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Published by Schools and Regional Services Department of Education and Training Melbourne February 2021
© State of Victoria (Department of Education and Training) 2021
Improving School Governance is provided under a Creative Commons Attribution 4.0 International licence. You are free to re-use the work under that licence, on the condition that you credit the State of Victoria (Department of Education and Training), indicate if changes were made and comply with the other licence terms, see: Creative Commons Attribution 4.0 International.
The licence does not apply to: any images, photographs, trademarks or branding, including the Victorian Government logo and the DET logo; and content supplied by third parties.
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An educational institution situated in Australia, which is not conducted for profit, or a body responsible for administering such an institution may copy and communicate the materials, other than third party materials, for the educational purposes of the institution.
Authorised by the Department of Education and Training 2 Treasury Place, East Melbourne, Victoria, 3002. ISBN 978-0-646-83448-1
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IMPROVING SCHOOL GOVERNANCE FINANCE
3 Contents
3.0 Introduction ......................................... 4
Goals ................................................................. 4
Overview ........................................................ 4
Overview continued ................................5
3.1 Budgeting .............................................. 6
Why is this topic important? ............ 6
Budget process and timeline ...........7
Reviewing budget submissions ......8
Economy, efficiency, effectiveness ............................................... 9
A strategic approach to economy and efficiency ............. 10
Recommending, approving and revising the budget .................... 12
3.2 Financial reports ............................... 13
Why is this topic important? ...........13
The main financial reports ..............14
Reviewing reports and taking action ...................................16
Reviewing and actioning each main report .................................... 17
3.3 Internal controls ................................19
Why is this topic important? ...........19
Minimum internal controls ..............20
Monitoring the adequacy of internal controls .....................................23
School Council Financial Assurance (SCFA) program ............23
What is the SCFA program? ............23
Further information .............................26
3.4 School Generated Funds ................27
Why is this topic important? .......... 27
Parent payments ...................................28
Fundraising ................................................29
Support to school councillors ...... 30
3.5 Financial reports ...............................31
Handout A1 ................................................... 55
Handout A2 ...................................................57
Handout B1 ................................................... 58
Handout B1 ...................................................60
Handout B2 ...................................................63
Handout C1 ...................................................64
Handout C2 ..................................................65
Handout D ....................................................66
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IMPROVING SCHOOL GOVERNANCE FINANCE
GoalsThe goals of this module are for school councillors to understand their governance responsibilities in relation to:
• internal controls
• budgeting
• investing and fundraising.
This module will also help councillors understand and interpret financial reports.
3.0 Introduction
OverviewThe school council is responsible for overseeing the school’s financial performance. It is a legal and Department of Education and Training (the Department) requirement that council makes sure funds coming into the school are being properly spent and authorised.
To ensure this happens, council is responsible for ensuring that the school has a functioning and effective system of internal controls. Internal controls are the procedures that make sure:
• all financial activity within the school is sound, accurate and legal
• the school’s assets are safe
• council can rely on the accuracy of the financial information it receives.
Council also helps develop the school’s program (non-staff) budget that shows how the school will allocate its resources to implement the key improvement strategies in the School Strategic Plan and Annual Implementation Plan. Council then monitors the school’s financial performance against the budget in conjunction with the school principal.
Finally, council is responsible for how the school raises income, over and above the funding provided by the government. It must manage any financial and reputational risks that could arise and ensure that all legal requirements are met.
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IMPROVING SCHOOL GOVERNANCE FINANCE
Overview continued
It is recommended all school councils elect a treasurer each year. Most school councils have a finance subcommittee, which handles many of council’s routine financial responsibilities.
The treasurer is responsible for:
• convening the finance subcommittee, where applicable
• working closely with the principal, school council president and Business Manager to report to council on all financial reports.
The convenor/treasurer of the finance subcommittee, as elected from council members, is preferably a non-Department member. The Business Manager/bursar should not hold this position.
It is recommended the office bearer position of treasurer be elected at the council’s first meeting after declaration of the poll, in line with current practice.
School councillors are indemnified by the Crown against any liability in respect of any loss or damage suffered by the council or any other person in respect of anything necessarily or reasonably done or omitted to be done by the councillor in good faith in the:
• exercise of a power or performance of a member’s function, or
• reasonable belief that the member’s liability act or omission was in the exercise of the member’s function or power.
If any school councillors have queries or concerns regarding the school financial management, in the first instance they should speak with the principal. If school councillors wish to escalate concerns about financial practices at the school or irregularities in finance reporting, they can speak to the relevant regional office.
Or, if a school councillor has knowledge or reason to believe a departmental employee, contractor or service provider has been involved in fraudulent or corrupt conduct, they should report it as a complaint or public interest disclosure.
Make a complaint
Available avenues:
• Acting Executive Director, Integrity, Assurance and Executive Services Division on 03 7022 0120
• Manager, Fraud and Corruption Control Unit 03 7022 0121
• Speak Up Service on 1800 633 462
Make a public interest disclosure
If a councillor wishes to make a public interest disclosure about the Department or any of its employees or officers, they should contact:
The Department's Public Interest Disclosure Coordinator (Coordinator), Executive Director, Integrity Assurance and Executive Services Division at the details listed above, or any of the Department's Public Interest Disclosure Officers on 03 7022 0121 or by email to [email protected]
The Independent Broad-based Anti-corruption Commission (IBAC)
Level 1, North Tower 459 Collins Street Melbourne Vic 3000
GPO Box 24234, Melbourne VIC 3001
Phone: 1300 735 135
Website: Independent Broad-based Anti-corruption Commission
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IMPROVING SCHOOL GOVERNANCE FINANCE
3.1 Budgeting
Why is this topic important?The budget is the school council’s main financial management tool.
It is the ‘money plan’ that shows how the school will use its financial resources to support the goals and priorities in the School Strategic Plan. Proper and adequate oversight of the school’s finances, in line with Department guidelines, is one of council’s most important responsibilities.
On completing this unit, school councillors should understand the budget process and timeline and be able to:
• review program budget submissions against the School Strategic Plan
• recommend, approve and revise the school’s program budget
• monitor the performance of programs against the budget.
Programs include:
• the various curriculum programs (such as art, science and mathematics)
• administrative programs (such as staff development and school maintenance)
• trading activities (such as the school canteen)
• specific purpose programs (such as the library).
The principal develops the workforce plan and salary budget using the Department’s salary structures for teaching and administrative staff. Council is not involved in preparing this budget.
The following table shows the typical budgeting responsibilities of the principal and school council.
The principal … The school council …
• develops the budget timeline
• approves the budget timeline
• develops program budgets with staff, and salary and revenue budgets
• reviews budget submissions and program priority list (undertaken by the finance subcommittee if council has one)
• evaluates program outcomes, prepares and prioritises budget submissions
• reviews, approves and monitors the budget
• communicates the budget to staff
It is recommended all school councils elect a treasurer each year. Most schools have finance subcommittees and this unit is written as if your school has one. If it doesn’t, council will undertake the tasks described.
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At the outset of the budget process, the principal and finance subcommittee develop the budget timeline. The diagram above shows an indicative timeline (actual timings depend on the school).
The principal, Business Manager and program leaders develop program budgets using estimates of revenue derived from:
• student funding received through the Student Resource Package (SRP)
• other government funding or special purpose grants
• locally raised funds left over from the current and previous years.
SRP funding is the major source of funding for schools and is provided by the Department. It is calculated using complex formulas, which take into account the number of students at each year of study and includes equity funding and other funding for special initiatives.
The funding is provided in two parts: credit and cash. Broadly speaking, the credit part of the funding (which accounts for approximately 90% of the SRP) is money allocated to the school but held by the Department and used to pay school salaries.
The remainder, which council oversees, is given as cash and held in the school’s bank accounts. It funds school running costs (such as electricity and phones) and the non-salary expenditure in program budgets approved by council.
If in any year the school overspends its SRP credit funding, it must repay the overspent amount in the next year.
The budget must allow for this.
If the school decides to put money aside for large purchases (such as equipment) in a future year, it will have less to budget for programs in the coming year.
Council discusses priorities for the coming year with the principal and gives advice about these to the finance subcommittee. The principal and school staff consider and determine priority programs for the following year and prepare budget submissions for each program. They also rank programs by priority; that is, in order of their importance for funding.
The treasurer and finance subcommittee inform the review of the budget submissions with the priorities advised by council.
Budget process and timeline
At the outset of the budget process, the principal and finance subcommittee develop the budget timeline.
The diagram below shows an indicative timeline (actual timings depend on the school).
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Revisions made to previous year's budget, as appropriate.
Work starts on budget for coming year.
Finance subcommittee reviews program budgets. Recommends budget to council for approval. Council approves budget.
Finance subcommittee monitors financial results against budget regularly, and decides any action to be taken.
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IMPROVING SCHOOL GOVERNANCE FINANCE
Reviewing budget submissions
Council is encouraged to have a finance subcommittee, convened by the school council treasurer, to review budget submissions in detail on behalf of council.
The finance subcommittee checks that each submission provides enough information for it to make a decision to recommend the submission for funding or not.
Each submission should include:
• an evaluation of the program’s current and previous outcomes
• the rationale for the program (how it meets the school’s strategic priorities)
• the program’s estimated revenue and expenditure, with expenditure split between the essential, unavoidable costs of the program and the non-essential costs (for extras which will enhance the program, in line with the school’s strategic priorities).
Guided by the strategic priorities decided by council, the finance subcommittee should be encouraged to ask:
• what did the last evaluation of the program reveal?
• how well will the program address the school’s strategic priorities?
• does the allocation of funding in the submissions reflect key strategic priorities?
• if the program is not explicitly part of the strategic plan, does it have merit?
The treasurer and finance subcommittee discuss expenditure estimates in the budget submissions with the Business Manager or principal to determine whether these estimates are reasonable. The Business Manager and principal will have reviewed all submissions, but councillors bring their own knowledge and perspectives to the task and, for good governance, must satisfy themselves that the proposals are sound, and the estimates are reasonable.
Subcommittee members and councillors are encouraged to ask questions, especially if they don’t have a financial background. The principal or Business Manager will clarify any aspect of the reports, with common-use language and explanations.
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IMPROVING SCHOOL GOVERNANCE FINANCE
Economy, efficiency, effectiveness
When considering expenditure, it is important to consider value for money (VFM).
In basic terms VFM means ‘getting a good deal from school expenditure’. It is based not only on the minimum purchase price (economy) but also on the maximum efficiency and effectiveness of a purchase.
This means finding solutions that achieve the best mix of quality and effectiveness for the least outlay.
This may not always mean choosing the immediately cheapest option since, for instance, it may be more cost effective to buy a more reliable service or a better-quality asset with lower maintenance costs and a longer operating life.
The Three Es
VFM Concept Definition Example
Economy Careful use of resources to minimise expense, time or effort
Was photocopy paper of the quality specified obtained at the lowest possible price?
Efficiency Delivering the same level of service for minimum input of cost, time or effort; or obtaining maximum benefit from a given level of input
Were canteen costs reduced while improving the nutritional content of food provided?
Effectiveness Delivering a successful outcome and meeting objectives as fully as possible
Has the literacy program improved NAPLAN results?
9
A strategic approach to economy and efficiencyDevelop a value for money culture
This means encouraging everyone to accept that value for money (VFM) is not only the responsibility of the school Business Manager, but rather it is a shared responsibility across the school. If strong leadership is provided by the principal, senior leaders and the school council, this will significantly enhance the importance of VFM in the wider school community.
