Budget Management
Budget Management offers regular visits to the school from a named CEFM Finance Partner. The school is free to decide how to make the best use of each visit.
Typically visits are used for either budget setting or budget monitoring as set out below:
Setting the Budget
Setting the Budget provides schools with assistance in producing the annual budget. It also provides assistance with posting the budget.
- Assisting through the budget setting process;
- Calculating the detailed salaries budget;
- Advising on the format for presenting financial information to Governors and budget holders;
- Presenting the budget to the Finance Committee for approval if required;
- Checking three year projections;
- Re-forecasting using 'what if' scenarios;
- Checking the posting of the budget;
- Direct contact with your Finance Partner throughout the year.
Monitoring the Budget
Monitoring the Budget provides schools with on-going financial advice throughout the year. Each visit provides an analysis of your school's spending compared with the budget and examines the impact of variations on your school's outturn report.
- Reviewing the posting of data;
- Comparing the budgeted to actual figures;
- Predicting a revised outturn;
- Producing a report explaining the variances and virements for the Headteacher, Finance Committee and full Governing Body;
- Includes a clearance meeting with the Headteacher and/ or School Business Manager/Bursar;
- Presenting the budget to the Finance Committee if required;
- Assistance with completing statutory returns including end of year reports;
- Direct contact with your Finance Partner throughout the year.
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