Local governing bodies (LGBs): how to monitor value for money
Be clear on how you can go about monitoring value for money in your school if you’ve been delegated this responsibility.
This article outlines advice for how you can monitor value for money - bear in mind that your LGB might do things differently.
What is value for money?
Value for money is making sure that what you spend money on is worth it - a good price for a good service/quality of goods.
How do I know if something is value for money?
The best way is to ask your headteacher/school business manager (SBM) if it is - they should have done price comparisons to check.
Key sources of evidence will also help reveal if something is value for money or not (some of these are outlined in the section below on how to monitor value for money in practice).
Monitoring value for money is a key part of your third core function (you can brush up on your responsibilities here).
5 things to bear in mind
You're looking after public money