Factors impacting on value for money
VFM is considered to be the achievement of a desired procurement outcome at the best possible cost over the life of the asset, not necessarily the lowest price. It should take both financial and non-financial factors over the total contract period into account.
Key factors to consider include (but are not limited to):
Financial factors
• up-front costs of the goods and services
• costs associated with transition in and transition out (if applicable)
• maintenance costs after the goods and services have been purchased
• costs associated with consumables (if applicable)
• costs for disposal.
Non-financial factors
• ensuring goods and services are fit for purpose and meet the school’s needs
• determining whether small/medium enterprises (SMEs) or local businesses and communities achieve benefits
• level of knowledge transfer from the supplier to the school
• level of risk associated with the purchase of the goods and services and engagement of the supplier
• availability of maintenance and support services.
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Procurement Processes
Part 2.3 of the Education and Training Reform Act 2006 (the Act), states that the school council is responsible for arranging for the supply of goods, services, facilities, materials, equipment and other things or matters that are required for the conduct of a school. For the purpose of meeting this objective, council is the legal entity through which the school enters into contracts, agreements or other arrangements.
The incurring of expenditure by schools is strictly controlled and subject to approval by the school council or any officer who has been authorised by the school council to carry out this function (for example, a delegated officer). The names of people authorised for this function are to be recorded in the school council minutes.
School council should be aware of the Department’s Schools Procurement Policy on the Department’s Policy and Advisory Library available at www2.education.vic.gov.au/pal/procurement-in-schools/policy.
Thresholds are in place, which must be followed as outlined below:
Procurement threshold (inc GST) Minimum market approach
≤ $2,500 One quote (either verbal or written)
> $2,500 and ≤ $25,000 One written quote
> $25,000 and ≤ $150,000 Three written quotes to be sought
> $150,000 Tender process
The following table shows the typical responsibilities of the principal and the school council with regard to procurement:
The principal … The school council …
• leads and manages procurement activity, or delegates management of the procurement activity to a Business Manager or other staff member
• approves justification for procurement expenditure, or authorises a delegated officer to carry out this function
• ensures that all procurement activity complies with the Schools Procurement Policy and Procedure
• must ensure the school complies with the Department’s Finance Manual for Victorian Government Schools
• attests that those at the school undertaking procurement activities are capable of doing so (in conjunction with the annual financial accounts attestation)
• must ensure that the school complies with the Schools Procurement Policy and Procedure
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IMPROVING SCHOOL GOVERNANCE FINANCE
Recommending, approving and revising the budgetThe treasurer and finance subcommittee, after discussion with the principal, determine:
• the final prioritised list of programs to be funded, in light of available funding and if appropriate, by changing the priority order of submissions
• how the funded programs will be evaluated when the budget for the following year is developed.
The treasurer, on behalf of the finance subcommittee, then recommends the final prioritised list of submissions to council as the school’s program budget. Council reviews and approves the budget and the principal communicates the budget to school staff.
There may be more than one version of the budget during the year.
The finance subcommittee recommends changes to the budget, in line with the priority list, if:
• SRP funding increases or decreases (for example, the school may need to rely on its cash budget to fund salaries if the credit budget is not sufficient)
• funds left over from the last financial year are less (or more) than expected
• for another reason revenue increases or decreases
• estimates of expenditure change.
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IMPROVING SCHOOL GOVERNANCE FINANCE
Why is this topic important?
Council is responsible for overseeing the school’s financial performance and for making sure that funds coming into the school are being spent as planned.
Council and its finance subcommittee monitor the school’s financial performance; the principal manages the school’s finances.
On completing this unit school councillors should understand the main financial reports and be able to: • monitor the school’s financial position, including actual revenue and expenditure against the budget
• consider and decide on actions arising from the financial reports.
The following table shows the typical responsibilities of council and the principal in terms of financial reports.
The principal … The school council …
• prepares financial reports • reviews all financial reports
• explains financial reports to the finance subcommittee and council, and recommends action as appropriate
• monitors revenue and expenditure against the budget
• implements council’s decisions • approves action to address issues arising from the financial reports
Most schools have a finance subcommittee and this unit is written as if your school has one. If it doesn’t, council will undertake all the responsibilities described.
3.2 Financial reports
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IMPROVING SCHOOL GOVERNANCE FINANCE
The main financial reports
The Department provides CASES21 software to government schools to support their administration, finance and central reporting.
The software generates the reports using the table below. The principal would typically provide these reports to the finance subcommittee and council would usually see only the operating statement and balance sheet. Note that the cash flow forecast report is not generated through CASES21.
Report Details
Balance sheet (GL21161)
Lists the value of the school’s assets and liabilities at a point in time
Operating statement (detail) (GL21150)
Compares actual to budgeted revenue and expenditure by category for the whole school for the month and year to date; and calculates variances (differences between actual and budget)
Cash Receipts Report (GL21002)
Lists all receipts for the period
Cash Payments Report (GL21003)
Lists all payments for the period
Cancelled receipts (GL21004)
Lists cancelled receipts
Cancelled payments (GL21005)
Lists cancelled payments
Journal Report (GL21006)
Lists transactions entered into the finance system; that is, it shows some of the data on which other reports are based
Cash flow statement (GL21151)
Shows the inflow and outflow of cash, and the closing balance, for each of the school’s bank accounts
Cash flow forecast (if applicable)
Shows estimated cash balances for coming months based on expected cash in and out
Bank account movement details (GL21152)
Shows every recorded transaction relating to the bank accounts
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IMPROVING SCHOOL GOVERNANCE FINANCE
Report Details
Annual sub-program budget (GL21157)
Compares year to date actual revenue and expenditure to the full year budget and shows last year’s actual and budgeted revenue and expenditure, for individual sub-programs. Calculates the percentage of the annual budget earned and spent to date
Invoices awaiting payment (CR21118)
Lists invoices received but not yet paid
Family credit notes (DF21309)
Provides details of any credit notes or reversed charges which have been issued for families
Sundry debtor credit notes (DR21309)
Gives details of credit notes generated for specified debtors
Bank reconciliation (copies)
Matches the bank statement to the school’s banking records and shows and explains any variances
Purchasing card statements (if the school has a facility)
Lists all transactions on any purchasing card attached to the school
School budget management report – SRP – first page only
Calculates the likely surplus or deficit in SRP funding at the end of the year
Investment register – No longer required
The Central Banking system (CBS) precludes schools from investing funds in the form of term deposits and/or at call investment accounts. Therefore, schools are no longer required to maintain an investment register or policy
Victorian government schools use accrual accounting. This means that the operating statement, annual program budget report and annual sub-program budget reports show revenue when it is earned, and costs when they are incurred. This will usually be before the school receives funds or pays bills. This is normal accounting practice.
Handout D, at the end of this module, provides descriptions and information on each of the CASES21 reports.
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IMPROVING SCHOOL GOVERNANCE FINANCE
Reviewing reports and taking action
Generally speaking, the treasurer and finance subcommittee at each meeting receive copies of the main financial reports (as listed in the previous section) from the principal or Business Manager with advice concerning any issues that require council action.
They discuss the issues with the principal or Business Manager to achieve a shared understanding and make recommendations to council.
For example:
• if expenditure on a program is over budget, the subcommittee might recommend that non-essential expenditure on the program stops
• if the school is underspending its total budget, the subcommittee might recommend that council fund some programs that were not initially approved for funding, in line with the priority list.
Council makes decisions, which are then implemented by the principal.
For good governance, councillors must understand what the reports are saying and are encouraged to ask questions of the principal, president and Business Manager.
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IMPROVING SCHOOL GOVERNANCE FINANCE
Reviewing and actioning each main report
Operating statement
When reviewing the operating statement, the finance subcommittee and council compare the actual financial result (the net operating surplus or deficit) to the budget for the month and year to date. This shows the extent to which the school has met its revenue and expenditure budgets.
If there are significant variations, or if the financial result raises other issues, the principal may advise the finance subcommittee to take action, and how the action proposed would affect the school’s operations and implementation of the strategic plan.
The finance subcommittee discusses proposed actions with the principal to achieve a shared understanding, reviews the priority list of programs put together at budget time if necessary, and makes a recommendation to council. Council decides on the action to be taken and the principal implements the action.
Annual program and sub-program budget
The finance subcommittee reviews these reports in the same way as it does the operating statement, by:
• noting variations between actual and budgeted amounts
• receiving advice from the principal about reasons for variations and required actions (for example, if program expenditure is over budget, the principal might advise that non-essential expenditure on the program stops; and if a program is underspent, the finance subcommittee looks again at programs that were not initially recommended for funding with a view to funding some, in line with the priority list)
• confirming that the principal’s advice is in line with the priority list of budget submissions and the school’s overall financial results.
As with the review of the operating statement, council decides on the action to be taken.
Bank reconciliation
The bank reconciliation shows cheques issued but not yet presented (which will be in the school’s records but not in the bank’s) and money received by the school but not yet banked.
The finance subcommittee:
• makes sure that it receives the bank reconciliation regularly
• asks questions to understand the reconciliation and about any issues arising.
Journal
While the finance subcommittee is not expected to understand all the transactions in the journal report, it is provided in the spirit of full transparency; and the finance subcommittee might on occasions ask questions about a transaction in the report.
Cash flow statement
The finance subcommittee reviews the cash flow statement and receives advice from the principal and Business Manager to monitor whether the school has enough cash to pay its liabilities as they fall due.
Sundry debtor credit notes and family credit notes
The finance subcommittee uses these reports as an internal control, to verify that credit note transactions are valid.
Invoices awaiting payment
The finance subcommittee uses this report when approving invoices for payment.
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IMPROVING SCHOOL GOVERNANCE FINANCE
Balance sheet
When reviewing the balance sheet, the finance subcommittee and council:
• ask questions about any items councillors do not understand and about any items which have changed greatly since the previous report
• monitor whether current assets are greater than current liabilities (indicating that the school should be able to pay its debts)
• monitor whether there is enough money in the official bank account to pay debts (these are in the accounts payable control account)
• discuss debtor amounts in the accounts receivable control account with the principal to monitor whether the school is collecting money owed to it
• monitor whether there is too much money in the official account, so that any surplus funds are held in the High Yield investment account.
Council makes sure that the school is solvent. Like every organisation, it must be able to pay its debts as they fall due.
Investment register
Schools are no longer permitted to establish new term deposits or extend existing term deposits. All term deposits must be rolled into the Centralised Banking System (CBS) linked High Yield investment account upon maturity.
Schools should retain their current investment policy and register until all investment accounts have been transferred to the Centralised Banking System. Once school investments have been transferred the school is no longer required to maintain an investment policy or register.
The investment register is not a CASES21 report but will be prepared for the finance subcommittee to show:
• the type or types of investment
• the amounts invested
• the terms of the investments (including interest rates) and maturity dates
• where amounts are invested (with which financial institutions).
The finance subcommittee uses the register to monitor compliance with the school’s approved investment policy and to monitor the funds available to meet future payments.
Cancelled payments and cancelled receipts
The finance subcommittee uses these reports as an internal control, to verify that cancelled transactions are valid.
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IMPROVING SCHOOL GOVERNANCE FINANCE
3.3 Internal controls
Why is this topic important?
Government schools are required to have a functioning, effective system of internal controls.
Internal controls are the procedures that the school implements to ensure that:
• funds coming into the school are being spent as planned
• decision-making for procurement expenditure can be justified
• the school’s assets are safe
• council can rely on the accuracy of the financial information it receives.
