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  • Writer's pictureRussell Cooke

What you may want to Consider #7: Reviewing your Long-Term Financial Plan

We have decided to write a series of short articles giving suggestions on what business managers and school leadership may consider doing now or this month. These may require some effort, but we have found that they promote organization, understanding and build trust around the finance and operations of a school. Like schools, these articles are calendar driven and are relevant to the school month in which they are published.

April is often a time of year when the Business Office can catch its breath before the pace picks up as the school year draws to a conclusion.

This calm before the storm is a great time to revisit your long-term financial plan. The plan is often one of the main agenda items in the last or penultimate finance committee meeting of the school year. As this year finishes up it helps frame next year's budget as part of a longer-term view.

It may be a year since the last time you used your long-term plan, so it is important to audit the logic and see if it needs to be amended or extended to take account of the different circumstances or plans of the school.

Finally, if you have a colleague that can critically review your plan, ask them to audit the logic and the functionality. A second pair of eyes will usually lead to some improvements or discoveries of unwanted spreadsheet errors.

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