Applicants may or may not be thinking of the need to be strategic in their role. "Stress this notion of the CFO as a team player and as a really important part of the team who has a responsibility for designing and implementing effective strategy," Travers adds.

Long-term financial planning: Go beyond a forecast based on past trends by proactively identifying changing cost drivers or future areas of uncertainty, and by explicitly framing choices that district leaders and stakeholders must make. The strategic CFO’s transparent planning process allows stakeholders to understand the challenges, trust the forecast and feel ownership as the district engages in solutions. Opportunities for widespread, ongoing public engagement with the plan are a must. In addition, strategic CFOs continuously pursue additional sources of revenue.
Strategic planning: CFOs should sit at the academic planning team table to help others understand the district’s overall resource picture, including what the implications would be for potential investment decisions. The CFO can help academic leaders apply an ROI mindset.
Annual district budgeting: The budget development process should start with the question, "What are the district priorities (from the strategic plan) that our budget should address?" to identify spending that meets those goals. This function also involves integrating general funds and grant funds—as well as integrating school staff, department heads and community members into budget decision-making. Prior year budgets are used as a reference, not as a default.
Annual school budgeting: Central office administrators can strengthen school-level support by providing coordinated feedback to help principals achieve district priorities. Principals must be clear on which resource decisions are "tight" and which are "loose," and how these may vary by individual school needs or performance. Strategic CFOs also coordinate budget timelines through cohesive budgeting, staffing and scheduling conversations—and ensure budgeting starts early enough to allow for district feedback and competitive teacher hiring.
Collective bargaining: Strategic CFOs work with HR and academic leaders academics to better understand the compensation strategy, teacher market strategy and academic strategy with a staffing impact. CFOs and other leaders should work to create wins for both sides of the bargaining table.

Join the conversation about this report: Use hashtag #StrategicEdCFO on social media.

Instant Insights /

School district CFO's role: Accountant, strategist, visionary

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