Case Study
Sycamore School District Reverses Deficit Spending and Balances Budget with Financial Planning Analytics
District Background:
- Location
- Sycamore, IL
- K-12 Enrollment
- Over 3,763
- Facilities
- 5 elementary schools
- 1 middle school
- 1 high school
Frontline Solutions Used:
- Financial Planning Analytics, formerly 5Cast
Located in the rural western suburbs of Illinois, Sycamore Community School District 427 maintains a comprehensive educational program run by a highly qualified and balanced staff committed to their mission to “empower all learners to succeed in their world.”
The Challenge:
Nicole Stuckert, CFO/CSBO at Sycamore, and Jim Dombek, District 427 Board President, discovered the district was in a dire situation. Because state funding was declining and cash reserves were dwindling, the district was heading towards a deep deficit and needed to immediately take corrective measures to avoid a loss of funds in five years. Stuckert and Dombek were looking for a tool that would allow them to accurately project their financial position over the upcoming five years in a manner that was understandable to stakeholders.
The Solution:
In 2013, PMA Financial Network introduced Stuckert to Forecast5 Analytics, now a part of Frontline Education, as they knew the budgeting and forecasting tool Financial Planning Analytics, formerly 5Cast, would help solve the issues they were facing. Very quickly, the team partnered to build an interactive model that allowed the district to automatically generate reports, develop multi-year budgets, and visually communicate their financial position to stakeholders.
We liked the instantaneous ability to demonstrate the effect of proposed changes to the bottom line with an easily understandable graphic representation.”
The Results:
Having the ability to use real numbers directly from the budget and expense ledgers allowed the district and board to gain visual understanding and foresight into the coming years. It was invaluable to have the ability to enter real-time figures and instantaneously see the impact the proposal would have on the district’s future economic health. The Board was able to formulate a three-year deficit reduction plan designed to balance the budget and reverse the negative trend. Over the ensuing three-year period, Stuckert and the Board were able to see the status of their financials at any given point, determine if additional course corrections were needed, and analyze how their decisions were impacting progress.
If you are not using this product now, why not? It is an essential tool for financial planning that every district needs to have in its toolbox.”
About Frontline Education
Frontline Education is the leading provider of school administration software, empowering strategic K-12 leaders with the right tools, data and insights to proactively manage human capital, business operations, and special education.
Educational organizations representing over 80,000 schools and millions of educators, administrators and support personnel have partnered with Frontline Education in their efforts to develop the next generation of learners. Frontline is dedicated to driving engagement across K-12 school systems and supporting the continuous improvement of employee effectiveness and efficiency with solutions for proactive recruiting and hiring, absence and time, professional growth, student information systems, special education and interventions, payroll, benefits and financial management.
Frontline Education corporate headquarters are in Malvern, PA, with offices in Roseville, CA; Salinas, CA; Andover, MA; Walled Lake, MI; Rockville Centre, NY; Williamsville, NY; Brecksville, OH and Austin, TX.
Learn more at www.FrontlineEducation.com