Louisiana Treasury Department launches new financial reporting tool for schools

(The Center Square) — Louisiana’s Treasury Department is implementing a new tool for public school governing authorities to report financial data. The program, which was passed last year, uses the same platform that facilitated the Main Street Recovery Program, successfully distributing $300 million in five months. Schools will upload their financial data to the site, allowing the agency to post it publicly in various formats. Users can access reports on the data, including customized requests from legislators. This new system aims to increase transparency and ease the process of reporting and analyzing school finances across the state.The site will feature 50 data metrics, though only 18 will come directly from the schools. The rest will be sourced from the Department of Education to reduce the burden on schools.The initiative, which has been in development since July 2023, aims to make the reporting process efficient while providing comprehensive public access to school performance and budget information. Despite a slight delay in receiving internal data from the state Department of Education, the Treasury is working to keep the project on track.Concerns have emerged from schools about complying with Louisiana’s new financial reporting requirements. According to the Department of Education, some schools expressed surprise at the amount of data they are expected to provide.In response, the treasurer’s office will host an informational session and a December training to ensure schools understand the process. The site, which must be live by March 31, 2025, will require schools to upload contract data for the first time, along with other financial metrics.The treasury has 74 days to complete the project, and schools must submit their first report, covering July to December, by Jan. 17. While the timeline is tight, the treasury is committed to ensuring the site operates smoothly and efficiently by its deadline.Schools will interact with treasury via an online tool, enabling real-time communication and tracking of data submissions.The Department of Education has created a focus group of six schools to help test the tool and provide feedback. As of today, five of those schools have submitted data, allowing treasury to run tests and make necessary adjustments.However, despite willingness to adjust the process, the treasurer has made clear that any available data by Jan. 17 will go live on the website, even if further modifications are needed later.

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