Decision details

DECLARATIONS OF INTEREST MADE FOR THIS ITEM:

None

RESOLVED:

That Cabinet:

1.    Approved the revised Scheme of Financial Regulations and Standing Orders for Schools.

2.    Approved the introduction of the £25,000 spending limit control for schools in financial difficulty or schools in Deficit.

Reasons for decision:

The Schools in Financial Difficulty policy has not been updated for a considerable period of time. The attached document revises and updates the regulations and standing orders in line with current Department for Education (DfE) guidance. The updated policy will support schools and the Local Authority to work collaboratively to address and reduce structural deficits.

The role of the Scheme is to set out the financial relationship between the Local Authority and the maintained schools it funds. It describes the requirements relating to financial management and associated processes, and it is binding on both the Local Authority and the schools. The Scheme ensures clarity around responsibilities, decision making, and the standards expected in the management of public funds.

Alternative options considered:

No other options considered as preparation and publication of the Scheme for Financing Schools is a statutory requirement with which local authorities must comply.