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Wirral Governors’ Forum

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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Wirral Governors’ Forum

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  1. School Finance Overview Sue Ashley - Principal Officer LMS Children and Young People’s Department Wirral Governors’ Forum

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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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