The Budget Allocation and Financial Management of Public Schools Under the K-12 Program: The Experience of the First District of Quezon

Authors

  • Michelle Carmela Asia

Keywords:

budget allocation, financial management, public schools

Abstract

Delivering quality education necessitates the proper management of funds allotted to educational institutions. The most common problem of these schools are time, resources, and financial constraints since the budget of the government are always limited due to several problems or reasons. The main thrust of the study was to examine the budget allocation and financial management of the public schools, to be able to find out whether optimal decisions are made. The following specific areas for budget allocation include budgeting techniques, budgeting process, budgeting formality, time horizons, and budgeting monitoring techniques. Financial Reporting Analysis, Fixed Asset Management, Capital Structure Management, Working Capital Management, and Net Asset Value, however, are the specific areas for Financial Management. These processes along with the list of problems encountered were analyzed in terms of the profile of the respondents and from the interviews with the selected public schools. The validation of data was supported by the responses from selected respondents. The research focused on the First District of Quezon specifically the towns of Pagbilao, General Nakar, Mauban, and Lucban. The descriptive method was used as its research design. Survey questionnaires regarding the budget allocation and financial management grouped into different areas were distributed to the selected public schools as well as to the respondents. Analysis of the data gathered was supported by statistical treatments specifically weighted average mean (WAM) and Analysis of Variance (ANOVA). There was uniformity on the responses from the respondents in the First District of Quezon in terms of the variables on budget allocation namely, budgeting techniques, budgeting formality, budgeting process, time horizon, and budgeting monitoring techniques. The respondents agreed on the financial management practices of the public schools in the First District of Quezon. Moreover, the respondents also agreed on the problems encountered by the public schools especially on the allocation of funds. This showed that the school often lacks financial resources; this implied that the schools' problems are financial in nature. Financial statements of the schools are prepared in line with the financial and government accounting standards, thus there is good inventory management. The results, however, demonstrate the need for close participation of the school administration on the proper allocation of funds.

Published

2019-12-18