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School budgets - Section 52
Local Authorities (
LA
) are
required under section 52 of the Schools Standards and Framework
Act 1998 to prepare a budget statement before the beginning of each
financial year for that year (i.e. by 31 March). After the
end of the financial year, they are required to prepare an outturn
statement.
The size of the schools budget and the amount
allocated depends on decisions taken by the
LA
before the beginning of each financial
year. Budget statements are a means of informing schools
and the public general about the funding plans of the
LA
. Outturn statements
show how the money was actually spent.
Download Value for Money
Toolkits from Tribal Avail Consultancy
You can view budget and outturn Section 52 statements for the
following years:
Budget statements
Outturn Statements
Schools Finance Guide
The Schools Finance Guide is designed to compliment the
Financial Management Standard in Schools.
Schools
Finance Guide (PDF 1.8MB).
This document provides guidance and examples of good practice
on:
- financial issues
- accounting processes
- the production of school policies
- risk and insurance
- procurement
- a number of other issues.
Scheme for Financing
Schools
As prescribed within Section 48 of the Schools
Standards and Framework Act 1998, each Local Authority must have a
Scheme for
Financing School (PDF 14MB).
This defines the financial relationship between the authority
and the schools in its area. Schemes cover items such as banking,
accounting and audit arrangements.
Periodically, the Secretary of State (via the Department for
Children Schools and Families) will provide Local Authorities with
updated guidance on what should be included within these schemes
through directed revisions. Each Local authority must update their
scheme adhering to these guidelines, whilst using the flexibiltiies
available to them to recognise local requirements.
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