Those who carry the accountability and responsibility for good financial management and stewardship of their school are under more scrutiny than ever before to maximise and legitimately squeeze the pips out of their overall resources.
Many of our newly-appointed members report that they are new to this territory or coming to it for the first time amidst a long-running and established funding crisis. Our more seasoned members are saying, for the first time, that they are facing the prospect of having to manage a deficit budget. Others have accepted that being in deficit is simply the norm, but they’re anxious to protect themselves, their employment and their school in the process.
In this advice paper, we set out areas of good financial management practice for maintained schools and academies, especially around staffing budgets as these are clearly the principal feature of any school’s budget. We also look at the pitfalls, and the prospect of having to manage a ‘deficit budget’ and the steps you should take to protect yourself if this is the case.
This article is available to NAHT members only.