Funding and regulatory financial framework
The school funding framework reflects government policy and is subject to reform, the purpose of which is to ensure the system:
- is up to date and reflects the current demographics of pupils across the country
- targets additional money to pupils who need extra support to achieve
- is consistent and pupil-led so that, wherever a pupil goes to school, he or she will attract similar levels of funding
- is transparent so that parents, head teachers, governors and tax-payers can see clearly how funding has been distributed and why
- gives pupils (supported by their parents and carers) genuine choice about which school they attend
The key elements of the framework at the moment are:
- the local Funding Formula for Schools that LAs develop to distribute money on a consistent and transparent basis to schools
- the local Scheme for financing schools May 2020 that each LA must maintaining to set out the legally binding financial roles and responsibilities on schools and the LA
- the local Schools Forum (see Schools Forum Guide for Schools and Academies and Schools Forum Operational Guide) which LAs must maintain to consult with and seek decisions on education funding and other related matters – the Schools Forum does not contain any LA officers but mainly draws representation from headteachers and school governors
There are complementary local requirements that schools must also comply with that are governed by the Scheme for Financing Schools. The most significant supporting documents are:
- contract standing orders
- contract standing orders tick sheets (note there are 2 tabs to this, and schools will ordinarily need to use ‘Supplies and Services’)
- procurement manual