Finance SOI

NAG 4: FINANCE AND PROPERTY

TRENTHAM SCHOOL STATEMENT OF INTENT

FINANCE

Reviewed – June 2020

Reviewed by BOT – June 2020

Ratified by BOT – June 2020

Next Review Date – June 2023

PURPOSE

To maximise students’ benefit from the prudent allocation of the school’s funding, and the careful management of the school’s investments and financial obligations.

GUIDELINES

1. The Board will allocate funds to reflect the priorities identified in the school’s strategic plan and annual plan.

2. The Board will prepare an annual budget reflecting the school’s strategic plan.

3. The Board will ensure that financial statements are prepared and audited as required by the Education Act 1989 and the Crown Entities Act 2004.

4. The Board will ensure that financial management practices are in place to regularly monitor income, operating expenditure and capital expenditure.

5. Delegations will be in place to ensure the school’s board, management and staff is aware of their financial responsibilities.

6. School bank account(s) will only be opened following the approval of the Board.

7. Allocated funds, not yet used, will be approved by the Board and invested on terms consistent with the Statement of Intent – Investments.

8. Under Schedule 6, section 29 (Restriction of borrowing) of the Education Act, Sections 160 and 162 of the Crown Entities Act 2004 apply. Under Schedule 6 section 29 the Board must not borrow or amend any term of any borrowing, other than as provided in any regulations made under Part 4 of the Crown Entities Act 2004, or any approval given jointly by the Minister of Education and the Minister of Finance, or under the Education Act 1989.