Transcript Document

New Governor Finance
Induction
School Funding Team
Topics covered
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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
Autumn Term
DFE Outturn Statement issued
Termly Census - October
Q2 Budget Monitor
Budget Statement issued
Q3 Budget Monitor
Preparation for Year End
Deadline for intended
Use of Balances
SFVS Deadline
Summer Term
Submission of
Governor Approved Budget
Year End
Q1 Budget Monitor
Annual CFR submitted to DFE
School Funding Team
What do we do?
Roles in School
• Governing Body
–has delegated responsibility
• Finance Committee
–sets financial priorities
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
And finally…
Any questions?
Bradford Schools Online website
Finance feedback form