What is a requisition in the context of school finance?

In the context of school finance, a requisition is best understood as a demand for goods made by an authority, which is why the chosen answer is accurate. This process typically involves requesting various supplies or services necessary for the operation of a school. When faculty or staff identify the need for items or services—such as books, equipment, or maintenance—the requisition serves as the formal mechanism to communicate that need to the purchasing department or relevant authority within the school or district.

A requisition initiates the purchasing process, ensuring that there is an official record of the request and that appropriate approvals are obtained prior to the expenditure of funds. This process is essential for maintaining accountability and transparency in school financial management, as it helps track and control budgetary resources effectively.

The other options do not capture the primary function of a requisition. While a request to approve a budget increase is related to financial planning, it does not encompass the specific mechanics of ordering goods or services. A summary of past expenditures might inform future budgeting, but it is not a request mechanism. Similarly, a financial report for external stakeholders focuses on financial performance and accountability rather than the internal request process for goods and services.