School budgets
School budgets are funded through a combination of income sources - business rates, council tax, government grants and through the government’s local government settlement.
The schools’ budget is a term used to bring together both individual school’s budgets (called the ISB) and school monies managed centrally on their behalf.
School funding scheme
The financial rules and regulations within which schools work and the distribution formula used to allocate funding to schools is set out in a legal document called the school funding scheme. The formula used includes allocations for pupils with Special Educational Needs, etc.
Key statements
The key statements, useful for seeing how much funding a particular school receives, how this is made up, or how the school has spent its funding, are:
School budgets (Section 251)
Funding made available annually to schools, showing how the funding is made up and how this compares with other county schools.
Outturn (end of year statements) (Section 251)
How the school has spent the funding available to it, including any year-end balances unspent/overdrawn.
Children & Young People's Service (CYPS) Finance calculates and monitors school funding, and provides financial advice to schools through a traded service.