Friday Feature - Dual Budgets
Last week, I showed you how you could create a budget in 4 easy steps. Of course, budgeting can be much more complex than a few steps can handle. One of the more intricate issues for budgeteers is the dual budget.
As we all know, districts have to have a budget in place by July 1, but the State doesn't always adopt their budget in time. Since district funding relies so heavily on the State budget, some districts choose to go through a second adoption process, commonly referred to as dual budget adoption, where they hold a second public hearing on September 1.
Of course, Escape Online provides for this. In fact, there are two ways to handle dual budgeting, depending upon your district standards. The main difference lies in the statuses and the number of budget models created.
In this method, districts use a "Tentative" status to hold their budget figures until the final approval. Basically, the budget doesn't post until the “second” adoption. (Yes, the software actually uses Tentative as a budget status.)
This option is very slick. Once the budget is submitted, it is locked from any changes but provides “tentative” fund balances for submitting requisitions and such. When final approval is obtained, the budget is adopted. (Note, districts don't have to be on a COE system to use this method. However, regardless of your implementation, you will need Escape Customer Care to help you turn on these approvals because the setup is in the database, not accessible from the software.)
This is the more common method for finalizing a budget. Approvals can be turned on or off. The “first” model is adopted as the original and subsequent changes as a budget revision.