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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 article is based on the government response to the 2019 consultation on financial transparency of local authority (LA) maintained schools.
The requirements in this article 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 30 May and 1 June of each year, starting in 2021/22
There'll understandably be a degree of uncertainty when your school provides a 3-year forecast, so the DfE recommends your school plans for a range of scenarios.
When you're presented with the budget to approve each year from 2021/22, it should feature a 3-year forecast.
This is set out in the government response to proposal 3.
Record and declare related party transactions (RPTs)
Your school will
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