The budget of a school is delegated to the Governing Body and it is their responsibility to approve any Financial Plan that is submitted to the Local Authority (LA). This can be done retrospectively as it is not always possible to schedule a full GB meeting before the deadline for ABL submission. Usually, the responsibility of preparing the plan is further delegated to the Headteacher and Finance Staff at the school. If required, the school can call on support from the LA in the preparation of the Plan.
The LA is required to issue an indicative budget by the end of February each year for the following financial year, which begins on 1 April.
The school are required to submit a Financial Plan to the LA by the deadline published each year in the End of Year Timetable.
Budgets are also referred to as a Financial Plan (as per monthly summary description) and Annual Budget Listing (ABL as per FMS description) - they all mean the same.