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Presentation Transcript
Finance Induction Shirley Chin & Paula Field 16thNovember 2021
COURSE OUTLINE Governors Responsibilities The Financial Framework Funding Formula Value for Money Budget Monitoring Schools Financial Value Standard
Governors Responsibilities Governors responsibilities Ensuring clarity of vision, ethos and strategic direction. Holding executive leaders to account for the educational performance of the organisation and its pupils, and the effective and efficient performance management of staff. Overseeing the financial performance of the organisation and making sure that its money is well spent
Key features of effective governance Strategic Leadership Accountability People Structures Compliance Evaluation
Key standards for Governors The roles and responsibilities of governing body should be set out in writing A finance committee should be set up to consider strategic financial issues and day to day issues The governing body should establish the financial limits of delegated authority The governing body should agree with the headteacher the detail and format of financial information to be provided Minutes should be taken of all meetings of the governing body and its committees and include all decisions and by whom action is to be taken The governing body should establish a register of business interests
Key standards for Governors - Continued Set financial limits of delegated authority Review last internal audit report Voluntary funds Local authority financial regulations and instructions Setting 3 year budget plan links to school improvement plan Setting timetable budget monitoring and review of financial plan
Possible delegation to Head Teachers Responsibility for notifying LBC of 3 year budget plan Monitoring and reporting of actual/projected expenditure and income against budget plan The maximum value of virement or a single transaction without recourse to the full governing body Responsibility for awarding of contracts Responsibility for entering into lease or hire agreements Responsibility for setting letting scale charges and extent to which these can be varied/waived
Schools budget plan Plan should show total estimated expenditure and income produced in conjunction with school improvement plan Must be agreed by governing body Submitted to LBC each financial year Deadline notified to schools each year 31 May No deficit without consent If deficit budget likely then contact LMS team in first instance. School should summit a deficit recovery plan before going into deficit
School Expenditure Teaching staff 55% Education support staff 14% Admin/clerical staff 5% Other employee expenses 6% Running expenses 20%
Budget planning cycle April start of financial year- close down of old year April to May surplus/deficit balances b/f June/July initial monitoring Q1 September to October revise budget plan revision Q2 monitoring November December revise budget plan if necessary January February Q3 Monitoring-begin work on provisional budget plan- 28 Feb budget allocations issued March begin to finalise budgets prepare for year end
Summary of responsibilities Governors are responsible for school delegated budgets Governors should ensure school meets required standards and has effective controls Governors may delegate some responsibilities to headteachers Governors must agree and review school budget plan
What is the financial framework ? Schools spend large sums of public money LBC has duty to account for this Hierarchy of financial controls exist and LBC and schools must operate within these guidelines
Hierarchy of controls SFF Scheme for Financing Schools - Approved by Schools Forum Financial Regulations---Approved by LBC Contract Procurement Procedures- Approved by LBC Financial Schemes Approved by head of finance Guidance Notes- Approved by Chief Service officers Audit and inspection
The scheme for financing Scheme sets out financial relationship between LBC and maintained schools Sets out requirements relating to financial management and associated issues All schools and governors should have access to a copy http://www.luton.gov.uk/ Guiding legislation - School Standards and Framework Act. Changes to scheme need Schools Forum approval and consultation with schools. (Some changes are directed by DFE)
Financial Regulations Key Areas of financial management and control Capital Expenditure Responsibilities Internal Audit Delegation Legal Procedures Financial Plan Revision of the Financial Plan Access to Information Accounting Procedures Voluntary Funds Year-End Balance Trust Funds CONTRACT PROCUREMENT PROCEDURES CONTRACT PROCUREMENT PROCEDURES Minimum requirements for purchasing, quotations and tendering Promotes good purchasing practice, public accountability, best value
Financial instructions These instructions are issued by the Head of Finance: Detailed technical advice is contained in guidance notes. Income Expenditure Banking Arrangements Order for Work, Goods and Services Value Added Tax Invoices and Accounts for Payment Inventories Contracts for Building and Civil Engineering Works Insurances Salaries, Wages and Pensions Travelling and Subsistence Allowances Petty Cash Accounts Security Information Systems
