Issue - meetings

Report ED15087

The Sub-Committee considered a report setting out the revenue and capital balances held by Primary, Secondary and Special Maintained Schools as at 31^st March 2015, and providing a comparison to the balances held at the same time in the previous year.

The Head of Schools Finance Support highlighted that there had been an overall decrease in the level of revenue and capital balances held by schools, which reflected the increasing financial pressures caused by increases to expenditure through changes to National Insurance and pensions for school employees, and a reduction in Education Support Grant funding for academies and in post-16 funding.  The Fairer Funding settlement had provided additional funding to Bromley schools for the 2015/16 financial year, but this would only alleviate financial pressures in the short term.

The Schools Finance Team would continue to work closely with all Bromley Schools to support budget management and financial forward planning, and would work with Local Authority Maintained schools identified as having no reserves or as being in deficit to develop deficit recovery plans.  The Education Funding Agency was responsible for providing a similar level of support to academies identified as having no reserves or as being in deficit.

In response to a question from a Member, the Head of Schools Finance Support confirmed that St Anthony’s R.C. Primary School had taken action to significantly reduce its revenue and capital balances during the 2014/15 financial year.

RESOLVED that the financial position of Primary, Secondary and Special Maintained Schools as at the end of the 2014/15 financial year be noted.