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New Governor Finance Induction

New Governor Finance Induction. School Funding Team. Topics covered. The Financial Year Cycle Role of School Funding Team Roles in school Funding for Schools Protocols Returns to the LA Value for money School Financial Value Statement. The Financial Year Cycle. School Funding Team.

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New Governor Finance Induction

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  1. New Governor Finance Induction School Funding Team

  2. Topics covered • The Financial Year Cycle • Role of School Funding Team • Roles in school • Funding for Schools • Protocols • Returns to the LA • Value for money • School Financial Value Statement

  3. The Financial Year Cycle

  4. School Funding Team What do we do?

  5. Roles in School • Governing Body • has delegated responsibility • Finance Committee • sets financial priorities

  6. Funding for Schools Section 251 Statement How funding is calculated Consistent Financial Reporting (CFR codes)

  7. Protocols Financial Classification Light Touch Financial Monitoring Surplus Balance Protocol(Intended Use of Balances) Deficit Balance Protocol

  8. LA Returns Governor Approved Budget Quarterly Monitoring Bank Reconciliation Returns Monthly VAT submittals

  9. Value for Money Collaboration Pooled resources Benchmarking Improved efficiency

  10. Schools Financial Value Standard (SFVS) Assurance that secure financial management is in place Mandatory Deadline 31 March each year

  11. And finally… Any questions? Bradford Schools Online website Finance feedback form

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