GOVERNORS RESPONSIBILITIES Manuals for financial systems and procedures Records and Documents Internal controls required LMS Handbook Section 13 School Finance Manual
Where does the funding come from? Formula Funding Pupil Premium Other allocations School generated income High Needs Top-up Funding - SEN
INDIVIDUAL SCHOOLS BUDGETS Dedicated Schools Grant split into 4 notional blocks Schools Block Early Years Block High Needs Block Central Services Schools Block
AWPU (Basic Entitlement) By far the largest component of school budget shares Irrespective of the type of school, pupils of the same age will receive exactly the same AWPU funding. All primary pupils from Year R, KS1 and KS2 funded at the same rate in Luton Secondary pupils KS3= 4534 and KS4 = 5110 3 and 4 year olds in nursery schools 4.50 per hour 3 and 4 year olds in infant/primary schools 4.50 per hour 3 and 4 year olds in PVIs 4.50 per hour
Pupil Premium Raising attainment for disadvantage pupils & supporting service children The grant may be spent in the following ways: for the purposes of the school, that is for the educational benefit of pupils registered at that school for the benefit of pupils registered at other maintained schools or academies on community facilities; for example, services whose provision is for the benefit of pupils at the school or their families
PUPIL PREMIUM FUNDING Based on ever 6 FSM pupils Funding for disadvantaged pupils Rates for eligible Primary Ever 6 - 1,345 Rates for eligible Secondary Ever 6- 955 LAC - 2345 Service Children - 310
OTHER ALLOCATIONS Lump Lump Sum allocation Sum allocation Each school receives an equal allocation irrespective of size or type Other Other allocations allocations Deprivation using FSM Ever 6 and/or IDACI English as An Additional Language (EAL) Mobility SEN (Place Funding and Top Up Funding) Split Site Allowance Rates PE and Sports Premium Auditable
Value for Money 7 areas for governors actions to improve VFM Support and challenge school management Ensure the school has considered the financial implications of its plans Review school balances Ensure that goods and services achieve VFM Ensure the school workforce is used to best effect Encourage greater collaboration with other schools Use financial information when making spending decisions
Budget monitoring cycle Actual Versus Budget Actual Versus Budget The financial plan should be monitored (checked) to see if expenditure and income are going according to plan If not corrective action will be required
IMPORTANCE OF BUDGET MONITORING Central to effective financial management Early identification of need for remedial action or revised spending decisions in light of budget position Assess cost effectiveness of individual initiatives against the criteria set out in the school improvement plan Understanding of budget position important for setting following year s budget(s) Important to demonstrate that financial management is effective BOTTOM-LINE: Bad financial management can undermine good education
MONITORING PROCESS Monthly reports run from local system and agreed with LA system. Monthly summary analysis of income and expenditure Initial review analysis of Monitoring Governors provided analysis in advance Head and bursar invited to finance committee meetings Governors analysis
CORRECTIVE ACTION MOVE BUDGETS Virement - A virement or budget adjustment within the limits of delegated responsibilities Profiles - Can be standard or customised Review - The Financial Plan can be reviewed and new targets set MOVE ACTUALS Journal Transfers used to correct mis-codings transfer expenditure/income to another code to share income/costs between schools charge another school/cost centre REDUCE SPENDING INCREASE INCOME Is income due, or available from other sources? e.g. school fund
AMENDING FINANCIAL PLANS Points to remember: Terms of Reference for Finance Committee Levels of virement delegated to Headteachers or finance committee New plan must also be reported to the Governing Body Local system updated Copy of plan forwarded to LMS Team Financials updated and Summary Report now matches school system Retain a copy of the original budget for future financial planning
BUDGET MONITORING SUMMARY Central to effective financial management Finance Committee Members role should be more strategic, less transactional School Business Manager and Head critical in providing relevant information to Finance Committee Identifies problems whilst you can still take action.
Schools Financial Value Standard Introduced by DfE July 2011 Requires annual assessment Primarily aimed at Governors Self assessment 29 questions Can be delegated to finance committee but must be signed by chair of governors
Schools Financial Value Standard- breakdown 6 key areas Governance School Strategy Setting the Annual Budget Staffing Value for Money Protecting Public Money SFVS Dashboard
Further Training Setting and Monitoring the School Budget 11 January 2022 7-9pm
