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Scheme for Financing Schools

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Scheme for Financing Schools SCHEME FOR FINANCING SCHOOLS Revision effective: 1st March 2017 The “Fair Funding Scheme” Nottingham City Council - Scheme for financing schools Contents Section 1: Introduction ............................................................................................................................... 7 1.1 The Funding Framework ................................................................................................................................ 7 1.2 The role and application of the scheme ....................................................................................................... 8 1.3 Publication of the scheme .............................................................................................................................. 9 1.4 Revision of the scheme .................................................................................................................................. 9 1.5 Delegation of powers to the head teacher ................................................................................................... 9 1.6 Maintenance of schools .................................................................................................................................. 9 Section 2: Financial Controls .................................................................................................................. 10 2.1 General procedures ...................................................................................................................................... 11 2.2 Basis of accounting ....................................................................................................................................... 17 2.3 Submission of budget plans ......................................................................................................................... 17 2.4 Efficiency and value for money ................................................................................................................... 19 2.5 Virements........................................................................................................................................................ 20 2.6 Audit: General ................................................................................................................................................ 20 2.7 Separate external audits .............................................................................................................................. 21 2.8 Audit of voluntary and private funds ........................................................................................................... 22 2.9 Register of Business Interests ..................................................................................................................... 22 2.10 Purchasing, Tendering and Contracting Requirements ........................................................................ 23 2.11 Application of Contracts to Schools .......................................................................................................... 25 2.12 Central Funds and Earmarking ................................................................................................................. 26 2.13 Spending for the Purposes of the School ................................................................................................ 27 2.14 Capital Spending from Budget Shares..................................................................................................... 28 2.15 Notice of Concern ....................................................................................................................................... 29 2.16 Schools Financial Value Standard (SFVS).............................................................................................. 30 2.17 Fraud ............................................................................................................................................................. 31 SECTION 3: Instalments of the budget share; Banking Arrangements .............................................. 32 3.1 Frequency of Instalments ............................................................................................................................. 32 3.2 Proportion of budget share payable at each instalment .......................................................................... 33 3.3 Interest clawback ........................................................................................................................................... 34 3.4 Budget shares for closing schools .............................................................................................................. 34 3.5 Bank and building society accounts .......................................................................................................... 34 3.6 Borrowing by schools .................................................................................................................................... 36 SECTION 4: The treatment of surplus and deficit balances arising in relation to budget shares .... 38 4.1 right to carry forward of surplus balances .................................................................................................. 38 4.2 control on surplus balances ......................................................................................................................... 38 4.3 Interest on surplus balances ........................................................................................................................ 40 4.4 Obligation to carry forward deficit balances .............................................................................................. 40 4.5 Planning for deficit budgets ......................................................................................................................... 40 4.6 Charging of interest on deficit balances ..................................................................................................... 40 4.7 Writing off deficits .......................................................................................................................................... 40 4.8 Balances of closing and replacement schools .......................................................................................... 41 4.9 Licensed Deficits ........................................................................................................................................... 42 4.10 The School Loans Scheme........................................................................................................................ 43 SECTION 5: Income .................................................................................................................................. 44 5.1 Income from lettings ...................................................................................................................................... 45 5.2 Income from fees and charges .................................................................................................................... 45 5.3 Income from fund raising activities ............................................................................................................. 45 5.4 Income from the sale of assets ................................................................................................................... 46 5.6 Purposes for which Income may be Used ................................................................................................. 46 SECTION 6: The Charging of School Budget ......................................................................................... 47 6.1 General provision .......................................................................................................................................... 47 6.2 Circumstances in which charges may be made ....................................................................................... 47 SECTION 7: Taxation ................................................................................................................................ 49 7.1 Value Added Tax (VAT) ............................................................................................................................... 50 7.2 CIS (Construction Industry Taxation Scheme).......................................................................................... 51 SECTION 8: The Provision of Services and Facilities by the Authority .............................................. 52 8.1 The Provision of Services from Centrally Retained Budgets .................................................................. 52 Page 2 of 103 Nottingham City Council - Scheme for financing schools 8.2 Provision of Services Bought Back from the LA Using Delegated Budgets ......................................... 52 8.3 Service Level Agreements ........................................................................................................................... 53 8.4 TEACHERS‟ Pensions ................................................................................................................................. 53 SECTION 9: PFI / PPP ............................................................................................................................... 53 9.1 Private Finance Initiatives and Public Private Partnerships .................................................................... 54 SECTION 10: Insurance ...........................................................................................................................
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