Introduction: As school administrators, it is important to have a thorough understanding of public school finance. This knowledge will enable you to make informed decisions about budgeting, resource allocation, and financial planning. In this lesson, we will explore the basics of public school finance, including funding sources, budgeting, and financial reporting.

Lesson Outline: I. Funding Sources A. Federal Funding B. State Funding C. Local Funding

II. Budgeting A. Developing a Budget B. Budgeting Process C. Budget Monitoring and Control

III. Financial Reporting A. Financial Statements B. Audits C. Compliance

Questioning: 1. What are the three main sources of funding for public schools? 2. What is the purpose of developing a budget? 3. What is the budgeting process? 4. What is the role of financial reporting in public school finance? 5. What are financial statements? 6. What is an audit? 7. What is compliance? 8. What is the difference between federal and state funding? 9. What is the role of local funding in public school finance? 10. How can school administrators monitor and control their budgets?

Assessment: To assess your understanding of public school finance, please answer the following multiple-choice questions:

1. What are the three main sources of funding for public schools? A. Federal, state, and local B. Federal, private, and local C. State, private, and local D. Federal, state, and international

Answer: A

1. What is the purpose of developing a budget? A. To allocate resources B. To monitor spending C. To control costs D. All of the above

Answer: D

1. What is the budgeting process? A. Developing a budget B. Monitoring and controlling spending C. Both A and B D. None of the above

Answer: C

1. What is the role of financial reporting in public school finance? A. To provide transparency B. To ensure compliance C. To monitor spending D. All of the above

Answer: D

1. What are financial statements? A. Reports that show the financial position of an organization B. Reports that show the academic performance of students C. Reports that show the health of an organization D. Reports that show the social impact of an organization

Answer: A

1. What is an audit? A. A review of financial statements B. A review of academic performance C. A review of social impact D. A review of compliance

Answer: A

1. What is compliance? A. Following rules and regulations B. Following academic standards C. Following social norms D. Following ethical principles

Answer: A

1. What is the difference between federal and state funding? A. Federal funding comes from the federal government, while state funding comes from the state government B. Federal funding comes from private sources, while state funding comes from public sources C. Federal funding comes from international sources, while state funding comes from national sources D. Federal funding comes from state sources, while state funding comes from federal sources

Answer: A

1. What is the role of local funding in public school finance? A. To provide additional resources B. To supplement federal and state funding C. To replace federal and state funding D. None of the above

Answer: B

1. How can school administrators monitor and control their budgets? A. By developing a budget B. By monitoring spending C. By controlling costs D. All of the above

Answer: D

Reference: “Public School Finance.” National Conference of State Legislatures, 2021, www.ncsl.org/research/education/public-school-finance-overview.aspx.