16 May 2019
By Nick Lockyer-Fincken

Schools Financial Services Newsletter - May 2019

2019-20 Budget Deadline

Thank you to all the Kent Schools that provided their 2018-19 Closedown information by the deadline. The Outturn reports should now have been received by all schools.

The deadline for Kent Schools to submit their 3 year budget plans for 2019-20 is 31 May 2019.

Academies should also be aware that the Budget Forecast Return Outturn (BFRO) is due to be submitted by 21 May 2019.

The 2019-20 return deadlines for academies have now been confirmed and can be found as a Blog on the Education People website

Financial Controls

Section 5 of the Financial Controls for Kent schools, relating to submitting a 3 year budget plan with a deficit, has been updated for the 2019-20 financial year.

Visit the Financial Controls section on KELSI to view and download the latest version.

www.kelsi.org.uk/school-finance

Please also refer to the Bank Account scheme section to ensure you are compliant when making online payments.

Income Generation

At the last Finance Information Groups (FIGs), Schools Financial Services proposed some options in relation to supporting schools and academies with increasing their income.

A request was e-mailed to schools with a link to the survey. If you have not received the e-mail and want to contribute, please e-mail:

schoolsfinancialservices@theeducationpeople.org

Thank you to everyone who has already completed the survey. If you haven't submitted your responses yet, the deadline is 31 May 2019.

Results will be shared at the FIGs in June.

Finance Information Groups June 2019

The Finance Information Groups (FIGs) are taking place across the county.

Book your place via CPD Online

https://cpdonline.theeducationpeople.org

The agenda will be published on The Education People website shortly.

In this Issue

  • Budget deadline date
  • Finance Information Group
  • Funding update
  • Procedure note of the week
  • Hints and tips

Funding Update

The ESFA have published the Teachers Pay Grant for April - August 2019. The published allocations are slightly different to the KELSI template but the impact is very small.

The allocations published appear to double the Year R allocation (as found in 2018/19) which is being queried. Details of the allocations can be found on the following website:

www.gov.uk/government/publications

Schools and academies with a 6th form should read the budget guidance relating to the Teachers Pay Grant to ensure that they are calculating the correct amount of income when setting their budgets.

Schools and academies should ensure that they include income for the new Teachers Pension Grant that will be paid in 2019-20.

Further information along with a calculator to help schools establish what they may receive can be found on KELSI.

Procedure Note of the Week

  • FMS6 Reconciliation report update (11c)
  • FMS6 Income and Expenditure report (12b)
  • Adding a new Cost Centre (78)

Hints & Tips

  • If a school has a nursery, which receives rent from KCC, this should be coded to the new I08b CFR code.
  • When you have calculated the expected income from the Teachers Pay Grant, schools should add this to the Funding scenario on BPS and Academies into the Income & Expenditure scenario.
  • Don't want to use the Tagging function on BPS for 2019/20? You can deactivate any Tags previously created via the Cost Centre - Tagging menu.

Autumn Training

Training course for the 2019 Autumn term will be available on CPD Online shortly.

Further details will be provided in the June 2019 newsletter.