Schools receive delegated funding under provision of the Standards and Framework Act 1998. These financial regulations reflect the responsibilities that school Governing Bodies and Headteachers have in relation to the delegated management of budgets and are set out below, together with the framework of responsibilities within which that delegation takes place. Other specific Acts apply all other public monies.
1.1 These Financial Regulations are made by the Local Authority and are subject to the provisions of the Local Government Act 1972, Section 114 of the Local Government Finance Act 1988, the Local Authority Housing Act 1989 and the Accounting and Audit Regulations 2003. They set out the working arrangements by which the Council gives effect to its statutory financial responsibilities.
1.2 These Financial Regulations apply to Governing Bodies of schools covered by the Buckinghamshire Funding Framework and to Headteachers and other school staff to whom functions may be delegated under the Education Reform Act 1988.
1.3 Each Governing Body is responsible for the observance of Financial Regulations within the school and for the training of staff to enable them to comply with these Regulations.
1.4 The nature and format of all accounting procedures and financial records shall be approved by the Head of Finance.
1.5 The Head of Finance is for the purposes of Section 151 of the Local Government Act 1972 responsible for the proper administration of the Council's financial affairs and reports to the Cabinet and the Council.
1.6 The Head of Finance has a statutory responsibility for ensuring that adequate systems and procedures exist to account for all income due and expenditure disbursements made on behalf of the Council, including those made at schools, and that controls operate to protect the Council's assets from loss, waste, fraud or other impropriety. The Head of Finance shall discharge that responsibility in part by the issue and maintenance of Financial Instructions with which all school Governing Bodies, school Governors and staff shall comply.
1.7 Governing Bodies and Headteachers are responsible for the proper financial management of resources allocated to their schools through the formula-funding process, grants and any other income. This includes the appointment and dismissal of staff and the security, custody and management of assets including plant, equipment, buildings, materials, cash and stores relating to their schools. Each governing body shall ensure that both it and all school staff comply with the requirements contained in Financial Regulations, Financial Instructions and Standing Orders relating to Contracts for Schools with Delegated Budgets.
1.8 School Governing Bodies and Headteachers are responsible for ensuring the financial probity of their school's affairs and assisting the Head of Finance and the Children and Young People’s Service in the discharge of their statutory duties.