This document sets out the requirements on Milton Keynes Council and schools it maintains that are required under Section 48 of the School Standards and Framework Act 1998. The LMS Scheme:
- encourages governing bodies to delegate appropriate functions relating to their financial affairs to the headteacher, in a structured and formal way.
- sets out the procedures for governing bodies to submit their financial plans etc. to the authority.
- deals with governing body responsibilities relating to voluntary and private funds.
- sets out the procedures and requirements for the carry forward of balances on the school account.
- details the way in which the Authority will put cash into a school’s bank account, and what happens should there be a late payment.
- lists those arrangements and principles necessary for schools to open their own bank accounts.
- gives assurances to schools about their right to retain income which they have raised.
- sets out those circumstances in which charges can be made, by the authority, to the school account.
- details governing body responsibilities relating to the General Teaching Council, and the provision of information relating to returns etc. for Teachers Pensions.
- gives an assurance to governors as regards their personal liability for decisions they take relating to the running of the school.
- lists the accountabilities on the governing body, and procedures to be followed should the school decide to use the powers it has to provide community facilities.
Revision to the LMS Scheme for Financing Schools
The revised LMS Scheme for Financing Schools document which is effective from June 2019 can be found in the documents area of this page. The revisions can be found in sections 2.9 and 3.6.
- Annex A - List of schools to which the Scheme applies effective July 2021 (PDF, 111KB)
- Annex B - Redundancy, Premature Retirement and Severance Payment effective July 2021 (PDF, 171KB)
- Annex C - Community Facility Arrangements at Schools effective 1 April 2018 (PDF, 70KB)
The financial procedures set out the more detailed requirements of the LA's financial processes in relation to schools:
- Financial Procedures for Schools (August 2011) (PDF, 194KB)
- Retention Guidelines for schools (September 2021)
- Asset Management Policy (Sept 2021) (PDF, 187KB)
Financial Regulations for Schools
Last Updated: 28 September 2021