Finance
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Last updated 30-Aug-2007
Contents
What is a budget?
Budgeting is a managerial tool used for planning and facilitating decisions about the allocation of
resources. It is also one means of monitoring the results to ensure they conform to the plan. The budget
expresses financially how the library will achieve its outcomes, and as such must be linked to the schools
priorities. Preparation of the budget should always be the role of the teacher in charge of the library in
consultation with other library and school staff.
Why have a budget?
A budget
- sets planning parameters for the school administration
- justifies the allocation of funds
- provides accountability for items of expenditure
- links achievement of student outcomes to resources input
- identifies priorities of the library and school and gives financial support
- develops school awareness of the financial requirements of the library
Scope of the budget
A budget includes costs associated with:
- collection development
- maintenance
- growth in priority areas
- administration costs of library
- projects e.g: book detection system, upgrading library system
Process of budgeting
Budgeting should not be seen as an isolated or incidental exercise. It must be inextricably tied to the
notion of priorities and needs. The effective budget should be fair, appropriate, documented and well
publicised. It is essential that forthcoming needs are clearly identified and costed.
Characteristics of a good budget
A good budget:
- is an ongoing process
- includes all library staff in the gathering of information
- includes all relevant items
- is clear and easy to read
Asset register of library resources
Until July 2007 the library catalogue is acceptable as an asset register for all library resources with a purchase price of under $5 000.
Single or a grouped set of library reference materials, reading materials or visual aids with a purchase price of $5 000 or greater (excluding GST) must be recorded in the Asset Register in the Library References category. The acquisition of an encyclopaedia with a purchase price of more than $5 000 (excluding GST) is an example of this.
Changes to the recording of the school library collection
From July 2007 all library resources with a useful life of two years or more must also be included collectively, in the Library Collection category of the school's asset register and the rolling method of depreciation applied. Guidelines were provided to schools in May 2007: DO07/151344 Changes to the recording of school software and library collection.
Average price of resources
The average price information can be particularly useful when preparing budget submissions for the Library Resource Centre.
Average price information is collated from items evaluated throughout the previous year by CMIS Evaluation Section. This information is available online at http://www.det.wa.edu.au/education/cmis/eval/library/avprice/
Fundraising
The school library budget should be sufficient to meet the school priorities in collection development and administration costs. However fundraising can be a useful source for ensuring the vitality of the library collection. Some suggestions for fundrasing are listed below.
School Library Fund
Under the Income Tax Assessment Act, schools and colleges may set up a tax-deductible public library fund. Details and guidelines are available on the Department's website: School Library fund: http://www.det.wa.edu.au/education/finance/docs/dgr-school-library-fundv3.0.doc
Book Fairs
A number of publishers and distributors offer book fairs as a means of fundraising.
