A Penny Saved Is A Penny Earned

“A penny saved is a penny earned” is a well-known proverb from Benjamin Franklin that speaks to the benefits of disciplined saving, smart spending, and future planning. In its founding moments, this was a wise and strategic approach for a country. The reason it has stuck around for a couple of hundred years is its broad application to improving individuals and groups. For the small finance department at LaRue County Schools, this phrase is more than a proverb; it’s their motto.

When your work consists of numbers, spreadsheets, and bank statements, it’s easy to lose touch with people who do not see those items on a daily basis. However, the finance department at Central Office is dedicated to tearing down the walls of intimidation some might feel when broaching the topic of school finance. On a daily basis, meetings and calls come in from staff, school directors, parents, and vendors, all with the intent of navigating a seemingly endless set of doors behind which are sometimes answers and sometimes more questions. Yet, the Finance department, consisting of three people, work to help each person or group understand and get what they need to continue their area of work beyond how it relates to school finance.

Oftentimes, for new staff members, community members, or parent volunteers, one of the most challenging aspects of school finance is understanding how money and can be spent.

Broadly speaking, there are three styles of budgeting. In the first, individual families create their own budgets based on their income and expenses. Second, businesses create their budget based on the income from selling goods/services and plan their budget based on projected sales. Finally, government organizations (including schools) are funded by taxpayer dollars and have large sets of detailed rules on how the money can be spent. Additionally, there are different buckets of money, each with its own specific set of rules on how it can be spent.

As school budgets are funded from a mixture of federal, state, and local taxpayer dollars, the level of discipline in overseeing the spending of those funds is difficult but rewarding. The goal in properly administering these funds is ultimately student success and caring for those who help students succeed - at LaRue County Schools, helping the whole child soar after graduation is what everyone is working toward.