Lehighton District’s OK Financial Planning Software – Times News Online
Published on April 27, 2022 at 2:45 p.m.
The Lehighton Area School District will have a new long-range financial planning tool after it approved a one-year deal Monday night with Frontline Education for analysis software.
The agreement provides that the district will pay $10,250 for a subscription to Financial Planning Analytics through June 30, 2023 and a one-time setup fee of $2,200.
“This software will help us do multi-year forecasting scenarios,” said LASD Business Administrator Edward Rarick. “We can plug in different options and it will show us how a financial decision we make today will impact us three, four or even five years from now.”
According to the Frontline website, the software speeds up the development of a five-year forecast by populating data directly from the district’s accounting system and using calculators in a powerful database engine that incorporates historical perspective, trend analysis and scenario comparisons.
Rarick said the system is used by many different school districts across the state and country.
“If we had chosen to do this stuff in-house it would be extremely cumbersome, when it’s really plug and play and then you have a lot of great information at your fingertips,” Rarick said.
Acting LASD Superintendent Jack Corby said he had a lot of experience with forecasting software and called it an incredible asset to the district business office.
“You can plug in anything like a projection of next year’s taxes or what you think you’ll get in state subsidy and it’ll take you five years and give you that long-term impact,” he said. Corby. “There are a lot of things you can do with what you can’t do on your own.”
Frontline’s deal lasts for a year, and Rarick said the district board could assess whether it believes the software has value that would warrant its pursuit at that time.