* all income sources & basis of funding from (e.g. Actual and projected pupil numbers and LEA notifications of funding levels). * project expenditure and income as identified in SDP 2) If a prior year deficit existed (check the carry forward balance for the current year’s budget), there should be a definite plan to eliminate this The annual budget should be formally and this plan should be agreed by the Local approved by the full Governing Body. Authority. Similarly if the School are carrying a significant level of reserves (more than 8% of its budget), a The Schools Financial Value Standard (SFVS) plan agreed by the LA should be in place that Question #9 requires that the school makes a defines how these reserves will be used. forward projection of budget, including both revenue and capital funds, for at least three years, using the best available information. 3) that budget plans were approved by the Full Governing Body - this should be documented within the minutes of the relevant meeting and was submitted to the Council by 1 – May 2017. 4) Obtain a copy of the school’s Three Year Budget Plan as required by SFVS Question 9 and confirm that this is appropriate. If this forecasts a deficit, establish what actions is the School is planning to remedy this and assess the adequacy of these. 2.1.2 Budget correctly updated to SIMS/Schools Financial System The school's approved budget as agreed with Obtain a documented copy of the school's the Council and the Governing Body should be approved budget and reconcile the totals as correctly input to SIMS. well as 5 of the main budget headings to the budget set up on SIMS the Chart of Accounts Review - Cost Centre Report), to gain assurance that the budget has been entered correctly and that no unauthorised virement(s) have occurred.
* all income sources & basis of funding from LEA * project expenditure and income as identified in SDP The annual budget should be formally approved by the full Governing Body. The Schools Financial Value Standard (SFVS) Question #9 requires that the school makes a forward projection of budget, including both revenue and capital funds, for at least three years, using the best available information. (e.g. Actual and projected pupil numbers and notifications of funding levels). 2) If a prior year deficit existed (check the carry forward balance for the current year’s budget), there should be a definite plan to eliminate this and this plan should be agreed by the Local Authority. Similarly if the School are carrying a significant level of reserves (more than 8% of its budget), a plan agreed by the LA should be in place that defines how these reserves will be used. 3) that budget plans were approved by the Full Governing Body - this should be documented within the minutes of the relevant meeting – and was submitted to the Council by 1 May 2017. 4) Obtain a copy of the school’s Three Year Budget Plan as required by SFVS Question 9 and confirm that this is appropriate. If this forecasts a deficit, establish what actions is the School is planning to remedy this and assess the adequacy of these. 2.1.2 Budget correctly updated to SIMS/Schools Financial System The school's approved budget as agreed with the Council and the Governing Body should be correctly input to SIMS. Obtain a documented copy of the school's approved budget and reconcile the totals as well as 5 of the main budget headings to the budget set up on SIMS the Chart of Accounts Review - Cost Centre Report), to gain assurance that the budget has been entered correctly and that no unauthorised virement(s) have occurred.