| TERM |
ITEM |
FURTHER DETAILS |
| AUTUMN |
Revised Budget Plan |
This is the time of year to look at revising the original budget plan, due to the possible staffing changes in September which may have been unknown when the original budget was set.Also other changes may have been identified due to the budget monitoring process e.g. outturn will have been agreed for the previous financial year. |
| AUTUMN |
Adoption of the “Model Financial Guidelines” issued by Tameside LA or equivalent. |
This item acts as a reminder to governors that such guidelines exist, and commits the Governing Body to following the recommendations contained in the document. Only those governors who are members of the Finance Committee will need to review the guidelines in any detail. This needs to be done on an annual basis. |
| AUTUMN |
Register of Business Interests |
This item ensures that the register is regularly updated at least annually. It should record any business interests of all members of the Governing Body and all members of staff (including close family members) who may influence financial decisions. It is recommended that the opportunity to declare any business interest is included on all Governing Body and Finance Committee meeting agendas. |
| AUTUMN |
Consistent Financial Report /
/Approval of Statement of Internal Control
|
This report (CFR) will have been agreed and submitted to the DCSF by the July deadline and is confirmation of the outturn for the previous financial year. It analyses the expenditure and income into the prescribed categories to populate the Benchmarking website and should be presented to governors for their information.
This statement needs to be completed + approved by governors on an annual basis to comply with FMSiS - Normally compiled for the previous financial year-end to accompany the Consistent Financial Report (CFR).
|
| AUTUMN |
Review of Financial Procedures |
The School Financial Procedure notes should be reviewed and approved by the governors on at least a two yearly basis to ensure they are up to date and inclusive of all the financial processes in school. |
| AUTUMN |
Budget Monitoring ReportBudget Plan/SDP links Cash Flow Report Voluntary Funds monitoring e.g. School Fund |
A budget monitoring report, for both Revenue and Capital, should be presented to governors (usually Finance Committee) at least each term. The report should be accompanied by written information explaining the report and in particular an explanation of any significant variances. The accompanying information should also give details of how the monitoring report links to the School Development Plan and progress against the plan. Governors need to be kept informed of how the forecast cash flow compares to the actual cash flow to ensure that the school are aware of any cash flow issues which the school may face in meeting its financial commitments. It is also important that all other unofficial funds are reported to governors on a regular basis as they should be controlled as rigorously as the School IBA account. |
| AUTUMN |
Disposal of Assets Inventory of Assets |
The School keeps an inventory which should include all moveable items of non capital assets with a value of over £100, however all desirable, portable items should also be included.If it is necessary to dispose of any of the items included on the inventory, for whatever reason, this must be approved by the Governing Body. This would need to be an agenda item as appropriate. The School should review and update the inventory, mentioned above, on an annual basis to include all relevant assets. |
| SPRING |
School Development PlanBudget Plan Best Value Statement LA sourced services |
The School Development/Improvement Plan (SDP) should be prepared alongside the Budget Plan to ensure that the costings contained in the SDP are financially viable. The assumptions made to compile the budget should be presented in writing to the governors for information. The Best Value Statement should be prepared and approved by the governors to accompany the Budget Plan. As part of the budget planning process the governors need to review the LA service level agreements and agree whether to continue or cease these services. |
| SPRING |
Review of Insurable Risks |
This item is best considered in detail by the Finance Committee, and needs to consider any alterations to existing risks for insurance as well as possible new risks (covering personnel, property and vehicles). |
| SPRING |
Review of Lettings Policy / Review of Charging Policy |
This item ensures that the fees charged for the hire of the school premises are regularly updated. It also acts as a reminder for the details of the Lettings Policy to be reviewed by the appropriate Committee. The same applies to the Charging Policy which is normally included in the School Prospectus. |
| SPRING |
Benchmarking |
A benchmarking report needs to be taken to governors as soon as the benchmarking website data www.teachernet.gov.uk/management/tools/schoolfinance has been updated from the previous years CFR returns (normally done in late Autumn/early Spring).This report needs to use comparable schools and to highlight any areas for concern along with any suggested action plan (if appropriate) for approval by the governors. |
