Budget Monitoring and Financial Oversight for Charter School Governing Boards

This presentation, "Budget Monitoring and Financial Oversight for Charter School Governing Boards," by Dana Vignale, Charter Support Manager at the Florida Charter Institute, and Heather Clay, Executive Director of Innovation Montessori Ocoee, emphasizes the crucial role of governing boards in financial oversight and provides practical guidance on budget monitoring and financial reporting. The session begins with Vignale and Clay sharing their personal experiences in school finance and emphasizing the importance of collaboration between school leaders and governing boards to ensure financial health.

The presentation then delves into the essential financial reports that governing boards should review regularly, including the annual independent audit, budget to actuals reports, and bond covenants. The presenters highlight the importance of asking critical questions and understanding the key financial indicators to identify potential red flags and ensure the long-term sustainability of the school.

The session also emphasizes the importance of adopting and regularly reviewing financial policies and procedures. The presenters discuss how clear policies and procedures can help schools maintain consistency, ensure compliance, and promote transparency in financial management.

The presentation then focuses on the importance of data quality in financial reporting and the use of the Florida Red Book for standardized accounting practices. The presenters provide an overview of the Red Book coding system and its relevance for budget development, monitoring, and analysis.

The session concludes with a discussion of budget development and monitoring, emphasizing the importance of creating a realistic budget based on actual projections and involving school site leadership in the process. The presenters also highlight the importance of amending budgets throughout the year to reallocate resources and ensure that the school's financial resources are aligned with its strategic goals.

Key takeaways for attendees include:

• Understanding the key financial reports and indicators that governing boards should monitor.
• Adopting and regularly reviewing financial policies and procedures to ensure compliance and transparency.
• Utilizing the Florida Red Book for standardized accounting practices and data quality.
• Developing a realistic budget based on actual projections and involving school site leadership in the process.
• Amending budgets throughout the year to reallocate resources and ensure alignment with strategic goals.