It seems like the Summer break is now a distant memory and we are well into the Autumn term. Pupils have been rolled up into their new year groups and the new Reception or Year 7 children are settling in, new employees have been onboarded and the breakfast and after schools clubs new and existing have opened their doors once more.
The main focus for School Business Managers will now be the forthcoming first termly return, due for submission on 15th October.
September brings a plethora of new staff, and this will be the opportunity to review what we originally forecast 6 months ago (yes, 6 months!) and see where in reality our budget is now sitting. It is hard to plan for the new academic year in April when this is prior to the date when potentially teachers could be offering their resignations and so there is likely to be considerable changes. Have those teachers initially budgeted to move to a higher pay scale met their targets? Have the agreed pay increases above the 3% planned been costed and any new grants included in your budget?
The budget setting may have highlighted a need for considerable change and subsequent staff reviews could be in the pipeline. As we know, this does not take effect immediately and to implement can take a term, so the financial benefit may not even hit you until January, when there is only three months of the budget remaining. However, the longer this is delayed the higher the impact on your finances.
So, now we are in the Autumn term and a priority is to fill any pupil places that may have appeared over the Summer ready for the Autumn census, which is 3rd October. This is key to providing schools funding with your pupil numbers to calculate your schools block funding, UIFSM, FSM, Sports and PE premium and other grants. If a pupil is considering moving schools now, we hope that they do not leave until after the census day, particularly if there are no pupils on the continuing interest list for that year group.
Once we have our staffing and funding sorted and updated on our rolling budget, it is important to review our other expenditure to forecast as accurately as possible what we will need to carry us through until March. Use your budget v actual report to see what % of budget you have spent. The bulk of repairs and maintenance is most likely to now be complete as most work is completed over the Summer period and this is also the case for S&S in E19 as we will have placed large orders for supplies before the Summer. Some items, such as insurance will have been fully spent so ensure that you adjust the budget to actual spend in the budget.
Most schools will close their budgets down at Spring half term and put a hold on ordering, so review your remaining budgets to ascertain realistically if you have enough in your budget to last until then. Being realistic is important as overspend can either push schools towards a deficit position or increase an existing deficit.
The Spring review will be a chance to drill down once again and with the knowledge of further actual spend, should allow accurate forecasting for the final term. Being part of the ordering process can benefit a School Business Manager to allow you to have an overview of where the budget is being spent and what is still expected to be invoiced for.
To summarise the benefits of accurate school budget reviews:
- Resource Allocation: Ensures funds are allocated effectively to support educational programs, staff, and resources.
- Financial Stability: Helps maintain financial health and prevents overspending or deficits.
- Strategic Planning: Facilitates long-term planning by aligning the budget with school goals and priorities.
- Transparency and Accountability: Builds trust among stakeholders by demonstrating responsible financial management.
- Improved Outcomes: Supports better educational outcomes by enabling targeted investments in key areas.
Overall, accurate budgeting is vital for maximising the impact of financial resources in schools.
Wishing you success with your termly return!
