Asked Jan 30, 2019

I will be conducting and reporting on an interview with my school asst business administrator about the budget process. Please list a series of questions I should be asking when preparing for a school budget. Ty :)


Expert Answer

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Step 1

Please note that the budget will comprise of three key parts:

  1. Revenue Budget
  2. Cost Budget
  3. Capital Budget

Let's look into them one by one and prepare a list of questions.

Step 2

Revenue Budget: This is budget for total revenue of the school. Through this budget we come to know the quantum of money that's coming from core operations of the school. Questions to ask:

  1. What are the revenue drivers for the school?
    1. Nos. of enrollments, admissions?
    2. School's fees towards enrollments, admissions?
  2. What kind of growth to expect in the revenue drivers?
  3. What was the revenue last year? Wht was the budget last year? How did we perform with respect to the budget last year?
  4. will my revenue be seasonal or uniform throughout the year?
Step 3

Cost budgets: This is the budget for the day to day operations of the school. Questions to ask:

  1. What drives the costs at the school? Which item is my biggest cost?
  2. Assumptions for cost budget.
  3. Whether a cost item is fixed cost or variable cost?
  4. Whether the costs ar...

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