Schools finance support team provide tailor made, flexible and responsive financial services for schools and academies in Nottingham

Under the School Standards and Framework Act 1998, Nottingham City Council retains overall responsibility for the provision of School budgets. Our statutory responsibilities relate to the collection of information to ensure schools are soundly managing their delegated budget share.

The service we provide includes

  • monitoring and challenging schools' financial performance
  • maintaining all statutory return forms to ensure they are fit for purpose
  • distributing cash to schools
  • carrying out general accounting functions and year-end processes
  • providing policy and process updates

 

Our Statutory Duties

Monitor and challenge schools' financial performance

  • Monitor school balance including budget plan, outturns and year end balance and tackle deficits, ensuring deficit recovery plans are completed
  • Review budget plans submitted by schools to identify new deficits and any other issues, challenging schools accordingly
  • Review monthly bank reconciliation and ensure the balance between bank statement and schools' financial systems is the same
  • Require deficit schools to complete MTFP and deficit recovery plan where appropriate
  • Produce a termly traffic light report highlighting schools which are causing concerns
  • Monitor the intended use of excess surplus balances
  • Ensure schools submit an annual SFVS and complete returns to DfE

Cash distribution

  • Distribute, communicate and reconcile cash each month
  • Provide ad hoc cash advances to schools with cash flow problems
  • Balance pay and non-pay budget to ensure the correct cash allocation

Accounting and Closedown

  • Upload monthly Vat returns to Oracle
  • Re-coding of supply staff
  • Monitor non-pay journal postings onto school codes and reserve
  • Prepare and communicate closedown timetable, issue guidance notes and ensure deadlines adhered to
  • Publish statutory return timetable
  • Load school budget plans onto Oracle
  • Review external auditor's exception report and implement any process changes necessary to comply in current year

Policy and Process updates

  • Fair Funding Scheme
  • Financial Administration and Control Policy
  • Manual of Financial Guidance
  • Financial procedures for schools converting to academies
  • MTFP and Deficit Recovery Plan
  • Bank Account change process

For more information contact

Schools Finance Support
schools.finance@nottinghamcity.gov.uk
0115 8765053