Financial regulation and guidance

Financial Regulations and Procedures for Schools

The financial procedures set out the more detailed requirements of the Local Authorities financial procedures in relation to schools.

Licensed Deficits in Schools

Treatment of Shared Staff

VAT Guidance

Council Procedure Rules

Part four of the council's procedure rules. Containing information on council meetings, motions, voting, committees etc.

School Insurance

Section 10 of the Scheme for Financing Schools requires that a school must take out cover relevant to the LA’s insurable interest, under a policy arranged by the governing body, which is at least as good as the cover which, would have been arranged by the LA itself.

Included as part of this document are schedules indicating the level of cover taken out by the LA. Where the insurable interest remains with the LA, schools will be required to take out cover at least as good as that specified. For those schools, or those covers for which the LA does not hold an insurable interest the information is provided as guidance of appropriate practice.

Identification of the insurable interest can best be determined by consideration of who holds the legal title to property, or who is the legal employer of staff etc. Some detailed issues may be subject to debate and may only be clarified by case law. In cases of uncertainty guidance may be sought from the LA and this will be given wherever possible.

Where the LA has an insurable interest schools should arrange for details of the proposed policy cover to be sent to the Insurance & Risk Management Section of the Council at Civic Offices to confirm that the proposed cover and Insurance Company are appropriate.

School Financial Systems

It has come to our attention that schools have been using a variety of financial systems other than FMS to record and account for income and expenditure.  In particular with changes in technology there has been an increase in the use of internet based systems e.g. ParentPay, eBay.  The Local Authority would like to advise schools that if they intend to use new financial systems they must seek approval from the Head of Finance first. 

Please see below a Briefing Note on School Systems which we urge all LA maintained schools to read before completing the attached form below titled School System Assessment Form for each system that the school wishes to use.  The completed form(s) must be submitted to the Schools Finance Team inbox for approval before the school can implement the new system.

Schools Tool Kits