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FI 1 Expenditure

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FI 1 Expenditure

Preamble

Expenditure from the school's delegated budget needs to be in accordance with the annual financial plan, which itself is prepared in conjunction with the school development plan, covering a longer period. The following instructions set out the framework within which school Governing Bodies may incur expenditure from the delegated budgets.

Instructions

1.1       Governing Bodies shall be free to commit expenditure over more than one financial year provided that such forward commitments are reflected in subsequent annual financial plans.

1.2      The annual financial plan shall be prepared in conjunction with the school's development plan. Schools will be advised and assisted by the Authority in constructing long-term financial and management profiles to allow them an effective means of planning and monitoring over a period of years.

1.3       Governing Bodies shall not borrow and as far as possible shall ensure that the school budget does not go into deficit.

1.4       The Authority may earmark any expenditure which is outside of the scheme of delegation. Where such earmarked expenditure is given Governing Bodies shall ensure that

(a) the sum given is not overspent, unless supplemented from the school's delegated budget; and

(b) the sum given is spent only on the purposes for which it is given.

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