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DECLARATIONS OF INTEREST MADE FOR THIS ITEM:
 
None
 

RESOLVED:
 
That Cabinet:
 
1.   
Approved the revised Scheme of Financial Regulations and Standing
Orders for Schools.

2.   
Approved the introduction of the £25,000 spending limit
control for schools in financial difficulty or schools in
Deficit.
 

Reasons for decision:
 
The Schools in
Financial Difficulty policy has not been updated for a considerable
period of time. The attached document
revises and updates the regulations and standing orders in line
with current Department for Education (DfE) guidance. The updated
policy will support schools and the Local Authority to work
collaboratively to address and reduce structural deficits.
 
The role of the Scheme
is to set out the financial relationship between the Local
Authority and the maintained schools it funds. It describes the
requirements relating to financial management and associated
processes, and it is binding on both the Local Authority and the
schools. The Scheme ensures clarity around responsibilities,
decision making, and the standards expected in the management of
public funds.
 

Alternative options considered:
 
No other options
considered as preparation and publication of the Scheme for
Financing Schools is a statutory requirement with which local
authorities must comply.