Model Terms of Reference:
· In consultation with the Headteacher, to draft/approve the first formal budget plan of the financial year
· To establish and maintain an up to date 3 year financial plan
· To consider a budget position statement including virement decisions at least termly and to report significant anomalies from the anticipated position to the Governing Body
· To ensure that the school operates within the Financial Regulations of the City Council
· To monitor expenditure of all voluntary funds kept on behalf of the Governing Body
· To annually review charges and remissions policies and expenses policies.
· To make decisions in respect of service agreements
· To make decisions on expenditure following recommendations from other committees
· To prepare financial statements for inclusion in the governing body report to parents
· To ensure, as far as is practical, that Health and Safety issues are appropriately prioritised
· To exercise virement between budget headings as necessary and up to an agreed maximum
· To prepare and review financial policy statements, including consideration of long term planning and resourcing
· To agree the level of delegation to the Headteacher for the day to day financial management of the school.
· To authorise staff to have responsibility for signing orders, invoices and petty cash claims.
· To authorise the Headteacher to enter into contracts up to an agreed limit
· To liaise with those responsible for the school funds to ensure an overall policy on expenditure is agreed to the best advantage of the school.
· To respond to any audit reports on the management of the budget and financial procedures
· To review the school lettings policy.
· To determine whether sufficient funds are available for pay increments as recommended by the Headteacher
· In the light of the Headteacher Performance Management Group’s recommendations, to determine whether sufficient funds are available for increments
· Additional items which individual Governing Bodies may wish to include