Financial Management Policy

Rationale

According to NAG 4 the Board of Trustees is required to allocate funds to reflect the school's charter priorities; to monitor and control school expenditure. It is responsible under the Public Finance Act to operate its fiscal activities in a prescribed manner.

Purpose

The Board of Trustees will manage the school finances by:

1. ensuring accountability for the control of school finances
2. reporting to all interested parties and presenting accounts for audit
3. ensuring efficient use of funds.

Objectives

1. The Board will each year prepare a budget based on the aims of the development plan and present the budget to the full Board for approval.

2. The school will establish clear guidelines, including delegations and accountabilities, for the efficient management of each section of the budget.

3. The principal will be responsible for budget management within the requirements of this policy, and will:

• Report on variances to the approved budget at Board meetings
• Monitor all accounts within the school
• Provide a statement of financial position

4. Appropriate financial management procedures and practices are followed in line with Public Sector Finance requirements and guidelines set out by the Ministry of Education.

5. The annual report to the community will include a statement on the previous year's financial position.

6. Each financial year a set of accounts will be prepared in a timely and appropriate fashion, including a Statement of Responsibility.

7. An auditor will be appointed to the school.

Formulated by: Policy Committee June 2008

Approved:

Reviewed: June 2011