Local Authority DfE Requirements
The current economic climate makes it especially important for schools to benchmark their data with other schools. The Benchmarking Website can be used by schools to ensure that they are getting the best value for their money.
Benchmarking expenditure can help lock schools into a cycle of continuous improvement and develop a culture where it is easier to question the norm and make changes. Benchmarking is not used solely to focus on reducing costs, but to improve the quality and impact of a school’s services also.
Schools can use the information on the website to compare their financial data with similar schools and see areas in which their funds can be used more efficiently and effectively. For instance, if a school is concerned that its energy costs are too high, the school could compare its costs with other schools within or outside the local authority on the website.
- Focus on planning and budget management
- Identify areas for improvement
- Set targets for improvement
- Achieve best value for money
- Improve the effectiveness of spending to improve performance; and
- Deliver educational services to a defined standard
School financial value standard and assurance (SFVS)
The SFVS has been designed with schools to help them in managing their finances and to give assurance that they have secure financial management in place.
Governing bodies have formal responsibility for the financial management of their schools, and so the standard is primarily aimed at governors.
Local authority maintained schools are required to complete the SFVS once a year. Local authorities are required to fill out the dedicated schools grant (DSG) chief financial officer (CFO) assurance form every year to cover all the maintained schools in their area.
For further information or assistance with completing the SFVS please contact us
Financial Management and Governance Self-assessment
The FMGS is a short self-assessment checklist that highlights the main requirements new academy trusts must have in place soon after opening. The requirements within the checklist apply from the date on which the funding agreement was signed. It provides a simple way for you and EFA to gain assurance that your academy trust’s financial management and governance arrangements meet these requirements.
As part of EFA’s assurance programme, it may choose to visit your academy to review the evidence used to inform your self-assessment.
For further information or assistance with completing the FMGS please contact us
Schools Best Value
Guidance for head teachers, school staff and Governors on the principles and application of Best Value and how to get Best Value from procurement through the Schools Finance SLA
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