Course Purpose and Goals
In this module, you will examine typical cost drivers in schooling, how to examine cost equivalent tradeoffs, weigh community perspectives and communicate financial decisions in ways that build trust and help you get the most from your budget.
Introduction
The cornerstone of sound financial planning is better understanding the per-student cost of different aspects of school operations. This permits schools to see clearly the relationship between their spending habits and strategic priorities. It's also the first step in identifying effective cost-savings strategies.
Let's get started
For this module, Jordan Tollefson, Education Director with the Edunomics Lab at Georgetown University will explain the basics of school finance and help school leaders build strategic leadership skills and focus spending decisions to do the most for students and align spending with mission.
Start each activity by watching the video, then follow the prompts in the sections below. If you need to show completion of the module, you can email your answers to yourself at the end.
Next Step
Overview
Smart Money for School Leaders is a collection of education finance instructional modules developed by Edunomics Lab, Georgetown University designed to provide the hands-on finance skills school leaders need to make strategic financial decisions and tradeoffs aligned with mission on behalf of their students.
Welcome
Setting the Base
Q1
Does your compensation schedule favor mission critical subjects?
If so, or if not, was that intentional?
Your answer: {no answer}
Q2
If so, or if not, is that fair?
Your answer: {no answer}
Q3
If desired, how could you remedy this?
Your answer: {no answer}
Q4
Which of the following plays the largest role in guiding new dollars in each year’s budget: Thoughtful strategic planning process, inertia, competing political forces?
Your answer: {no answer}
Q5
Which plays the largest role in guiding decisions about recurring dollars in each year’s budget: Thoughtful strategic planning process, inertia, competing political forces?
Your answer: {no answer}
Q6
Which plays the largest role in guiding decisions about budget cuts: Thoughtful strategic planning process, inertia, competing political forces?
Your answer: {no answer}
Q7
We regularly review of student outcomes data and spending adjustments to remedy any areas where students are underperforming.
A. Yes, system wide at all levels.
B. At leadership level yes but not with individual school leaders or our board.
C. No, too many political forces at play to use student data as part of budgeting.
Your answer: {no answer}
Q8
Our school schedule and offerings are the same every year.
A. Yes, because our families count on the long breaks. OR Yes, we offer programs even if only a handful of students sign up.
B. We want to but just feel stuck in “how its always been done”.
C. No, we make adjustments to meet changing student population and needs of our learner community.
Your answer: {no answer}
Q9
We pay our senior teachers more regardless of alignment with mission or subject vacancies.
A. Yes, our teachers want regular predictable raises, not workload or performance based bonuses.
B. Not intentionally but we might.
Your answer: {no answer}
Q10
How aligned is your spending to your mission?
A. We’re good
B. I want to take a look, this has given me some ideas to look into
C. I thought I knew but now not I’m not so sure
Your answer: {no answer}
Looking at Cost Drivers
Getting the Most from Your Budget
Q1
How would you use Would You Rather questions to frame your decision making?
Your answer: {no answer}
Q2
How would you use Reasonable/Less Comfortable scenarios to think about community reactions to make decisions on programming and staffing?
Your answer: {no answer}
Communicating and Building Trust
Wrapping Up
