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