On completing this unit, school councillors should:
• know about minimum internal controls
• be able to monitor the adequacy of the school’s internal controls.
The following table shows the typical responsibilities of school council and the principal in terms of internal controls.
The principal … The school council …
• puts in place a system of internal controls
• ensures the school has and uses a system of internal controls
• conducts school financial business in line with the system of internal controls
• adheres to internal controls such as:
- appointing one councillor (normally the president or a delegated councillor) to approve payments and sign cheques
- approving an investment policy if appropriate
- approving trading operations and ensuring issues raised by the auditor are addressed
- approving the purchase of goods and services
- monitoring and overseeing offers and provisions of gifts, benefits and hospitality within schools, and at least annually reviewing the school Register for compliance with the Policy
• provides financial reports to council
• considers financial reports
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IMPROVING SCHOOL GOVERNANCE FINANCE
Minimum internal controls
The table below shows what most schools would have as a minimum system of internal controls.
Function Common internal controls
Purchasing goods and services
• using purchase orders for all purchases other than those using petty cash
• the principal or their delegate (as approved by school council) approving all orders
• not allowing the person who receives goods and services to approve the purchase order
• getting quotes or tenders for purchases over specified amounts as per the Schools Procurement Policy and Procedure
• identifying and appropriately removing or managing conflicts of interest for both lower value and higher value purchases
• applying fair and equitable evaluation of quote and tender submissions
• clearly documenting the procurement process and justifying and obtaining appropriate approval for the selection of a supplier
Paying for goods and services
• not allowing cash payments (except for petty cash) and only allowing payment by cheque, direct debit, BPay or purchasing card
• requiring two signatories (the principal and a delegated councillor) for payments. The Business Manager must not be a signatory
• using a voucher system for internet banking to ensure the two approved signatories approve payments
Accounting for assets • recording all assets valued at $5,000 excluding GST or greater on an asset register
• tagging/engraving assets with identification matching that on the asset register
• conducting a stocktake of assets once every two years
• having and following a process to dispose of assets
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IMPROVING SCHOOL GOVERNANCE FINANCE
Function Common internal controls
Receiving money • following the receipting process as outlined in Section 10 Receivables Management and Cash Handling of the Finance manual – Internal Controls for Victorian Government Schools
• storing cash in a safe and not leaving cash at school during term holidays
• when fundraising, ensuring appropriate cash handling and management practices form part of the fundraising planning process
• ensuring that all bank accounts and investments:
- are in council’s name (except for the CBS linked High Yield investment account)
- have a principal and a delegated councillor as signatories; the Business Manager must not be a signatory
- are used for all funds received
- are never overdrawn
Investing • ensure that any surplus funds are held within the CBS linked High Yield investment account and that any existing investments are moved to the High Yield investment account immediately
Payroll • having procedures which comply with Australian Tax Office, superannuation and WorkCover requirements
• having a process to authorise hours worked
• reconciling payment summaries, which are now distributed through eduPay
• requiring all non-teaching school-based employees to have a current Working with Children Clearance – the hiring process with eduPay cannot be completed unless this compliance requirement is met
• requiring all employees who handle cash to have a criminal records check
• ensuring all teachers, including casual relief teachers (CRTs), have a current Victorian Institute of Teaching (VIT) registration. The hiring process with eduPay cannot be completed unless this compliance requirement is met
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IMPROVING SCHOOL GOVERNANCE FINANCE
Function Common internal controls
Recording and reporting
• keeping up-to-date accounting records that are supported by documentation
• reconciling bank accounts with bank statements
• reconciling petty cash
• reporting to each council meeting about receipts, payments and financial commitments
• reporting to the finance subcommittee and council about financial performance, including comparing actual revenue and expenditure to budget
Budgeting • including in the budget:
- all revenue sources and funds carried forward from the previous year
- any committed funds
- any deficit (to be repaid) or surplus from SRP funding in the previous year
• approving a budget before the start of the new year
• regularly reviewing actual financial performance against the budget
Trading operations • requiring all operations to be approved by council
• requiring all costs to be covered by revenue
• completing an annual profit and loss statement, financial reconciliation
Auditing • having the financial statements audited by an external auditor nominated and organised by the Department at least once every four years
School purchasing card
• Department procurement procedures are followed, including a school purchase order being prepared for each purpose
• an “Undertaking by the Card holder” is completed by each user after modifications by the principal
• monthly purchasing card statement/s to be attached to the relevant reports (CASES21) and tabled at school council meetings
• the principal should authorise all card holders' expenditures except their own
• where the principal is a card holder, the school council president should authorise their expenditure
22
Monitoring the adequacy of internal controlsCouncil is itself responsible for some internal controls: for example, it reviews the financial reports and approves policies, and a councillor co-signs payments. The school council is also responsible for ensuring that any issues the auditor raises are addressed through changes to internal controls.
Council is also responsible for ensuring the school maintains and monitors a system of internal controls. It does this by regularly:
• confirming with the principal that the school has documented internal controls similar to the ones above and covering similar functions
• discussing with the principal the extent of compliance with the internal controls and any identified instances of non-compliance; and asking for evidence of compliance if councillors feel it is required.
School Council Financial Assurance (SCFA) program
What is the SCFA program?
Under the Act, school councils have the duty to ensure that all funds received by schools are used for proper school purposes. School councils are required to account for all money under their control and to prepare appropriate financial reports in accordance with the Department’s school Finance manual.
Under the SCFA program, the Department’s Assurance Branch conducts Agreed-Upon Procedures (AUPs) and Schools Internal Audits (SIAs). The Assurance Branch also conducts ad-hoc audits at Victorian government schools at the request of schools, Department and/or external bodies and corporate internal audits with school components.
The Department engages external auditors to perform AUPs in schools. The AUPs are intended to assess and improve the financial internal controls at schools.
Schools are selected for the AUPs based on the following methods:
• standard – based on random sampling methodology (this is the primary selection method which gives each school an equal opportunity to be selected each cycle)
• follow-up – school selections is based on the AUP results from the prior year (focusing on ‘Needs Improvement’ and ‘Unsatisfactory’ rated schools)
• targeted – school selections are based on a number of factors (results of data analytics, value/volume transactions, schools not audited in prior years or any other basis determined by the Department).
23
IMPROVING SCHOOL GOVERNANCE FINANCE
Schools rated ‘Good’ in the AUPs for two consecutive years are exempt from being selected in the following year unless a request is made to Assurance Branch to include it in the Program by the school, the Financial Services Division or the regional offices.
The business cycles and/or processes generally covered under the AUPs include:
• locally raised funds
• expenses
• asset management – cash and bank
• school council governance.
AUPs are conducted across the whole financial year. Schools are notified of the selection via the School Update e-newsletter.
Fieldwork may take between two to three working days depending on the size of the school and/or volume and complexity of the transactions.
The AUP report to schools includes factual findings resulting from each procedure performed. Schools are requested to comment on the factual accuracy of the findings and suggested actions to rectify the findings in the final report. Schools are expected to present and discuss the final AUP report at a council meeting.
Findings from individual schools are compiled by the Assurance Branch and assessed for potential impacts at the Department level. The Assurance Branch assigns individual ratings to each individual finding based on the nature of procedures, findings and the schools’ comments. Based on the risk ratings, each school is assigned an overall conclusion of good, acceptable, needs improvement or unsatisfactory.
A state-wide report is prepared based on the consolidated results of the AUPs and SIAs. The state-wide report is circulated to all the schools, regional offices and the Department’s Financial Services Division in order to ensure that corrective measures are taken to rectify the findings at the school level.
Schools Internal Audits (SIA)
In addition to the AUPs, each year, the Department identifies a number of SIAs to be carried out at schools.
SIAs are undertaken during Term 1 and Term 2 of the school calendar year. Fieldwork visits may take between three to eight working days depending on the audit topic, size of the school and/or volume and complexity of the transactions.
Examples of SIAs are:
• review of key financial management and controls at schools (KFMC)
• expenses and payments at schools (EP)
• review collection processes at the schools including for locally raised funds (LRF) and parent payments policy.
Ad-hoc audits/reviews
Ad-hoc audits/reviews may occur outside the Internal Audit Plan based on requests from schools, the regions, Department business areas and the Audit and Risk Committee, or are self-initiated by the Assurance Branch based on risk assessments.
Schools follow-up process
Schools rated ‘Unsatisfactory’ and ‘Needs improvement’ are required to put in place an action plan to rectify the findings identified. Schools may contact School Finance Liaison Officers for any clarification or advice on the requirements as outlined in the Finance Manual for Victorian Government Schools available on the Department’s website.
24
IMPROVING SCHOOL GOVERNANCE FINANCE
Role of schools
Schools are expected to:
• cooperate and provide auditors with access to all information reasonably required to perform the AUPs/SIAs/ad-hoc audits/corporate internal audits with school components
• ensure the principal and Business Manager are available to answer questions and discuss the preliminary findings (auditors may also ask the school council president to attend)
• be professional in their approach to the audits and cooperate with auditors in the discussion of any findings
• provide management comments to auditors within the specified time frame, to be included in the audit report.
The school follow-up process is briefly defined below:
1 Internal Audit provides the Program results to the School Financial Management Support Unit and the Regional Area Directors (RADs). Internal Audit will conduct follow-up audits.
2 RADs send letters to schools regarding their Program results. Regional Finance Managers and Senior Education Improvement Leaders (SEILs) discuss the letters with the schools and the inclusion of the Program results in the principal's PDP process if school's audit results do not improve in future years.
3 Schools declare their action plans and obtain approval from the school council with a notification to the SEILs. Schools implement the plan and report the status in the School's Internal Certification checklist.
4 Principal, school council president and treasurer are strongly recommended to attend the Improving School Governance training. Key school staff are strongly recommended to attend financial management training.
25
IMPROVING SCHOOL GOVERNANCE FINANCE
Further information
If you require more information on the School Council Financial Assurance program email: [email protected]
The school follow-up process is briefly defined below:
The following table shows the typical responsibilities of the principal and the school council with regard to the SCFA program.
The principal … The school council …
• understands and complies with the requirements of the Finance Manual for Victorian Government Schools and other guidelines/instructions relevant to the school’s financial reporting
• understands the school financial requirements as outlined in the finance module of the Improving School Governance training package for school councils
• is available during the AUP/audit fieldwork to answer questions and discuss the preliminary findings
• president attends the meeting with the auditor, if requested
• ensures that management comments are provided to the auditors within the specified time frame, to be included in the final reports
• organises for the final SCFA reports of the school to be tabled at a school council meeting
• reviews the SCFA reports of the school and discuss how the non-compliances (if any) will be rectified
• ensures that the school develops an action plan and implements it
• endorses action plan and tracks its implementation
• rectifies any non-compliances reported in the final SCFA reports
• reviews past SCFA reports of the school and discusses whether the non-compliances (if any) have been rectified
• reviews past SCFA reports of the school and discusses whether the non-compliances (if any) have been rectified
• discusses the SCFA state-wide report as a school council and identifies opportunities for improving the school’s processes
26
IMPROVING SCHOOL GOVERNANCE FINANCE
3.4 School Generated Funds
Why is this topic important?
Councils are responsible for how schools raise revenue (over and above the funding provided by the government) to fund improvements to the learning environment.
It is part of council’s role to consider and manage any financial and reputation risks that could arise from school generated funding activities and ensure that all legal requirements are met.
On completing this unit councillors should be able to:
• develop parent payment arrangements, in line with the Department’s Parent Payments Policy
• assess and decide on proposals from clubs and groups to raise funds for the school, including identifying potential conflicts of interest.
