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IASB Issues Third Edition of Book on School Finance

Essentials of Illinois School Finance, Third Edition
  By James B. Fritts
  Publisher: Illinois Association of School Boards
  ISBN 978-1-880331-20-0
  140 pages, soft cover; August 2006
  $30 (IASB members, $20) plus $5 per order for shipping

The Illinois Association of School Boards has published an updated Third Edition of its top-selling book Essentials of Illinois School Finance.

Sub-titled "A Guide to Techniques, Issues and Resources," the book was originally designed as a training manual and desk-top reference for school business mangers and budget makers. While it still serves that role, the book also provides an effective reference for anyone who needs to understand "the essentials of Illinois school finance."

From the peculiarities of property taxes and state funding to the formulas for projecting enrollments and staffing budgets, this book covers just about everything—and does it in plain English. New with this third edition is a separate chapter on the role of school board policy (which is also addressed in the foreword by IASB Executive Director Michael Johnson). This edition also introduces an all new alphabetical index.

The Third Edition, of course, is completely updated with revised laws and state funding data for fiscal year 2007.

The author, James B. Fritts, is a retired school business official who also has taught school finance to administrators and aspiring administrators at Loyola University of Chicago. In addition to his own experiences and those of numerous students and colleagues, Fritts calls on a wide array of sources with expertise in state funding, property tax administration, and virtually all aspects of school business management.

The first part of the book deals with revenue—where schools get it, how they maximize it, protect it, manage it and plan for it. The second half of the book addresses expenditures—how schools budget for them, reduce them, and make plans to deal with them. Together, the two sections provide a solid base for financial management and long-range planning.

Beginning with how Illinois funds its schools and the school district organization, Part One reviews the budget as a legal document and revenue plan, fund accounting, the property tax cycle and assessment process, the rules and impact of 'tax caps', corporate personal property replacement tax revenue, how the general state aid formula works, and categorical grants for social programs. It continues with federal appropriations and matching grants, uses of local revenue sources, techniques for revenue projection, short- and long-term borrowing options, maintaining revenue controls, and successful referendum planning.

Part One concludes with an analysis of the school funding debate over equity and adequacy.

Part Two reviews how school expenditures are managed and monitored. The process begins by looking at the structure and techniques of budgeting expenses, the 'seasons' in the budget calendar, projecting student enrollments and staffing needs for elementary and secondary schools, and containing non-instructional and capital costs. It continues with multi-year budgeting projections, cost control practices, interpreting financial reports, and the forces that are changing the budgeting process.

A new chapter at the end examines the many standards for school finance and business management that need to be established by action of the local governing board. Topics examined include maintaining reserves through fund balance policies, as well as standards for financial reporting, budget development, bidding and purchasing, internal checks and balances, student activity funds, audits, bonding of the treasurer, the selection of banking services, and protecting physical facilities.

Essentials of Illinois School Finances is available from IASB Publications, 2921 Baker Drive, Springfield, IL 62703. Telephone 217/528-9688, extension 1108; fax 217/528-2831. Price is $30 ($20 for IASB members) plus $5 per order for shipping. The book also may be purchased through the Association's online bookstore.

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