The Scheme for the Financing of Schools sets out the financial relationship between the local authority and Suffolk’s maintained schools and pupil referral units. The Scheme contains requirements relating to financial management and associated issues, binding on both the authority and on schools. The Scheme directs schools/PRUs to the Finance Regulations for operational level requirements.
With effect from 1 November 2015, the Scheme applies to all maintained schools and pupil referral units within Suffolk; it replaces all previous versions of the Scheme.
The Finance Regulations are a series of documents expanding on the high-level requirements set out in the Scheme. The Regulations set out specific requirements that schools must follow; they also include recommendations on best practice where appropriate. Instructions within LMS Documents also form part of the Finance Regulations.
Who else will use the Scheme and Regulations?
a) The Schools’ Accountancy Team monitor compliance with various aspects of the Scheme and Regulations on an on-going basis.
b) Audit Services will highlight non-compliance with the Scheme and the Regulations when undertaking audits in maintained schools/PRUs.
c) Schools’ Choice (Finance) ensure templates provided for schools/PRUs comply with the requirements set out in both the Scheme and Regulations
Review of the Regulations
The Finance Regulations section will continue to expand as revised and updated documents are published as part of the current review. Maintained schools and PRUs will be informed when new documents become available and the Schools’ Accountancy Team should be contacted for advice and guidance where appropriate.
Finance Regulations are reviewed annually following their initial publication to ensure that they remain current.