Councillors should also be aware of the possibility of using trust funds and cooperative loans in raising funds.
The following table shows the typical responsibilities of council and the principal in terms of school generated funds.
The principal … The school council …
• develops the school’s parent payment arrangements
• implements the Department’s Parent Payments Policy
• contributes to and approves the school’s parent payment arrangements
• assists with the review of fundraising proposals
• reports back to school council the profit and loss of any major fundraising over $2,000
• approves fundraising activity on the school's behalf
• reviews approved fundraising profit and loss
• advises council about available cash
27
IMPROVING SCHOOL GOVERNANCE FINANCE
Parent payments
The school may request parent payments for Essential Student Learning Items such as text books and personal stationery, offer optional educational items and activities on a user-pays basis (for example, items or activities offered in addition to the standard curriculum such as optional camps or excursions or the school magazine), and may invite voluntary contributions from parents to fund buildings or specific equipment or services.
The school must apply the principle that no student will be denied access to the standard curriculum, refused instruction or disadvantaged in any way on the basis of payments not being made for educational items or activities.
School councils and principals set and approve parent payment arrangements. Costs must be kept to a minimum and be affordable for most families at the school.
School councils must also:
• have strategies to ensure they understand the needs of their school communities when determining parent payment arrangements
• review the impact of their parent payment arrangements on parents and students.
School council must adopt the Department’s Parent Payments Policy. This outlines key school requirements, including the timing of providing parent payment information to the parent community. School council must also outline their parent payment arrangements, addressing the requirements listed in the Parent Payment Arrangements Template, and ensuring these are compliant with the Department’s Parent Payments Policy.
Voluntary contributions
Councils often ask parents/guardians for voluntary contributions for things such as:
• funding a building or a library
• paying for specific equipment, materials or services (such as additional computers over and above those funded by the SRP or other government grants)
• any other purposes to be determined by the school (including an invitation for a general contribution or donation).
Parents may be invited to donate to the school but cannot be required to do so. Parents are more likely to make voluntary contributions when the school describes how the money will enhance the school programs or facilities.
28
IMPROVING SCHOOL GOVERNANCE FINANCE
Fundraising
Members of parent clubs or other members of the school community may wish to raise funds for the school, for example, to buy playground equipment. Council must approve any fundraising activity on the school’s behalf, well before it happens.
When considering whether to approve a fundraising activity, council should find out:
• the type of fundraising activity planned
• what, if any, risks the fundraising activity exposes the school or public to; for example, does the activity involve physical risks or risks to the school’s reputation?
• what legal requirements apply; for example, a permit to run a raffle might be needed
• whether reliable estimates of revenue and expenditure have been prepared to ensure that the funds raised will be greater than the costs of running the activity
• what the funds raised will be spent on and how students will benefit.
Council can approve the activity if it is comfortable with the answers to these questions. If it is not, it must establish a committee to recommend whether the proposed activity should be approved.
This committee must consist of:
• the president or president’s nominee (who will chair the committee)
• one other councillor
• two representatives of the club or group who have proposed the fundraising activity
• the principal.
The Education and Training Reform Regulations 2017 require that:
• council, the parents’ club or group discuss how funds raised will be spent, to determine what is in the best interests of the school
• funds raised for a particular purpose are used for that purpose
• funds raised for the school are held in trust (separately identified and accounted for) by council.
29
IMPROVING SCHOOL GOVERNANCE FINANCE
Further information, related policies and advice can be located on the Department’s Policy and Advisory Library for schools at www2.education.vic.gov.au/pal including:
School Administration Systems (CASES21)www2.education.vic.gov.au/pal/school-administration-systems/policy
Report Fraud or Corruptionwww2.education.vic.gov.au/pal/report-fraud-or-corruption/overview
Finance Manual – Financial Management for Schoolswww2.education.vic.gov.au/pal/finance-manual/policy
Fundraising Activities (including fetes)www2.education.vic.gov.au/pal/fundraising-activities-including-fetes/policy
Parent Paymentswww2.education.vic.gov.au/pal/parent-payment/policy
School Council – Subcommitteeswww2.education.vic.gov.au/pal/school-council-subcommittees/policy
Procurement – Schoolswww2.education.vic.gov.au/pal/procurement-in-schools/policy
School Strategic Planwww2.education.vic.gov.au/pal/school-strategic-plan/policy
Student Resource Package - Overviewwww2.education.vic.gov.au/pal/student-resource-package/policy
School Council - Composition and Office Bearerswww2.education.vic.gov.au/pal/school-council-composition-and-office-bearers/policy
School Council – Conduct and Conflict of Interestwww2.education.vic.gov.au/pal/school-council-conduct/policy
If you require more information on the School Council Financial Assurance program, please email the SCFA: [email protected]
Support to school councillors
The School Operations and Governance Unit (SOGU) of Schools and Regional Services provides advice and guidance to school councils on a range of governance issues. Councillors can contact SOGU directly via email at [email protected] or 03 7022 1343 or 03 7022 1345 for information and advice.
Principals and school personnel can direct parent payment enquiries to School Education Programs and Support via email at [email protected]
Councillors can also contact their regional office for information and advice.
The Department offers comprehensive face-to-face training free of cost to school councils of Victorian Government schools. The training is based on four modules of the Improving School Governance (ISG) materials; Governance, Strategic Planning, Finance and School Council President. Face-to-face training is accessed by contacting the provider, Synergistiq on 03 9946 6801 or email Synergistiq: [email protected]
The ISG modules are also available online, on the Department’s website.
30
IMPROVING SCHOOL GOVERNANCE FINANCE
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Ex
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111
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5,54
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2,53
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5,54
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GL
Cod
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Ge
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Cod
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cem
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36
IMP
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up
po
rt/S
ervi
ceC
urr
ent
Mon
th
Act
ua
l
Cu
rren
t M
on
th
Bu
dg
et
Cu
rren
t M
on
th
Va
ria
nce
Yea
r to
D
ate
A
ctu
al
Yea
r to
D
ate
B
ud
get
Yea
r to
D
ate
V
ari
an
ce
An
nu
al
Bu
dg
et%
of
Bu
dg
et
Ex
pen
ded
La
st
Yea
r A
ctu
al
89
201
Tech
nic
al S
up
po
rt -
Sp
eci
alis
t-
--
1,10
0-
1,10
0-
-28
0
89
202
Tech
nic
al S
up
po
rt -
Ge
ne
ral
--
-1,
280
-1,
280
--
-
89
204
Se
rvic
e P
rovi
de
r3
2,6
10-
32,
610
36
7,55
23
01,3
05
66
,24
73
01,3
05
122
33
1,811
32,6
100
32,6
1036
9,9
3230
1,30
56
8,6
2730
1,30
512
333
2,0
91
GL
Cod
e E
XP
EN
DIT
UR
EA
cco
un
t T
itle
C
am
ps/
Exc
urs
ion
s/A
ctiv
itie
sC
urr
ent
Mon
th
Act
ua
l
Cu
rren
t M
on
th
Bu
dg
et
Cu
rren
t M
on
th
Va
ria
nce
Yea
r to
D
ate
A
ctu
al
Yea
r to
D
ate
B
ud
get
Yea
r to
D
ate
V
ari
an
ce
An
nu
al
Bu
dg
et%
of
Bu
dg
et
Ex
pen
ded
La
st
Yea
r A
ctu
al
89
30
2C
am
ps/
Exc
urs
ion
s/A
ctiv
itie
s21
,472
-21
,472
95,
00
318
1,70
5-8
6,7
01
181,7
05
529
0,6
67
21,4
720
21,4
729
5,0
03
181,
705
-86
,70
118
1,70
552
90
,66
7
GL
Cod
e E
XP
EN
DIT
UR
EA
cco
un
t T
itle
In
tern
al T
ran
sfer
sC
urr
ent
Mon
th
Act
ua
l
Cu
rren
t M
on
th
Bu
dg
et
Cu
rren
t M
on
th
Va
ria
nce
Yea
r to
D
ate
A
ctu
al
Yea
r to
D
ate
B
ud
get
Yea
r to
D
ate
V
ari
an
ce
An
nu
al
Bu
dg
et%
of
Bu
dg
et
Ex
pen
ded
La
st
Yea
r A
ctu
al
89
36
0S
cho
ol t
o s
cho
ol t
ran
sfe
rs-
--
--
--
-17
5
89
36
1S
cho
ol t
o D
ET
tra
nsf
ers
--
-9
69
6-
96
100
36
3,8
67
00
09
69
60
96
100
364
,04
2
Ge
ne
ral L
ed
ge
r (G
L21
150
) O
pe
rati
ng
Sta
tem
en
t –
De
tail
for
the
pe
rio
d e
nd
ing
31
De
cem
be
r 20
XX
37
IMP
RO
VIN
G S
CH
OO
L G
OV
ER
NA
NC
EF
INA
NC
E
Ge
ne
ral L
ed
ge
r (G
L21
150
) O
pe
rati
ng
Sta
tem
en
t –
De
tail
for
the
pe
rio
d e
nd
ing
31
De
cem
be
r 20
XX
GL
Cod
e A
cco
un
t T
itle
Cu
rren
t M
on
th
Act
ua
l
Cu
rren
t M
on
th
Bu
dg
et
Cu
rren
t M
on
th
Va
ria
nce
Yea
r to
D
ate
A
ctu
al
Yea
r to
D
ate
B
ud
get
Yea
r to
D
ate
V
ari
an
ce
An
nu
al
Bu
dg
et%
of
Bu
dg
et
Ex
pen
ded
La
st Y
ear
Act
ua
l
Tota
l Op
era
tin
g E
xp
end
itu
re(B
)13
8,76
5(C
)8,2
50(D
)13
0,5
15(E
)1,2
28,8
00
(F)1
,58
2,70
5(G
)-3
53,9
05
(H)1
,58
2,70
578
(I)1
,479
,43
0
Net
Op
era
tin
g S
urp
lus/
-Defi
cit
(J)-
47,
053
(K)-
8,25
0(L
)-3
8,8
03
(M)1
78,3
78(N
)-9
38
,916
(O)1
,117,
294
(P)-
93
8,9
16-
(Q)-
36
3,6
12
Ou
tsta
nd
ing
Ord
ers:
(R)4
9,0
15
(B).
A
ctu
al e
xpen
dit
ure
for
the
mo
nth
. No
t th
e sa
me
as
pa
ymen
ts m
ad
e –
th
ese
are
in t
he
cash
flo
w s
tate
men
t.(C
).
Exp
end
itu
re b
ud
get
for
the
mo
nth
.(D
).
Diff
eren
ce b
etw
een
act
ua
l exp
end
itu
re in
curr
ed a
nd
th
e b
ud
get
, in
th
e m
on
th o
f Au
gu
st. A
po
siti
ve n
um
ber
mea
ns
tha
t m
ore
exp
end
itu
re w
as
incu
rred
th
an
bu
dg
eted
. A n
ega
tive
nu
mb
er m
ean
s th
at
less
exp
end
itu
re w
as
incu
rred
th
an
bu
dg
eted
.(E
).
Act
ua
l exp
end
itu
re fo
r th
e ye
ar
to d
ate
(in
th
is e
xam
ple
, fo
r th
e 12
mo
nth
s fr
om
Ja
n t
o D
ec).
(F).
B
ud
get
ed e
xpen
dit
ure
for
the
yea
r to
da
te (i
.e. f
or
the
12 m
on
ths
fro
m J
an
to
Dec
).(G
).