| SPRING |
Disposal of Assets |
The School keeps an inventory which should include all moveable items of non capital assets with a value of over £100, however all desirable, portable items should also be included.If it is necessary to dispose of any of the items included on the inventory, for whatever reason, this must be approved by the Governing Body. This would need to be an agenda item as appropriate. |
| SPRING |
Budget Monitoring ReportBudget Plan/SDP links Cash Flow Report Voluntary Funds monitoring e.g. School Fund |
A budget monitoring report for Revenue and Capital should be presented to governors (usually Finance Committee) at least each term. The report should be accompanied by written information explaining the report and in particular an explanation of any significant variances. The accompanying information should also give details of how the monitoring report links to the School Development Plan and progress against the plan. Governors need to be kept informed of how the forecast cash flow compares to the actual cash flow to ensure that the school are aware of any cash flow issues which the school may face in meeting its financial commitments. It is also important that all other unofficial funds are reported to governors on a regular basis as they should be controlled as rigorously as the School IBA account. |
| SPRING |
Revised Budget Plan (if applicable) |
This is the last opportunity to revise the budget plan before the new financial year, however this only needs to be done if there have been significant changes to the revised plan submitted in the Autumn Term |
| SPRING |
Register of Business Interests |
It is recommended that the opportunity to declare any business interest is included on all Governing Body and Finance Committee meeting agendas. This will ensure that all governors and staff (with key financial management responsibilities) have the opportunity to declare business interests for themselves (or close family members) with regard to that meetings agenda items. |
| SUMMER |
Statement of Internal Control / Self Assessment of Internal Financial Controls (Internal Financial Controls Checklist) |
This Statement (in the DCSF prescribed format) needs to be completed and approved by governors on an annual basis (Autumn Term) to comply with the Financial Management Standard (FMSiS).The Statement is normally compiled for the previous financial year-end to accompany the Consistent Financial Report (CFR). A self assessment of internal financial controls should be carried out on an annual basis to comply with FMSiS. This can be done by completing document R53 supplied by the LA or an equivalent self assessment. |
| SUMMER |
Independent Audit of School Fund Account |
This item ensures that the School Fund Account is audited each year by an independent auditor and an audit certificate obtained. The standards for the guardianship of voluntary funds need to be as rigorous as those for the school’s delegated budget. |
| SUMMER |
LA Scheme of Delegation (Scheme for the Financing of Schools) |
This document should be adopted and brought to the attention of the governors on an annual basis. This will act as a reminder to the governors of the relationship between the LA and the School with regard to financial responsibilities. |
| SUMMER |
Budget Monitoring ReportBudget Plan/SDP links Cash Flow Report Voluntary Funds monitoring e.g. School Fund |
A budget monitoring report should be presented to governors (usually Finance Committee) at least each term. The report should be accompanied by written information explaining the report and in particular an explanation of any significant variances. The accompanying information should also give details of how the monitoring report links to the School Development Plan and progress against the plan. Governors need to be kept informed of how the forecast cash flow compares to the actual cash flow to ensure that the school are forewarned of any problems which the school may face in meeting its financial commitments. It is also important that all other unofficial funds are reported to governors on a regular basis as they should be controlled as rigorously as the School IBA account. |
| SUMMER |
Approval of original Budget Plan |
The final original budget plan must be approved, signed and sent to the LA by the 31st May deadline. |
| SUMMER |
Disposal of Assets |
The School keeps an inventory which should include all moveable items of non capital assets with a value of over £100, however all desirable, portable items should also be included.If it is necessary to dispose of any of the items included on the inventory, for whatever reason, this must be approved by the Governing Body. This would need to be an agenda item as appropriate. |
| SUMMER |
Register of Business Interests |
It is recommended that the opportunity to declare any business interest is included on all Governing Body and Finance Committee meeting agendas. This will ensure that all governors and staff (with key financial management responsibilities) have the opportunity to declare business interests for themselves (or close family members) with regard to that meetings agenda. |
