New Governor Finance Induction

School Funding TeamEnter Officer Name Here

Enter Date of Training Here

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

Spring Term

Budget Statement issuedQ3 Budget MonitorPreparation for Year EndDeadline for intendedUse of BalancesSFVS Deadline

Summer TermSubmission of Governor Approved BudgetYear EndQ1 Budget MonitorAnnual CFR submitted to DFE

Autumn Term

DFE Outturn Statement issuedTermly Census - OctoberQ2 Budget Monitor

School Funding Team

What do we do?

Roles in School

• Governing Body–has delegated responsibility

• Finance Committee–sets financial priorities

Governors who want to learn more about school finance can attend an Effective Financial Governance course. Ask Governor Services for course dates

Funding for Schools

Section 251 Statement

How funding is calculated

Consistent Financial Reporting (CFR codes)

Protocols

Financial Classification

Light Touch Financial Monitoring

Surplus Balance Protocol(Intended Use of Balances)

Deficit Balance Protocol

LA Returns

Governor Approved Budget

Quarterly Monitoring

Bank Reconciliation Returns

Monthly VAT submittals

Value for Money

Collaboration

Pooled resources

Benchmarking

Improved efficiency

Schools Financial Value Standard (SFVS)

Assurance that secure financial management is in place

Mandatory

Deadline 31 March each year

SFVS Reporting

• SFVS outcomes are built into the Council’s audit plan

• Audit checks have identified differences between what is recorded on SFVS returns and actual practice e.g. benchmarking

• Need for honest answers – how do you satisfy yourself of YES/NO/IN-PART responses?

• Weaknesses identified in a number of schools with respect to business continuity or disaster recovery plan, an up to date asset register and adequate insurance in place

And finally…

Any questions?

Bradford Schools Online website

Finance feedback form