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Financial Management

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Financial Management

Background

Each Governing Body has a statutory responsibility for the financial management of the delegated budget in its school.  Governors are accountable for the standard of education provided and for balancing cost and effectiveness.  Maintained schools must complete the Schools Financial Value Standard (SFVS) annually, and academies are required to make an annual Financial Management and Governance Evaluation (FMGE) return.

Review frequency: annually

Local guidance

Legislation: see links above

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