DefinePK

Abstract

Many schools are challenged concerning the development and the execution of the budgets. For this reason, this study intends to explore stakeholders' experiences in executing budget development and further explore how implementation is executed in a South African context. A qualitative methodological approach within the constructivist approach was considered. In investigating the phenomenon, the researchers collected data through semi-structured interviews and also reviewed relevant literature. Thematic analysis was used as analytical tool in the study.  Several critical findings emerged from the study, namely impediments during the budget development, lack of financial literacy by the school governing body members in particular, and the absence of training related to budget matters. Further, the study revealed that there is inadequate stakeholder engagement, inadequate understanding of legislative requirements, and relaxed oversight of financial controls. These findings pose a serious challenge to the entire budget development.