Which action is the initial step in preparing a school's operating budget?

The initial step in preparing a school's operating budget involves developing a calendar based on the fiscal year. This step is crucial because outlining a clear timeline for budget planning aligns the budget cycle with the fiscal year requirements. It helps ensure that the school’s financial planning process is methodical and adheres to any relevant legal deadlines or reporting requirements.

Establishing a fiscal calendar enables school leaders to effectively plan all subsequent budgetary activities, such as collecting data, estimating costs, and allocating resources, within a structured framework. By having a thorough understanding of the timeline, leaders can also better coordinate with staff, stakeholders, and community members throughout the budgeting process.

While estimating student enrollment and reviewing the previous year’s budget are vital components of the overall budgeting process, they typically come after the fiscal calendar has been set. Similarly, consulting with teachers is an important step but usually follows the initial planning phases laid out by establishing the budget timeline. Therefore, developing the budget calendar is the foundational action that sets the stage for all other budget-related activities.