Reference no: EM133506004

Assignment: Finance Project

Assume the role of an administrator. If you choose a K-12 focus, your role is Assistant Superintendent for Finance. If you choose an institute of higher education for your focus, your role is Vice President of Finance and Administration. In your capacity, you are a member of the task force charged with brainstorming solutions for ongoing budget issues. As part of the task force, you will develop potential solutions for the issues as addressed in the assignment and include justifications for the solutions you develop. One of the largest issues you are currently facing is that if cuts are not made to the budget, then there is a possibility of having to place some staff members on an indefinite furlough in order to reduce costs. This is definitely something you want to avoid. As part of the task force, you will develop at least three potential solutions for the budget issues as addressed in the assignment and include justifications for the solutions you develop.

You are the Assistant Superintendent for finance in Lake Forest City Schools (LFCS). Enrollment at LFCS is strong, with just over 3,500 students. Approximately 75 percent of the school district's operating revenue comes from local taxes and city funding. It is February and the fiscal year ends on June 30. The city has not sent the last 3 million dollars of your annual state appropriation. The City Treasurer indicates that property tax income is lower than expected because many families experienced unemployment due to the recent pandemic. Your district has a small grant of less than 5 million dollars. There is enough operating cash to pay salaries through the end of May. If the needed funds are not received after May, teaching contracts will be held up and some faculty and staff members will face an indefinite furlough.

Programs and positions under consideration for budget cuts include, but are not limited to:

1. Special education.
2. Arts.
3. Vocational education.
4. After-school tutoring programs.
5. Extracurricular activities.

Task

Question 1. Identify the financial issues Lake Forest City Schools or Muddy Water Community College are experiencing.

Question 2. Summarize each issue and the negative impact these issues will have on the school or college's ability to function if they are not resolved.

Question 3. Propose a short-term plan with a specific action to resolve each of the short-term problems you identified.

Question 4. Provide resources that may be available to the school or college division to help address the short-term financial issues that are taking place.

Question 5. Propose a long-term strategy, up to three years, with a specific plan of action to prevent any similarly identified problems from transpiring.

Question 6. Justify each of your measures and support them with research where applicable.