Archived decisions

SCHEME FOR FINANCIAL MANAGEMENT OF SCHOOLS

1. Every Local Authority is required to produce a Scheme for the Financial Management of Schools (SfFM) which regulates schools' exercise of their delegated powers in respect of finance. It also governs the County Council on aspects of its dealings with schools on financial matters. The DfES produce statutory guidance on such schemes and the latest revision was in October, 2006. The changes update the SfFM and incorporate new provisions for the redistribution of excess school balances and for better financial reporting and management by all schools.

2. Every headteacher and school governing body in Hampshire has been consulted on the changes. Whilst 89% of those who replied support every proposed change, some anxieties have been expressed about the proposal to claw back and redistribute surplus school balances which were not properly assigned to particular purposes within defined timescales. The Executive Lead Member for Children's Services has considered a report on the results of the consultation, together with proposed further modifications to the scheme agreed by the Schools Forum on 1 March 2007. The Executive Lead Member has approved the supported changes to the SfFM which complies with the new government requirements. A copy of the report on this matter is available in the Members' Rooms.

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