Diff
eren
ce b
etw
een
act
ua
l exp
end
itu
re fo
r th
e ye
ar
to d
ate
an
d t
he
yea
r to
da
te b
ud
get
. A
po
siti
ve v
ari
an
ce s
ho
ws
tha
t m
ore
exp
end
itu
re w
as
incu
rred
th
an
bu
dg
eted
.(H
).
Th
is y
ear’
s a
pp
rove
d e
xpen
dit
ure
for
the
full
yea
r.(I
).
Tota
l sp
ent
last
yea
r fo
r th
e fu
ll ye
ar.
(J).
A
ctu
al fi
na
nci
al r
esu
lt fo
r th
e m
on
th: r
even
ue
less
exp
end
itu
re.
(K).
B
ud
get
ed fi
na
nci
al r
esu
lt fo
r th
e m
on
th: r
even
ue
less
exp
end
itu
re.
(L).
D
iffer
ence
bet
wee
n t
he
act
ua
l an
d b
ud
get
ed fi
na
nci
al r
esu
lt –
su
rplu
s/d
efici
t –
for
the
mo
nth
. A
po
siti
ve v
ari
an
ce m
ean
s th
at
the
resu
lt fo
r th
e m
on
th is
bet
ter
tha
n b
ud
get
ed; a
neg
ati
ve v
ari
an
ce s
ho
ws
tha
t th
e re
sult
is n
ot
as
go
od
as
bu
dg
eted
.(M
).
Act
ua
l fin
an
cia
l res
ult
for
the
yea
r to
da
te: r
even
ue
less
exp
end
itu
re.
(N).
B
ud
get
ed fi
na
nci
al r
esu
lt fo
r th
e ye
ar
to d
ate
: rev
enu
e le
ss e
xpen
dit
ure
.(O
).
Diff
eren
ce b
etw
een
th
e a
ctu
al a
nd
bu
dg
eted
fin
an
cia
l res
ult
– s
urp
lus/
defi
cit
for
the
yea
r. A
po
siti
ve v
ari
an
ce m
ean
s th
at
the
resu
lt fo
r th
e m
on
th is
bet
ter
tha
n b
ud
get
ed; a
neg
ati
ve v
ari
an
ce s
ho
ws
tha
t th
e re
sult
is n
ot
as
go
od
as
bu
dg
eted
.(P
).
Th
is y
ear’
s a
pp
rove
d b
ud
get
ed fi
na
nci
al r
esu
lt –
a s
urp
lus
or
a d
efici
t fo
r th
e fu
ll ye
ar.
(Q).
La
st y
ear’
s fi
na
nci
al r
esu
lt –
su
rplu
s/d
efici
t fo
r th
e fu
ll ye
ar.
(R).
T
he
valu
e o
f go
od
s o
r se
rvic
es, w
hic
h h
ave
bee
n o
rder
ed b
ut
no
t ye
t in
voic
ed –
will
be
in t
he
fin
an
cia
l sta
tem
ent
in a
late
r m
on
th.
GL
Cod
e E
XP
EN
DIT
UR
EA
cco
un
t T
itle
M
isce
llan
eou
sC
urr
ent
Mon
th
Act
ua
l
Cu
rren
t M
on
th
Bu
dg
et
Cu
rren
t M
on
th
Va
ria
nce
Yea
r to
D
ate
A
ctu
al
Yea
r to
D
ate
B
ud
get
Yea
r to
D
ate
V
ari
an
ce
An
nu
al
Bu
dg
et%
of
Bu
dg
et
Ex
pen
ded
La
st
Yea
r A
ctu
al
89
30
1R
em
un
era
tio
ns
--
--4
,133
50,12
1-5
4,2
5450
,121
-15
,83
7
89
30
9A
TO
Ch
arg
es/
Pa
yme
nts
--
--1
--1
--
1
00
0-4
,134
50,12
1-5
4,2
5550
,121
-15
,8383
8IM
PR
OV
ING
SC
HO
OL
GO
VE
RN
AN
CE
FIN
AN
CE
Ge
ne
ral L
ed
ge
r (G
L21
150
) O
pe
rati
ng
Sta
tem
en
t –
De
tail
for
the
pe
rio
d e
nd
ing
31
De
cem
be
r 20
XX
13.
Th
e a
mo
un
t sp
en
t o
n a
sse
ts w
hic
h c
ost
mo
re t
ha
n $
5,0
00
ea
ch.
14.
Eq
uip
me
nt
ord
ere
d b
ut
no
invo
ice
re
ceiv
ed
ye
t.15
. T
he
ori
gin
al c
ost
of
ass
ets
dis
po
sed
of
e.g
. so
ld, d
isca
rde
d.
16.
Am
ou
nt
rece
ive
d f
or
sold
ass
ets
.17
. N
et
pro
fit/
(lo
ss)
on
ass
ets
dis
po
sed
of
– d
iffe
ren
ce b
etw
ee
n o
rig
ina
l sa
le c
ost
an
d s
ale
pro
cee
ds.
GL
Cod
e A
cco
un
t T
itle
C
AP
ITA
L E
XP
EN
DIT
UR
E13
Cu
rren
t M
onth
A
ctu
al
Cu
rren
t M
onth
B
ud
get
Cu
rren
t M
onth
V
ari
an
ce
Yea
r to
D
ate
A
ctu
al
Yea
r to
D
ate
B
ud
get
Yea
r to
D
ate
V
ari
an
ce
An
nu
al
Bu
dg
et%
of
Bu
dg
et
Rec
eive
d
La
st Y
ear
Act
ua
l
2620
1A
sse
t C
lea
rin
g A
cco
un
t-
--
--
--
--
2620
3M
oto
r V
eh
icle
s >$
5,0
00
--
--
--
--
-
2620
5C
om
pu
ters
/IT
eq
uip
>$
5,0
00
--
-17
,84
117
,84
1-
17,8
41
100
26,3
17
2621
0F
urn
itu
re a
nd
Fit
tin
gs
>$5,
00
0-
--
--
--
--
2621
1M
usi
cal E
qu
ipm
en
t >$
5,0
00
--
--
--
--
-
2621
2O
ffice
Eq
uip
me
nt
>$5,
00
0-
--
--
--
--3
5,72
3
2621
4C
om
mu
nic
ati
on
Eq
uip
>$
5,0
00
--
--
--
--
-
2621
5P
lan
t &
Eq
uip
me
nt
>$5,
00
0-
--
--
--
--
2622
0O
the
r A
sse
ts >
$5,
00
0-
--
--
--
--
Tota
l Ca
pit
al E
xp
end
itu
re0
00
17,8
41
17,8
41
017
,84
110
0-9
,40
5
Ou
tsta
nd
ing
Ord
ers:
980
14
GL
Cod
e A
cco
un
t T
itle
A
SS
ET
WR
ITE
-DO
WN
SC
urr
ent
Mon
th
Act
ua
l
Cu
rren
t M
onth
B
ud
get
Cu
rren
t M
onth
V
ari
an
ce
Yea
r to
D
ate
A
ctu
al
Yea
r to
D
ate
B
ud
get
Yea
r to
D
ate
V
ari
an
ce
An
nu
al
Bu
dg
et%
of
Bu
dg
et
Rec
eive
d
La
st Y
ear
Act
ua
l
89
591
Ass
et
Wri
te-D
ow
ns
--
-8
2,14
015
-8
2,14
0-
--
Ass
et
Sa
le P
roce
ed
s-
--
-16-
--
--
Tota
l Ass
et W
rite
-Do
wn
s0
-0
82,14
017
-
82,14
0-
--
39
IMP
RO
VIN
G S
CH
OO
L G
OV
ER
NA
NC
EF
INA
NC
E
Ge
ne
ral L
ed
ge
r (G
L21
157)
A
nn
ua
l Su
b-P
rog
ram
Bu
dg
et
Re
po
rt f
rom
Pro
gra
m 1
00
1 to
979
9 R
ecu
rre
nt
an
d C
ap
ita
l
Rev
enu
e
Su
b P
rog
.18T
itle
Last
yea
r a
ctu
al
Last
yea
r b
ud
get
An
nu
al
bu
dg
et
YT
D%
Bu
dg
et
rece
ived
1254
Tech
no
log
y12
,00
012
,00
017
917
910
0.0
0
40
51M
usi
c2,
775
2,77
5-
-0
.00
415
2S
en
sory
--
36
36
100
.00
420
0H
ea
lth
an
d P
hys
ica
l Ed
uca
tio
n3
,273
3,2
738,
720
8,72
010
0.0
0
426
6S
wim
min
g –
Wh
ole
Sch
oo
l1,9
80
1,98
0-
-50
0.0
0
5220
Incl
usi
ve E
du
cati
on
15,8
68
-14
,64
214
,64
210
0.0
0
5254
S.W
.P.B
.S.
16-
--
0.0
0
5551
Occ
up
ati
on
al T
he
rap
ist
230
230
--
0.0
0
60
50C
on
tra
ct C
lea
ne
r-
-25
725
79
9.8
6
620
1M
ain
ten
an
ce &
Min
or
Wo
rks
--
20,0
00
20,0
00
100
.00
655
2B
LA
CK
OE
C G
rou
nd
s52
,06
152
,06
13
4,0
244
1,110
120
.82
655
3G
rou
nd
s-
--
22,5
700
.00
19
700
1A
dm
inis
tra
tio
n75
-4
74
710
0.0
0
7051
Pro
fess
Dev
elo
p A
dm
in1,8
91
1,89
1-
-0
.00
7058
BL
AC
K O
EC
– A
dm
inis
tra
tio
n20
7,0
09
207,
00
916
4,3
00
175,
323
106
.70
730
2U
nif
orm
Sa
les
– N
ew
3,8
94
1,611
1,83
74
,69
625
5.6
7
83
21C
am
p –
Me
lbo
urn
e D
isco
very
--
-1,
200
0.0
0
83
22C
am
p –
Ga
rfie
ld1,3
551,5
86
500
1,34
526
9.0
0
83
23C
am
p –
Alp
ine
Rid
e1,6
80
3,3
60
979
929
94
.89
83
24C
am
p –
Cit
y G
rad
ua
tes
--
-8
00
.00
83
25C
am
p –
Ph
illip
Isla
nd
1,650
--
-150
0.0
0
83
26C
am
p –
Su
pe
r R
ide
3,19
0-
-58
00
.00
83
27C
am
p –
Bla
ckw
oo
d O
utd
oo
r E
d C
tre
2,4
00
4,2
732,
238
4,11
718
3.9
7
83
28C
am
p –
Qu
ee
nsl
an
d2,
255
2,25
56
,60
05,
598
84
.82
40
IMP
RO
VIN
G S
CH
OO
L G
OV
ER
NA
NC
EF
INA
NC
E
Ge
ne
ral L
ed
ge
r (G
L21
157)
A
nn
ua
l Su
b-P
rog
ram
Bu
dg
et
Re
po
rt f
rom
Pro
gra
m 1
00
1 to
979
9 R
ecu
rre
nt
an
d C
ap
ita
l
Rev
enu
e
Su
b P
rog
.18T
itle
Last
yea
r a
ctu
al
Last
yea
r b
ud
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ap
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for
the
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to
th
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ar
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ach
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ye
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41
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Ex
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co
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ch s
ub
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m w
ith
ex
pe
nd
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re a
t th
e s
cho
ol t
his
ye
ar
(or
last
).24
. T
his
ye
ar’
s a
pp
rove
d e
xp
en
dit
ure
bu
dg
et
for
the
fu
ll ye
ar.
