Virtual Learning Network

Focus

Develop a 3–5 year financial plan to support strategic plan.

Explanation

The long-term sustainability of the LCO will depend on embedding appropriate budget provisions in each schools’ 5-year plan. An objective of the LCO strategic plan should be to provide a funding model that allows for the cluster to be self sustaining and to grow as the needs of the cluster develop and change. This should be regularly reviewed and adapted and be included in school documentation and annual planning.

Action

• Explore options for financial sustainability, including:
  -    sponsorship and partnerships
  -    resource sharing with community groups
  -    fee-paying students
  -    re-assigning internal staffing and resource costs.
• Develop a 3–5 financial plan that takes account of:
  -    fixed and flexible costs and depreciation etc.
  -    support costs- potential revenue streams
  -    flexibility to meet emergent opportunities/costs.
  
• Evaluate options for lease vs. purchase on technology assets
  – ensure flexibility when making any financial commitments.