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School Finance Overview Sue Ashley - Principal Officer LMS Children and Young People’s Department. Wirral Governors’ Forum. Contents. Sources of School Funding The Finance Committee Budget Setting Budget Monitoring and Projections Policies and Procedures

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School finance overview sue ashley principal officer lms children and young people s department

School Finance Overview

Sue Ashley - Principal Officer LMS

Children and Young People’s Department

Wirral Governors’ Forum


Contents
Contents

  • Sources of School Funding

  • The Finance Committee

    • Budget Setting

    • Budget Monitoring and Projections

    • Policies and Procedures

    • Schools Financial Value Standards

  • Finance Training Provided

  • Useful documents and websites


Sources of school funding
Sources of School Funding

Delegated Budget Allocation

  • Pupil entitlement

  • Deprivation

    • FSM

    • IDACI

  • Looked after children

  • Low cost, High incidence

  • English as an additional language

  • Lump sum

  • Rates

  • Other

  • MFG/Capped adjustment


Sources of school funding1
Sources of School Funding

Other Funding

  • High Needs Funding

    • Special Schools and Bases in mainstream schools

  • Pupil Premium

    • Free School Meals, Looked after children and Service children

  • Early Years Funding

  • 6th Form Funding

  • Formula Capital

  • Other income


The finance committee
The Finance Committee

Budget Setting

  • LMS bursar/business manager/headteacher prepares budget

    • Consider school development plan

    • Staff changes

  • Discuss at Finance Committee

  • Ratify at full governors

  • To LA by 30th June


The finance committee1
The Finance Committee

Budget Monitoring and Projections

  • Same process as budget setting

    • Period 6 report identify changes/differences against budget

      • Discussed at finance and ratified by 30th November

    • Period 9 report identify changes/difference against P6

      • Discussed at finance and ratified by 28th February


Financial policies procedures
Financial Policies & Procedures

Financial Policies and Procedures

  • Ensure the school’s policies and procedures have been agreed by the finance committee

  • Spread annual documents for update between all finance committees

  • Ensure the latest policies are available

  • Ensure all procedures are written down and available


Schools financial value standard sfvs
Schools Financial Value Standard (SFVS)

  • Annual questionnaire for Governors

  • Mandatory for LA maintained schools

  • To be completed by 31st March each year

  • Not externally assessed

  • Internal Audit to review and inform future audits

  • http://www.education.gov.uk/schools/adminandfinance


Training provided
Training Provided

  • Autumn Term

    • The Role of the Finance Committee

      • 15th October 6pm – 8pm

      • 17th October 9.30am – 11.30am

  • Spring Term

    • Understanding School Finances

      • Dates not yet set

  • Summer Term

    • Schools Financial Value Standards


Useful documents
Useful Documents

  • The Scheme for Financing Schools

  • School’s welcome pack

  • Governor Support Service – welcome pack

  • Section 251 Budget and Outturn Statements

  • Audit Commissions “Valuable Lessons”

  • Abbreviations and brief explanations

  • Task Timetable for Finance Committees

  • SFVS Questionnaire


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