Th
is fi
gu
re s
ho
uld
eq
ua
l th
e c
ap
ita
l ex
pe
nd
itu
re b
ud
ge
t p
lus
the
op
era
tin
g b
ud
ge
t.
25.
Th
e p
erc
en
tag
e s
ha
re f
or
full
yea
r b
ud
ge
ted
ex
pe
nd
itu
re a
ctu
ally
incu
rre
d s
o f
ar
this
ye
ar.
26.
Un
spe
nt
an
d u
nco
mm
itte
d b
ud
ge
t a
vaila
ble
.
45
IMP
RO
VIN
G S
CH
OO
L G
OV
ER
NA
NC
EF
INA
NC
E
Da
teR
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mo
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ala
nce
Ba
nk
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tem
ent
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sin
g b
ala
nce
as
at
31/1
2/20
XX
(A)
$12
,76
3.0
0
Plu
s o
uts
tan
din
g d
epo
sits
30
/08
/20
XX
Pa
ren
t P
aym
en
t$
250
.00
Su
bto
tal (
ou
tsta
nd
ing
dep
osi
ts)
(B)
$25
0.0
0$
13,0
13.0
0
Les
s u
np
rese
nte
d c
heq
ues
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1222
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ran
spa
cifi
c W
ast
e M
an
ag
em
en
t-$
232.
00
14/0
8/2
0X
X12
356
Au
stra
lia P
ost
-$22
0.0
0
29/1
0/2
0X
X12
357
Ma
cmill
an
Ed
uca
tio
n-$
31.9
9
29/1
0/2
0X
X12
358
TR
Ue
ne
rgy
Pty
Ltd
-$1,6
77.5
0
Su
bto
tal (
un
pre
sen
ted
ch
equ
es)
(C)
-$2,
161.
49
$10
,851
.51
Ad
just
ed b
an
k s
tate
men
t b
ala
nce
(D)
$10
,851
.51
G/L
ba
nk
acc
ou
nt
ba
lan
ce a
s a
t 31
/12/
20X
X(E
) $
10,8
51.5
1
Dif
fere
nce
(F)
$0
.00
Ba
nk
Re
con
cilia
tio
n
100
02
– O
ffici
al A
cco
un
t
Th
is r
ep
ort
ma
tch
es
the
ba
nk
sta
tem
en
t to
th
e s
cho
ol’s
re
cord
s a
nd
ex
pla
ins
the
dif
fere
nce
s.(A
).
Th
e a
mo
un
t in
th
e b
an
k a
t th
e e
nd
of
the
mo
nth
acc
ord
ing
to
th
e b
an
k s
tate
me
nt.
(B).
O
uts
tan
din
g d
ep
osi
ts a
re f
un
ds
no
t ye
t in
th
e b
an
k (
at
the
tim
e o
f th
e s
tate
me
nt)
bu
t w
hic
h a
re in
th
e s
cho
ol’s
re
cord
s.(C
).
Un
pre
sen
ted
ch
eq
ue
s a
re c
he
qu
es
issu
ed
by
the
sch
oo
l wh
ich
ha
ve n
ot
yet
be
en
pre
sen
ted
.(D
).
Th
is is
th
e b
an
k s
tate
me
nt
aft
er
un
pre
sen
ted
ch
eq
ue
s h
ave
be
en
de
du
cte
d a
nd
ou
tsta
nd
ing
de
po
sits
ad
de
d –
it s
ho
uld
no
w m
atc
h t
he
sch
oo
l’s
fin
an
cia
l re
cord
s.(E
).
Th
is is
th
e b
an
k b
ala
nce
acc
ord
ing
to
th
e s
cho
ol’s
fin
an
cia
l re
cord
s a
nd
sh
ou
ld m
atc
h t
he
am
ou
nt
sho
wn
in t
he
ba
lan
ce s
he
et.
(F).
T
he
dif
fere
nce
be
twe
en
th
e b
an
k s
tate
me
nt
an
d t
he
sch
oo
l’s r
eco
rds
ha
s b
ee
n e
xp
lain
ed
. Th
e r
eco
nci
liati
on
sh
ou
ld a
lwa
ys r
esu
lt in
a ‘n
il’ d
iffe
ren
ce.
Ho
wev
er,
if it
do
esn
’t t
he
re m
ust
be
a w
ritt
en
ex
pla
na
tio
n (
e.g
. ba
nk
err
or)
.
Pre
pa
red
By:
Ap
pro
ved
By:
Da
te:
46
IMP
RO
VIN
G S
CH
OO
L G
OV
ER
NA
NC
EF
INA
NC
E
Jo
urn
al R
ep
ort
27 f
or
the
pe
rio
d 0
1/0
1/20
XX
to
30
/12/
20X
X
Da
teB
atc
hU
ser
Su
b-
Pro
gra
mG
L C
od
eIn
itia
tive
Det
ail
GS
T T
yp
eD
ebit
Cre
dit
Tax
Am
tG
ross
A
mt
01/
01/
20X
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417
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R0
00
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00
20
00
BA
S C
lea
rin
g J
ou
rna
l [20
09
12]
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0
01/
01/
20X
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417
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R0
00
03
80
05
00
0B
AS
Cle
ari
ng
Jo
urn
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200
912
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01/
01/
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00
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00
10
00
BA
S C
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urn
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200
912
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Tota
l10
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9.2
810
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8
01/
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20
00
Fu
nd
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ran
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nd
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60
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2H
AR
93
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50
00
CS
EF
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CS
EF
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urn
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AR
93
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00
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00
CS
EF
Jo
urn
als
- 2
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03
2,26
7.15
Tota
l2,
267.
152,
267.
15
27.
Th
is r
ep
ort
list
s fi
na
nc
ial t
ran
sac
tio
ns
en
tere
d in
to t
he
fin
an
ce
sys
tem
by
th
e B
usi
ne
ss M
an
ag
er
for
the
ye
ar
to d
ate
(w
hic
h t
he
n f
orm
pa
rt o
f th
e s
ch
oo
l’s fi
na
nc
e r
ec
ord
s). T
his
re
po
rt
is p
rese
nte
d t
o t
he
su
bc
om
mit
tee
as
an
inte
rna
l co
ntr
ol,
giv
ing
gre
ate
r tr
an
spa
ren
cy
to
th
e fi
na
nc
ial r
ec
ord
s. T
he
fin
an
ce
su
bc
om
mit
tee
ma
y a
sk q
ue
stio
ns
ab
ou
t th
e t
ran
sac
tio
ns
in
this
re
po
rt.
47
IMP
RO
VIN
G S
CH
OO
L G
OV
ER
NA
NC
EF
INA
NC
E
Ca
sh F
low
Sta
tem
en
t a
s a
t 3
1/12
/20
XX
Ba
nk
Acc
ou
nts
10
00
1 to
10
09
928
Ba
nk
Acc
ou
nt:
10
00
129. H
igh
Yie
ld In
vest
men
t A
cco
un
t.
Op
enin
g B
ala
nce
$37
8,74
230
Jan.
Feb
.M
ar.
Ap
r.M
ay.
Jun.
Jul.
Aug
.S
ep.
Oct
.N
ov.
Dec
.YT
D T
ota
l
Rec
eip
ts31
$10
3,6
32$
456
$70
,910
$11
6,8
36
$2,
526
$23
,86
1$
36
0,3
75$
58,9
63
$382
$36
3,86
4$4
94
$19,
242
$1,1
21,5
42
Pay
men
ts32
$11
0,0
00
$6
0,0
00
$10
8,6
57$
110
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0$
50,0
00
$20
0,0
00
-$
98,
175
$110
,00
0$5
0,0
00
$70
,00
0$7
0,0
00
$1,0
36
,83
2
Surp
lus/
(Def
icit
)33($
6,3
68
)($
59,5
44
)($
37,
747)
$6
,83
6($
47,
474
)($
176
,139)
$3
60
,375
($3
9,2
12)
($10
9,6
18)
$313
,86
4($
69,
506)
($50
,758
)$
84
,710
Clo
sin
g B
ala
nce
34$
46
3,4
52
Ba
nk
Acc
ou
nt:
10
00
2. O
ffici
al A
cco
un
t.
Op
enin
g B
ala
nce
$12
,76
3
Jan.
Feb
.M
ar.
Ap
r.M
ay.
Jun.
Jul.
Aug
.S
ep.
Oct
.N
ov.
Dec
.YT
D T
ota
l
Rec
eip
ts$
230
,159
$13
6,4
45
$10
8,18
6$
130
,511
$9
1,311
$29
2,3
86
$3
9,8
42
$8
1,38
9$
140
,756
$4
19,3
13$
121,
49
6$
188,
69
7$
1,98
0,4
91
Pa
ym
ents
$12
3,8
24$
169
,456
$13
3,9
43
$10
4,0
79$
117,
68
1$
232,
799
$10
0,3
46
$9
7,6
96
$9
9,10
3$
44
1,911
$13
2,0
11$
173
,126
$1,9
25,9
75
Su
rplu
s/ (
Defi
cit)
$10
6,3
35
($3
3,0
11)
($25
,757
)$
26,4
32
($26
,371
)$
59,5
87
($6
0,5
04
)($
16,3
07)
$4
1,653
($22
,59
8)
($10
,514
)$
15,5
72$
54,5
16
Clo
sin
g B
ala
nce
$6
7,27
9
28.
No
te: t
his
re
po
rt s
ho
ws
the
ba
nk
ba
lan
ces
in t
he
sch
oo
l’s fi
na
nci
al r
eco
rds
for
ea
ch o
f th
e s
cho
ol’s
ba
nk
acc
ou
nts
. Th
ese
are
re
con
cile
d t
o t
he
ba
nk
sta
tem
en
t in
th
e b
an
k r
eco
nci
liati
on
.29
. B
an
k a
cco
un
t to
wh
ich
th
e in
form
ati
on
in t
he
ta
ble
be
low
ap
plie
s.3
0. T
he
op
en
ing
ba
lan
ce o
f th
e a
cco
un
t a
t th
e b
eg
inn
ing
of
the
ye
ar.
31.
Ho
w m
uch
ca
sh h
as
com
e in
to t
he
ba
nk
acc
ou
nt
ea
ch m
on
th a
nd
fo
r th
e y
ea
r to
da
te.
32.
Ho
w m
uch
ca
sh h
as
go
ne
ou
t o
f th
e a
cco
un
t e
ach
mo
nth
an
d f
or
the
ye
ar
to d
ate
.3
3.
Th
e n
et
incr
ea
se/
(de
cre
ase
) in
th
e a
cco
un
t b
ala
nce
ea
ch m
on
th.
34
. Th
e c
losi
ng
ba
lan
ce o
f th
e a
cco
un
t a
t th
e d
ate
of
the
re
po
rt.
48
IMP
RO
VIN
G S
CH
OO
L G
OV
ER
NA
NC
EF
INA
NC
E
Su
nd
ry D
eb
tor
Cre
dit
No
tes
Re
po
rt S
un
dry
de
bto
rs f
rom
00
00
1 to
SF
YA
T3
5 (D
R21
30
9)
35.
Th
is r
ep
ort
sh
ow
s cr
ed
it n
ote
s is
sue
d t
o d
eb
tors
(o
the
r th
an
fa
mili
es)
. Th
is r
ep
ort
is p
rese
nte
d t
o t
he
su
bco
mm
itte
e a
s a
n in
tern
al c
on
tro
l, to
ve
rify
th
at
cre
dit
no
te t
ran
sact
ion
s a
re v
alid
.
