Strategic financial planning in Malaysias national school: New strategies for education transformation
Norfariza Mohd Radzi
University of Malaya
The public national schools of the third millennium have to be given an opportunity to become more autonomous along the lines of the primary financial resources of government fund. The schools should have ownership of the school and its own resources through the commitment and capacity of the school staff and community. This conceptual paper discuss the important concepts in the strategic financial planning of Malaysia’s national schools and the recommendation of new strategies to face the new dimensions of 21st century education. The international trend of decentralized school system should create opportunity for national schools to have greater autonomy in strategically plan for the school financial resources. The concept of strategic financial planning encompassed the important process of school financial analysis, budgeting management, financial accounting and reporting and finding a stable school financial resources for achieving the education goals effectively. To cope with future education transformation, national schools have a clear on school vision and mission establishment, defining financial purposes, school finance organizational structure, role of financial planner and an excellent budget management procedure.
Topic: Economic and Finance in Education