Finance is only one of many factors which determine the achievement of a student. This factor in conjunction with modern trends in education like the quality of school leadership and teachers, staff training facilities, the strength of the class, coupled with a synchronization of standard curriculum and accountability pave the way for quality education. Needless to mention, the dedicated involvement of parents is all deterministic of modern education trends. While the affluent communities are synonymous with excess funding, involving parents and the community at large, these are able to concentrate on providing comprehensive student enhancement programs like music and fine arts taking the benefits from well-equipped school libraries, which the poor schools fall short of.
Money makes many things – So to say, running schools and maintaining them is impossible without the use of proper resources. This school finance data are indicative of how much money is spent per student in a territory, when compared to the state average. While a predominant share of a school’s finance is spent towards the salaries of teachers and instructional related services. This is a prevalent scenario in most school and district budgets, which vary from state to state.
School Finance – Sufficient funds and Equity Resources
Sufficiency of funds, advocates a uniform principle that makes states obligatory to provide enough funds for all students, to enable them meet their academic expectations. Read through the blog by Joseph Tramontana to know more on this front.
Varying costs are, a result of three main reasons:
- Researchers apply one of the four main methods in cost estimation ((professional judgment, successful schools, cost function, and evidence-based), with their own strengths and drawbacks.
- Not all studies would require additional costs to be incurred; students with disabilities or poverty stricken students will not have an access to expensive means of education.
- Variance in estimates based on different standards for funding adequate education.
Equity in School Funding:
This is a concentrated effort to focus on bridging the gap between various local districts to be able to raise funds for schools in their territory. The void is created on account of discrepancy in local funds. While the wealthier districts have property taxes as a source to raise school finance, the less fortunate and less wealthy districts stand to lose to generate funds, thus posing a disadvantage to children for want of quality education.
Increase in equity will result in higher funding from states that provide education, with more states targeting those revenues to fund schools. While legal battles pronounced exclusive rights to state authorities to spend on education, despite the fact that the state fund might just be a minimal offering to the local funding. Additionally, the state authorities should ensure that no single district spends in excess over the other.
Challenges faced by Districts in generating funds for schools:
Joseph Tramontana finds two schools of thought; one category of school officials worked in the direction of generating more funds for a uniform distribution, while the others concentrating on whether schools are making an intelligent use of their money. Weighted Student Funding is a concept to improve student achievement which ensures money to flow to places where it is most needed and sought. This is in line with providing extra funds to groups of students who are perceived to benefit expensive sources of education
Last but not the least, while so much is said about school funding, a higher level of spending should not be considered a yardstick for higher levels of student achievement. It is only when the school derives synergistic benefits from all related resources, will then be a move in the direction of satiating the quest for high quality education.