Su
nd
ry D
ebto
rC
red
it N
ote
No
Da
teD
eta
ilG
ST
Am
ou
nt
Cre
dit
No
te A
mo
un
t (I
ncl
GS
T)
SFJ
OH
Ma
ry J
oh
nso
nD
RI0
00
04
46
26/0
1/20
XX
Rev
ers
al o
f C
ha
rge
$0
.00
$4
,00
5.0
0
Deb
tor
Tota
l$
4,0
05.
00
SF
SM
IL
uke
Sm
ith
DR
I00
00
44
726
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20X
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eve
rsa
l of
Ch
arg
e$
0.0
0$
3,3
27.0
0
Deb
tor
Tota
l$
3,32
7.0
0
SF
WIN
Gla
dys
Win
ter
DR
I00
00
44
826
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rsa
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3,6
00
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Deb
tor
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3,6
00
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SF
YA
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ed
ro Y
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tor
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0.0
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Gra
nd
to
tal
$13
,512
.00 49
IMP
RO
VIN
G S
CH
OO
L G
OV
ER
NA
NC
EF
INA
NC
E
Fa
mily
Cre
dit
No
tes
Re
po
rt F
rom
fa
mily
AB
S0
050
to
ZU
C0
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36 (
DF
213
09)
36
. Th
is r
ep
ort
sh
ow
s cr
ed
it n
ote
s (u
sua
lly r
efu
nd
s) g
ive
n t
o f
am
ilie
s. T
his
re
po
rt is
pre
sen
ted
to
th
e s
ub
com
mit
tee
as
an
inte
rna
l co
ntr
ol,
to v
eri
fy t
ha
t cr
ed
it n
ote
tra
nsa
ctio
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are
va
lid.
Fa
mily
Cre
dit
No
te N
oD
ate
Det
ail
GS
T A
mo
un
tC
red
it N
ote
Am
ou
nt
(In
cl G
ST
)
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00
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00
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0
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mily
To
tal
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00
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Mr
P &
Mrs
S C
am
pb
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DF
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470
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ith
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General Ledger Balance Sheet As at 31 December 20XX
Accumulated Funds Current Last year
Accumulated Funds -854,208.86 -795,944.35
Total Funds -854,208.8642 -795,944.35
Represented by: Non Current Assets Current Last year
Asset Clearing Account 0 0
Motor Vehicles >$5,000 42,920.71 42,920.71
Computers/IT equip >$5,000 146,979.70 159,160.43
Furniture and Fittings >$5,000 0.00 13,675.00
Musical Equipment >$5,000 5,400.00 5,400.00
Office Equipment >$5,000 23,250.00 61,692.95
Communication Equip >$5,000 21,060.91 21,060.91
Plant & Equipment >$5,000 12,932.30 12,932.30
Other Assets >$5,000 12,888.00 12,888.00
265,431.6243 329,730.30
Current Assets Current Last year
High Yield Investment Account44 463,452.19 378,742.35
Official Account45 10,851.51 12,763.16
Accounts Receivable Control 8,945.67 10,917.66
Sundry Debtors 93,920.30 54,171.19
GST Purchases (Reclaimable) 11,758.48 10,268.66
588,928.1546 466,863.02
Total Assets 854,359.7747 796,593.32
Current Liabilities Current Last year
Accounts Payable Control -101.48 -590.69
GST on Sales -49.43 -58.28
-150.91 -648.97
Non Current Liabilities Current Last year
Total Liabilities -150.9148 -648.97
Net Assets 854,208.8649 795,944.35
42. Accumulated funds: Equal to net assets. Should always be a negative number.43. Total non-current assets: this is the purchase cost of all equipment, and furniture, for items valued
over $5,000.44. Amount invested to earn interest.45. Money held to pay bills over the next few months.46. Total current assets: total amount of cash held + money owed to the school.47. Total assets: what the school owns.48. Total liabilities: what the school owes.49. Net assets: amount the school owns less the amount it owes. Should always be a positive number.
52
IMPROVING SCHOOL GOVERNANCE FINANCE
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Budgeting: excerpt from School Strategic PlanA primary school’s strategic plan includes these goals:
• to improve learning outcomes for all students in literacy and numeracy
• to ensure that students feel safe, secure and stimulated in their learning
• to ensure smooth transitions and learning pathways for all students.
Some of the key improvement strategies to achieve these goals are:
• enhancing teaching practice across the school
• embedding the use of information technology to drive learning across the curriculum
• developing facilities and learning spaces to support effective teaching and learning
• developing a whole school approach to student management.
School budget submissions
The following submissions are among the program budgets submitted to the finance subcommittee for review against the school’s strategic priorities.
PROGRAM BUDGET 20XX PROGRAM TITLE: MATHEMATICS BUDGET ALLOCATION: $5,550
Objectives:
• to maintain and update mathematics resources and equipment across the school
• to support teacher professional learning to guide the implementation of an effective school-wide numeracy teaching program.
Code Category Amount
86101Non-Curriculum Consumables
$350
86407Plant and Equipment <$5,000
$4,500
86910Conferences/Courses/Seminars
$700
Handout A1
55
IMPROVING SCHOOL GOVERNANCE FINANCE
PROGRAM BUDGET 20XX PROGRAM TITLE: ADMINISTRATION SERVICES BUDGET ALLOCATION: $35,000
Code Category Amount
80081 WorkCover $2,500
86101Non-Curriculum Consumables
$22,000
86301 Postage $750
86802 Insurance $2,500
86407Plant and Equipment <$5,000
$4,250
86402Repairs/Maintenance/ Equipment
$1,200
86910Conferences/Courses/Seminars
$800
86920 Hospitality $1,000
PROGRAM BUDGET 20XX PROGRAM TITLE: LITERACY BUDGET ALLOCATION: $12,700
Objectives:
• continued support for the literacy program, with emphasis on supplementing guided reading resources
• provision of classroom libraries for all classrooms
• subsidy of the program for literacy events for the school such as author visits during the Premiers’ Literacy Challenge
• provision of professional learning.
Code Category Amount
86101Non-Curriculum Consumables
$700
86102 Photocopying $500
86104Curriculum Consumables
$8,500
86407Plant and Equipment <$5,000
$2,000
86910Conferences/Courses/Seminars
$1,000
PROGRAM BUDGET 20XX PROGRAM TITLE: IT (INFORMATION TECHNOLOGY) BUDGET ALLOCATION: $24,500
Objectives:
• to renew and replace equipment
• to give all students access to up-to-date technology.
Code Category Amount
86403Leased Equipment
$17,000
86407Plant and Equipment <$5,000
$4,500
89204 Service provider $3,000
56
IMPROVING SCHOOL GOVERNANCE FINANCE
Handout A2
Budgeting: questions
Imagine that you are a councillor on the finance subcommittee for this school and consider:
a) which budget submissions would you see as a priority for the coming year’s budget?
b) what questions would you have for the principal?
c) what information would you need to be able to evaluate these submissions?
57
IMPROVING SCHOOL GOVERNANCE FINANCE
Financial reports: sample annual sub-program budget report
REVENUE
General Ledger Annual Sub-Program Budget Report from Program 1001 to 9635 Recurrent and Capital
Sub Prog.
TitleLast year
actual
Last year
budget
Annual budget
YTD%
Budget received
1254 Technology 12,000 12,000 179 179 100.00
4051 Music 2,775 2,775 - - 0.00
4152 Sensory - - 36 36 100.00
4200 Health and Physical Education 3,273 3,273 8,720 8,720 100.00
4266 Swimming – Whole School 1,980 1,980 - -50 0.00
5220 Inclusive Education 15,868 - 14,642 14,642 100.00
5254 S.W.P.B.S. 16 - - - 0.00
5551 Occupational Therapist 230 230 - - 0.00
6050 Contract Cleaner - - 257 257 99.86
6201 Maintenance & Minor Works - - 20,000 20,000 100.00
6552 BLACK OEC Grounds 52,061 52,061 34,024 41,110 120.82
6553 Grounds - - - 22,570 0.00
7001 Administration 75 - 47 47 100.00
7051 Profess Develop Admin 1,891 1,891 - - 0.00
7058 BLACK OEC – Administration 207,009 207,009 164,300 175,323 106.70
7302 Uniform Sales – New 3,894 1,611 1,837 4,696 255.67
7350 Staff Uniforms 763 763 - - 0.00
8321 Camp – Melbourne Discovery - - - 1,200 0.00
8322 Camp – Garfield 1,355 1,586 500 1,345 269.00
8323 Camp – Alpine Ride 1,680 3,360 979 929 94.89
8324 Camp – City Graduates - - - 80 0.00
Handout B1
58
IMPROVING SCHOOL GOVERNANCE FINANCE
Sub Prog.
