Financial Management
PT ENGLAND SCHOOL POLICY 2005
FINANCIAL MANAGEMENT AND BUDGETING
INTRO:
A key responsibility of the BOT is to set, approve and monitor a budget designed to achieve the Charter goals and objectives.
OBJECTIVES:
1.To ensure adequate resources are allocated to achieve programme goals.
2.To reconcile the resources required with the resources available to achieve a balanced budget.
3.To extract budget information necessary to produce the annual report.
4.To plan for the management of cash flow.
5. To ensure that risk of related party transactions is understood and managed
6.To provide financial information in a way that is useful and meaningful to both the school's management and the community.
GUIDELINES:
1.A budget will be set annually and reviewed monthly.
2.The budget will reflect the goals and objectives of the Charter.
3.THE PRINCIPAL WILL :
identify, with staff, resources required in programmes and provide estimates of their cost.
prioritise resource requirements 1-3/highest-lowest priority.
monitor expenditure to ensure the budget is adhered to or understand and agree with why it changed.
monitor internal systems with respect to storage and maintenance of equipment.
ensure all expenditure is approved through recognised channels of authority.
4.THE BOARD OF TRUSTEES WILL :
approve budgets to ensure they accurately reflect the goals and objectives as set out in the Charter.
report to the community on how well the financial objectives of the school have been achieved.
5.THE TREASURER AND SCHOOL SECRETARY WILL :
prepare accounts for each BOT meeting following procedures as outlined by BOT Treasurer.
Promote the monthly accounts for approval at each BOT meeting.
Provide the monthly Visa Account for approval at each Board meeting
maintain and update the school's asset register.
6.THE BOT TREASURER WILL :
table a financial report at the monthly BOT meeting.
table & discuss the Visa Account Summary at each BOT meeting.
ensure financial reports complying with Public Sector Accounting standards are prepared annually and available to parents.
raise any issue of related party interest for Board discussion and decision
ensure sufficient funds are available in the cheque account at all times to avoid going into overdraft.
invest money surplus to immediate requirements.
keep records of all financial transactions in good order.
liaise closely with the Principal to reconcile the resources required with the resources available.
Formulated: 1990
Reviewed: 1999
2002
2005
2009
2013
2015
2018
2020
2023