Strategic Budegetary Plan and the Mckinnley case
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Problem:
Please help develop a scenario where my academic institution is facing financial distress? Using actual current events or a fictitious crisis, I also have to explain the circumstances and then outline an action plan where/how I would implement principles of retrenchment in order to restore equilibrium.
Outcome:
Develop a budget strategy that aligns with an institution's strategic plan.
Learning Objective:
1. Develop a retrenchment action plan to address a crisis.
2. Also, anyone familiar with the McKinley case?
I also have to analyze and discuss McKinley College's financial indicators, and indicate what evidence I can find that they have implemented strategic planning.
Outcome:
Evaluate the outcomes and effectiveness of the strategic planning and budgeting processes.
Learning Objective:
Assess strategic planning processes.
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Solution Summary
Strategic Budegetary Plan and the Mckinnley case are discussed in detail in the solution.
Solution Preview
The problem is this; there is not enough money to run the school year because of revenues (not enough tax revenue coming in and a drop in government funding because of federal budget and deficit problems. This also occurred because test scores went up, but tax revenues went down because of some businesses closing and houses being foreclosed). So, there is a 302,000 dollar shortfall in this year's budget. This is what I would do-1. This still allows us to not lay off anyone nor not follow our goals needed for recognition from certain organizations (for PR purposes). No money for extra teacher supplies (this is discretionary anyways, that itself would save 15,575.00). Then I would also eliminate air conditioning in all rooms except the main office (where visitors ...
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