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School Finance 101


School boards may occasionally struggle to measure whether they are adequately addressing their role in financial accountability. They are asked to learn new jargon while making million-dollar decisions that impact school children, buildings and local taxpayers’ money. Therefore, public trust is critically affected when “surprise” information suddenly appears. To help school boards better understand the finance process, the WASB has partnered with the WASBO to create a nine-part webinar series to create a complete overview of what boards need to do to be financially accountable. This series will elaborate on the financial monitoring benchmarks, review essential school finance topics, provide insight on how school boards can be accountable to external stakeholders of the district’s finances and other vital topics that impact school finance.

Be sure to also download the financial monitoring benchmarks schedule to ensure your district is following a proper timeline for creating budgets and making other key financial decisions. 

For more information about how the WASB can assist with your board’s finances, contact Ben Niehaus at bniehaus@wasb.org.

Part One

Part one of the school finance webinar series covers the school board’s role in school finance. Learn about the set standards school board’s need to follow in financial oversite and five different financial monitoring tools for school boards.

School Finance 101 Part 1 Video
School Finance 101 Part 1 Presentation

Part Two

Part two of the school finance webinar series covers the history of school finance in Wisconsin. It provides a historical overview, details about Article X of the State Constitution and major milestones in Wisconsin school district history.

School Finance 101 Part 2 Video
School Finance 101 Part 2 Presentation

Part Three

Part three of the school finance webinar series covers the terms and concepts of school finance. Learn general finance definitions and details about pupil count, revenue limits, aid, common property tax terms, fund balances and audits.

School Finance 101 Part 3 Video
School Finance 101 Part 3 Presentation

Part Four

Part four of the school finance webinar series covers revenue limits. Learn about the history of revenue limits, the critical factors in revenue limit calculation, and recurring and nonrecurring adjustments.

School Finance 101 Part 4 Video
School Finance 101 Part 4 Presentation

Part Five

Part five of the school finance webinar series covers the school funding formula. Learn how the school funding formula works and other key concepts such as equalization aid, pupil membership, shared costs, equalization property valuation, state guaranteed valuations and state funding.

School Finance 101 Part 5 Video
School Finance 101 Part 5 Presentation

Part Six

Part six of the school finance webinar series covers property taxes. Learn about local tax revenues, setting of the levy and a sufficient tax amount and the formula to calculate the distribution of tax levy among municipalities.

School Finance 101 Part 6 Video
School Finance 101 Part 6 Presentation

Part Seven

Part seven of the school finance webinar series covers the overall budget process. Learn about the important items to consider and a recommended timeline to propose and pass your district’s budget. Also gain knowledge about fiscal policies and going through the budget deliberation process.

School Finance 101 Part 7 Video
School Finance 101 Part 7 Presentation

Part Eight

Part eight of the school finance webinar series covers administration of a budget. Learn about the financial information board members should receive such as revenue limit, the original budget, expense reports, revenue reports, vouchers and balance sheets. Also take a look at internal controls, budget amendments and teachable moments when discussing school district budgets.

School Finance 101 Part 8 Video
School Finance 101 Part 8 Presentation

Part Nine

Part nine of the school finance webinar series covers issues affecting economics of education. Learn about key issues impacting school board budgets, including revenue per pupil lag in state funding, special education aid reimbursement, voucher expansion, enrollment, staffing and referendums. Also take a look considerations school districts should make when discussing the 2025-27 state budget with legislators.

School Finance 101 Part 9 Video
School Finance 101 Part 9 Presentation