We recommend setting a budgetary forecast for three to five years in line with guidance from the ESFA. Local authority and central government plans.Development plans – e.g., school improvement plan, IT and facilities needs.Some considerations you need to make for planning are: The planning stage is often a cohesive process. Once the first step has been completed, it is then time to think about resource, staffing and premises needs for the next year. You can read our blog on financial benchmarking and utilise the schools benchmarking tool. This insight will help shape your school budget.įinancial benchmarking against other schools will also help you understand how spend compares and puts finances into context. It can also provide information on the areas which have historically had the most investment. Reviewing past performance can provide valuable insight into underspends, overspends and accuracy.
They can also identify which areas may need extra funding based on exam results and resources. It is crucial that you review your budget for the year ahead and long-term.Ĭolleagues responsible for budgets can carry out analyses to determine areas of improvement. It is in the best interest of your establishment and pupils that you manage the budget effectively to provide the best service to them. Without good management and financial planning, your organisation could struggle to allocate resources and you could descend into a deficit. With the new academy financial year impending, you may be focused on end-of-year financial administration and putting a plan in place for budget spend.Īllocating and managing your budget can be challenging, especially without a well-planned budget and long-term financial plan in place. In this blog, we share the steps to planning and managing your school budget! Education finance experts, SAAF Education, have years of experience helping schools, academies and MATs manage their budgets effectively.
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