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Finance Update

Stay updated on the latest finance information for schools, including school budgets, high needs funding, financial controls, and external funding.

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Finance Update

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  1. Finance Update Finance Information Groups Siobhan Cheeseman Head of Schools Financial Services

  2. Update topics • School Budgets • High Needs funding from 1 April • Financial Controls • Closedown • Update from External Funding

  3. School Budgets

  4. Background and context • Government are introducing a soft NFF from 1 April 2018 with some additional funding +3% • Local Funding Formula for 2018-19 and 2019-20 • Current arrangements date back to 2005-06 so NFF is long overdue • Government intends to introduce a Hard NFF in the future - requires a change to Primary Legislation – so may not be for many years

  5. How much more are we going to get? • A significant proportion of the additional funding relates to secondary phase • Above figures are before growth in pupil numbers

  6. Consultation • We ran a consultation from 30 October to 26 November – just over 4 weeks • All maintained schools, academies and free schools were invited to respond • Received 177 responses in total (31%) • Some schools & individuals submitted more than one response • A big thank you to all schools who found the time to respond – it’s appreciated

  7. Consultation responses

  8. The approval process 2). Forum consider & make recommendations 1). Schools’ views captured via consultation 3). KCC Members consider Forum recommendations 4). Cabinet Member makes decision Cabinet Member, Roger Gough, involved with all four stages

  9. What happened . . . • Forum made their recommendations • No changes were made by KCC Members • Cabinet Member took decision on 19 December • Details of that decision were the main item of the Kelsi e-bulletin 14 December 2017

  10. What next . . . • We have submitted details of our local formula funding to the ESFA … we await their approval • We are now working on budget templates • We aim to publish at the end of February (as normal) • 2019-20 will be based on increasing rates as we take further steps towards NFF

  11. Three year plan methodology • 2018-19 will be final • 2019-20 will reflect increased Low Prior Attainment, Ever6FSM and Minimum Funding Level rates • No info for 2020-21 so we will use 2019-20 rates with a 0% MFG • Schools will still be able to reflect their latest pupil projections for years 2 and 3

  12. High Needs Funding

  13. Background • The overall High Needs budget is under sustained pressure • Mainstream High Needs demand has been the greatest • We introduced, with Forum support, some temporary measures to reduce the costs • 30% reduction to all new claims from 1 Sept 17 • No payments until December 2017 • These temporary measures come to an end on 31 March 2018

  14. What is happening for 2018-19? • We still have a budget of £23m for Mainstream High Needs • From 1 April 2018 the LA is introducing Need Specific Top Up funding rates • These rates are graduated to reflect the severity of need • The rates were shared with all schools via ebulletin on 6 December 2017 • Schools have been written to for all existing children with their new rate

  15. Beyond 2018-19? • The outlook for all (not just mainstream) High Needs funding looks very challenging • The High Needs Block is set to receive tiny increases for the next 3 to 4 years • Demand is still very high • We are now looking at what we can do to manage demand for some of our higher cost placements

  16. Financial Controls

  17. Finance Scheme • Governs the financial relationship between the Local Authority and its maintained schools • We are currently reviewing our Finance Scheme in two areas of financial controls • 1. Reviewing the process around schools in deficit • 2. Looking at the Balance Control Mechanism (BCM)

  18. Closedown

  19. Closedown – 23rd March 2018 • All schools to close accounts by 23rd March • Closedown pack will be emailed by 1st February to all maintained schools • Requested bank statements 16th March • Slight changes to year end analysis form • you MUSTNOT process additional transactions in the OLD year once you have completed and submitted your year end accounts

  20. External Fundingfollow up

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