Building stronger academy budgets despite growing financial pressures.
With budget season looming, academies are struggling to cope with unprecedented financial pressures. Having effective budgets which align with your long-term goals and objectives, enable schools to prioritise the children who are at the heart of it all.
Main considerations when setting your budget:
Income: Updated pupil numbers and other grants plus self-generated income streams.
Staff: in-line with requirements, timetabling and ICFP, salary uplifts and apprenticeship levy.
Annual contracts & subscriptions: review using the contracts register and historical spending.
Curriculum resources: use a bid led process to target resources.
School Development Plan: ensure budgets reflect priority areas.
Premises: review the Asset Management Plan and include essential repair work.
Capital: consider DFC spend and if any revenue contributions are needed towards capital projects and any contributions required for potential CIF bids/Trust SCA allocations.
Inflation: based on sector guidance.
It’s a daunting task, but taking a systematic approach will deliver a budget that supports an environment in which your pupils can flourish.
A budget setting lifeline
With over 80 years of combined Academy specific finance experience, EduFin can help Schools and Trusts to set and manage budgets effectively. Get in touch to learn more.
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