Financial transparency: requirements for maintained schools
Get up to speed with the changes to financial regulations for maintained schools to improve financial transparency. Find out what your school is required to do, so you can monitor compliance.
- Submit a 3-year budget forecast to your LA
- Record and declare related party transactions (RPTs)
- Submit a recovery plan to your LA if your deficit rises above 5%
- Publish the number of individuals earning over £100k, in £10k bandings, annually on your school's website
- Publish a link to the 'schools financial benchmarking' website on your school's website
This requirements in this article came into force following a government response to the 2019 consultation on financial transparency of local authority (LA) maintained schools.
The requirements will be carried out by your school leaders and/or finance lead. As a governor, you need to know what they are so you can monitor compliance.
Submit a 3-year budget forecast to your LA
When: Between 1 May and 30 June of each year – your local authority (LA) will determine the exact date.
This is usually separate from your school's annual budget (read more in section 4.3 of this DfE guidance). As the DfE doesn't prescribe a format for these documents, your school should check with your LA how it should:
Your LA will let your school know how it intends to use the 3-year budget forecast. It may decide to use it for more than just confirming whether