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Budget Monitoring

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Budget Monitoring

As part of the monthly monitoring process schools should compare their actuals against the budget. Corrective action should be taken for any excessive variances; For overspends this could mean a stop on spending and a review of budget essentials; Underspends could mean invoices are unpaid or changes in circumstances mean there will be no expenditure against that code and budget could be allocated elsewhere. 

The following resources can be used by schools as part of their monitoring process:

  1. Transactions Report
  2. Reconciliation File
  3. Payroll Report (PN41)
  4. Cash Control Report (LBA schools only)
  5. Reports from FMS eg Chart of accounts review

Reports 1-4 are produced using data from Sap for the previous closed month and are published in the ‘My School’ area of the Schools Web which is confidential to each school.

They are generally available for schools to download a few days after month end.

The payroll report is sent to schools via AVCO file transfer system.

Support on using the Salary Modeller is available from ICT schools 01296 383500 option 4

Schools FMS system should hold more up to date information than the SAP reports that are not ‘live’ information and reflect the previous month data.

As a result of monitoring and forecasting it may become apparent for the school to revise and amend their original budget.

Consistent Financial Framework reporting

Forecasts provided by schools are sent to the DFE at year end using the CFR framework. When Schools provide a forecast it is against each General Ledger code which are linked to the CFR framework within Financial management system (FMS).

More about the CFR Framework

The Consistent Financial Reporting (CFR) Framework is a statutory requirement introduced by government to enable schools to compare income and expenditure with other schools on a consistent basis using the DFE’s benchmarking website. A CFR return is required for all schools maintained by Local Authorities at the end of each financial year. In Buckinghamshire the Authority prepares this report on behalf of the schools as it holds the statutory accounts and schools are responsible for ensuring that the financial data held in their local finance systems agrees with the data held by the Authority.

The return records the level of income, expenditure and balances that have occurred during that financial year. CFR is a framework of income and expenditure headings and balances which, as a financial management tool showing financial data, enables comparison spending and consumption patterns of services, giving schools the tools to promote self-management and value for money.

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