term liabilities should be settled after one year.
4. How the funds in the budget are balanced and coordinated
The funds in the budget are balanced by ensuring that the revenue are equal the expenditure. To prepare the budget, the school district receives revenue from the local source, which includes tax levy, interest and miscellaneous income. The school district also receives revenue from the state source, and the state source revenue includes Preschool Education Aid (PEA), and Debt Service Aid. The federal source includes Special Education Medicaid Initiative (SEMI) and IMPACT. As being revealed in the Mercer County 2013 School District Budget, the local fund is $901,000, state fund is $7,789,000 and federal fund is $1,090,000 making the total revenue equal to $9,780,000.
Mersey County 2013 School District Budget
Revenue
Local Funding
$901,000
State Funding
$7,789,000
Federal Funding
$1,090,000
Total District Funding
$9,780,000
Expenditure
Salaries Expense
$4,495,000
Employee Benefits Expense
$1,501,000
Capital Outlay Expense
$172,000
Non-Elementary and Secondary Expense
$0
Total District Expenditure
$9,040,000
There is also expenditure in the school district budget, which reveals the expenses that will be carried out within the accounting year. The expenditure for the 2013 fiscal year is as follows:
Salaries Expense = $4,495,000
Employee Benefits...
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