TitleLast year
actual
Last year
budget
Annual budget
YTD%
Budget received
8325 Camp – Phillip Island 1,650 - - -150 0.00
8326 Camp – Super Ride 3,190 - - 580 0.00
8327Camp – Blackwood Outdoor Ed Ctre
2,400 4,273 2,238 4,117 183.97
8328 Camp – Queensland 2,255 2,255 6,600 5,598 84.82
8346 Camp Wilsons Prom 1,614 - - - 0.00
8401 Excursions 9,336 - 7,372 6,719 91.14
8420 Riding For The Disabled 1,739 1,110 1,296 1,149 88.68
8421 Basketball 970 565 760 680 89.47
8426 Bowling – Room 12 - - - 542 0.00
8520 Graduation 3,342 3,162 4,810 4,810 100.00
8521 Debutante Ball 2018 9,331 9,159 - - 0.00
8522 School Concert - - 4,896 4,986 101.83
8601 Casual Relief Teachers 372 - - 17,102 0.00
8650 Casual Relief Teacher Asst 30,791 30,791 - - 0.00
8750 Parents Club - - - 1,604 0.00
8751 Peninsula Principals Con 2020 - - 44,469 45,119 101.46
8955 Kefford Grant – School 2,400 2,400 - - 0.00
9051 Curriculum 4,449 4,449 - - 0.00
9301 Book Club 541 465 609 609 100.00
9362 Staff Functions 1,716 - - 3,730 0.00
9367 Work Preparation Lunches 3,039 2,295 2,511 2,511 100.00
9370 Staff Association 1,423 898 637 572 89.80
9374 2018 Payments Pd 2019 - - - 38 0.00
9499 Revenue Control 729,681 695,003 322,070 1,015,778 315.39
Revenue Totals 1,115,107 1,045,362 643,789 1,407,179 218.58
59
IMPROVING SCHOOL GOVERNANCE FINANCE
Financial reports: sample annual sub-program budget report
EXPENDITURE
General Ledger Annual Sub-Program Budget Report from Program 100 to 960 Recurrent & Capital
Sub Prog.71 Title Last year
actualLast year
budgetAnnual budget YTD
% Budget
expended
Out-standing
Orders
Un-committed
Balance
1254 Technology 66,569 90,331 56,279 47,504 84.40 - 8,775
4003 Dance 7,395 10,000 10,000 4,964 49.63 - 5,036
4009 Music Performance - - 5,000 - 0.00 - 5,000
4050 Art/craft 3,073 3,300 3,300 2,680 81.20 - 620
4051 Music 3,163 4,775 1,000 1,124 112.36 - -124
4151 Speech 3,038 3,300 5,359 4,008 74.79 - 1,351
4152 Sensory 2,855 3,300 5,234 5,269 100.66 - -35
4200Health & Physical Education
12,551 14,700 14,720 13,691 93.00 - 1,029
4250 Physiotherapy 254 1,500 3,900 340 8.71 - 3,560
4251 Junior Kitchen - - 250 250 99.87 - -
4050 Art/craft 3,073 3,300 3,300 2,680 81.20 - 620
4266 Swimming – Whole School 1,022 2,027 10,422 7,464 71.61 - 2,958
4651 I Can Be Safe - 700 700 53 7.53 - 647
4920 Class Budget – Room 1 917 920 460 468 101.63 - -8
4922 Class Budget – Room 2 378 690 805 791 98.25 - 14
4923 Class Budget – Room 3 549 920 690 530 76.82 - 160
4924 Class Budget – Room 4 504 575 805 487 60.45 - 318
4925 Class Budget – Room 5 493 805 920 351 38.14 - 569
4926 Class Budget – Room 6 682 1,055 920 878 95.40 - 42
4930 Class Budget – Room 10 - - 690 585 84.82 60 45
4931 Class Budget – KHPS1 864 920 805 756 93.95 - 49
4932 Class Budget – KHPS2 693 690 805 532 66.10 39 234
4933 Class Budget – Room 13 625 920 805 699 86.77 44 62
Handout B1
60
Sub Prog.71 Title Last year
actualLast year
budgetAnnual budget YTD
% Budget
expended
Out-standing
Orders
Un-committed
Balance
4934 Class Budget - Room 14 626 1,035 920 627 68.19 65 227
4935Class Budget – Kinder EEPS
332 500 500 434 86.80 - 66
4939 Class Budget – Room 15 1,174 1,265 500 388 77.54 - 112
4940 Class Budget – Room 16 1,056 1,150 500 582 116.30 - -82
4941 Class Budget – Room 17 1,176 1,265 500 454 90.85 - 46
4942 Class Budget – Room 18 492 575 805 818 101.57 26 -39
4943 Class Budget – Room 19 744 690 400 396 99.00 - 4
4944 Class Budget – Room 11 429 460 805 645 80.10 51 109
4945 Class Budget – Room 12 799 805 805 737 91.54 - 68
5220 Inclusive Education 14,700 - - - 0.00 - -
5250 Welfare 444 500 500 476 95.17 - 24
5251 Access Ministries Grant 17,910 24,000 24,000 36,094 150.39 - -12,094
5254 S.W.P.B.S. 1,332 1,500 1,500 1,317 87.79 - 183
5503 Occ Health & Safety - - - 383 0.00 - -383
5550Occupational Health & Safety
27,479 25,000 35,000 24,290 69.40 - 10,710
5551 Occupational Therapist 4,120 4,130 4,130 3,489 84.48 - 641
6001 Building Services 43,028 50,000 80,000 82,435 103.04 - -2,435
6050 Contract Cleaner 60,380 87,661 89,855 62,985 70.09 - 26,870
6201Maintenance & Minor Works
380,501 418,253 134,369 138,317 102.93 20,551 -24,499
6401 Inspections 3,031 6,000 6,000 4,195 69.91 - 1,805
6551 Gardening Club 635 700 850 492 57.92 - 358
6552 BLACK OEC Grounds 93,215 100,143 216,986 87,574 40.35 - 129,412
6553 Grounds 34,449 30,000 50,000 14,153 28.30 20,100 15,747
6901 Tech Support Specialist 5,992 8,000 10,000 5,516 55.16 - 4,484
7001 Administration 63,728 50,000 50,000 38,930 77.86 2 11,067
7010 Professional Development 78,575 40,000 68,498 80,365 117.32 - -11,867
7050 Photocopying 14,777 14,000 14,000 12,925 92.32 - 1,075
7051 Profess Develop Admin 8,662 9,891 10,000 6,792 67.91 - 3,208
7058BLACK OEC – Administration
176,507 261,215 232,018 135,629 58.45 5,447 90,943
7302 Uniform Sales – New 3,593 5,000 5,218 5,384 103.18 - -166
7350 Staff Uniforms 1,328 1,327 - 93 0.00 - -93
8321Camp – Melbourne Discovery
- - - 575 0.00 - -575
8322 Camp – Garfield 1,650 2,086 590 1,292 218.98 - -70261
Sub Prog.71 Title Last year
actualLast year
budgetAnnual budget YTD
% Budget
expended
Out-standing
Orders
Un-committed
Balance
8323 Camp – Alpine Ride 3,512 3,360 1,630 1,162 71.26 - 468
8324 Camp – City Graduates - - - 150 0.00 - -150
8325 Camp – Phillip Island 3,170 - - 535 0.00 - -535
8326 Camp – Super Ride 2,275 - - -1 0.00 - 1
8327Camp – Blackwood Outdoor Ed Ctre
3,987 7,020 1,908 2,052 107.57 - -144
8328 Camp – Queensland 1,236 2,255 6,600 5,916 89.64 - 684
8346 Camp – Wilsons Prom 806 - - - 0.00 - -
8401 Excursions 7,763 2,000 7,372 1,089 14.77 - 6,283
8420 Riding For The Disabled 2,012 1,110 1,296 1,655 127.70 - -359
8421 Basketball 901 565 760 803 105.62 - -43
8520 Graduation 6,598 5,105 5,810 5,606 96.49 - 204
8521 Debutante Ball 2018 8,534 9,159 - - 0.00 - -
8522 School Concert - - 9,896 12,451 125.81 - -2,555
8601 Casual Relief Teachers 86,605 100,000 100,000 136,409 136.40 - -36,409
8650 Casual Relief Teacher Asst 163,881 142,412 100,000 167,017 167.01 - -67,017
8751Peninsula Principals Con 2020
- - 44,469 4,545 10.22 - 39,923
8951Managed Indiv Pathway (mips)
240 8,852 8,068 - 0.00 - 8,068
8954 Advance Funding 8,827 12,276 14,186 9,988 70.40 350 3,848
8955 Kefford Grant – School 900 2,400 1,260 - 0.00 - 1,260
9051 Curriculum 18,522 23,245 23,245 13,713 58.99 3,259 6,273
9301 Book Club 235 465 609 630 103.41 - -21
9351 School Buses 17,321 20,000 20,000 19,197 95.98 - 803
9358 Classroom Furniture 5,932 39,574 30,000 8,693 28.97 - 21,307
9362 Staff Functions - - - 4,277 0.00 - -4,277
9367Work Preparation Lunches
3,418 6,660 6,355 3,232 50.85 - 3,123
9370 Staff Association 427 898 1,397 593 42.41 - 805
9374 2018 Payments Pd 2019 - - 3,843 3,843 100.00 - -
9499 Revenue Control - - 48,146 290 0.60 - 47,856
Expenditure Totals 1,496,446 1,677,334 1,600,546 1,246,641 77.88 49,995 303,967
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Financial reports: questions
Use the annual sub-program budget report provided to answer these questions:
a) how much revenue have the Health and Physical Education and the Book Club sub-programs each earned so far this year?
b) how does revenue for each of these two programs compare to this year’s budget?
c) how does revenue for each of these two programs compare to what was earned last year?
d) how much has been spent so far this year by the Health and Physical Education sub-program?
e) what questions would you ask the principal about both of these sub-programs?
f) what other questions would you have about the financial performance of this school?
Handout B2
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Handout C1Internal controls: quiz
Statement Is this statement true or false?
1. If there is no one else available, it is okay for the person who approved the order of goods to record them as received in the finance system.
2. Even though it is known that 10 purchases will be required for a product (valued at $3,000 each), it is okay for one written quote to be sought on each occasion.
3. Both the finance subcommittee and the school council are responsible for reviewing the financial reports.
4. An annual stocktake of all assets on the asset register must be conducted.
5. It is okay for the chair of the finance subcommittee to be the school Business Manager, as long as they are not an employee of the Department.
6. The school council approves a budget every three years.
7. All payments require two signatories: the principal and a nominated councillor.
8. A school councillor who has a question about compliance with an internal control can't ask the question unless they are the school council chair.
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Handout C2Internal controls: answer sheet
Statement Is this statement
true or false?
Is this statement true or false?
1. If there is no one else available, it is okay for the person who approved the order of goods to record them as received in the finance system.
FalseSeparating the approval and receipt of goods or services is an important internal control for purchasing.
2. Even though it is known that 10 purchases will be required for a product (valued at $3,000 each), it is okay for one written quote to be sought on each occasion.
False
The procurement process should take the total cost of goods and services into account. This purchase should therefore consider the total value as $30,000 (i.e. 10 purchases of $3,000 each) and seek three written quotes.
3. Both the finance subcommittee and the school council are responsible for reviewing the financial reports.
True
Most school councils have a finance subcommittee. Both the finance subcommittee (where it exists) and school council review financial reports, and the finance subcommittee recommends action to be taken to the council.
4. An annual stocktake of all assets on the asset register must be conducted.
False
In line with annual reporting of the school’s financial accounts, a stocktake of assets must be conducted once every two years.
5. It is okay for the chair of the finance subcommittee to be the school Business Manager, as long as they are not an employee of the Department.
FalseThe chair of the finance subcommittee cannot be the Business Manager.
6. The school council approves a budget every three years.
False
Council approves the budget before the start of each new year. An external auditor must audit the school’s financial statements at least once every four years.
7. All payments require two signatories: the principal and a nominated councillor.
True
Payments, including those made online, must be approved by two signatories. The Business Manager cannot be a signatory.
8. A school councillor who has a question about compliance with an internal control can't ask the question unless they are the school council chair.
False
Council is responsible for ensuring that the school maintains and monitors a system of internal controls. All councillors can and should ask questions when they have them.
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Handout D
Financial reports: reports typically provided to finance subcommittee
• GL21150 – Operating Statement (detail)
• GL21157 – Annual Sub-program Budget
• Bank reconciliation
• GL210006 – Journal Report
• GL21151 – Cash Flow Statement
• CR21118 – Invoices Awaiting Payment
• GL21161 – Balance Sheet
• GL21005 – Cancelled Payments
• GL21004 – Cancelled Receipts
• GL21002 – Cash Receipts Report
• GL21003 – Cash Payments Report
• GL21152 – Bank Account Movements Details
• Purchasing Card Statements (if applicable)
• School Budget Management Report.
Financial reports provided to council
• Operating Statement (detail)
• Balance Sheet.
Reviewing reports
Operating statement (detail)
This report: • compares actual to budgeted revenue and expenditure by category for the whole school for the month and year to date
• calculates variances (difference between actual and budget).
Review this report to: • compare actual financial result (the net operating surplus or deficit) to the budget for the month and year to date. If there are significant variations the principal may advise action to take. The finance subcommittee evaluates how the action proposed would affect the school’s operations and School Strategic Plan.
Annual program budget
This report: • compares year to date actual revenue and expenditure to the full year budget and shows last year’s actual and budgeted revenue and expenditure, for whole programs. Programs include trading operations, and curriculum programs.
Review this report to: • compare actual financial result for each program with the budget. If there are significant variations the principal may advise on action to take. The finance subcommittee evaluates how the action proposed would affect the school’s operations and School Strategic Plan.
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Annual sub-program budget
This report: • compares year to date actual revenue and expenditure to the full year budget and shows last year’s actual and budgeted revenue and expenditure, for individual sub-programs.
Review this report to: • compare actual financial results for each sub-program with the budget. If there are significant variations the principal may advise on action to take. The finance subcommittee evaluates how the action proposed would affect the school’s operations and School Strategic Plan.
Bank reconciliation
This report: • matches the bank statement to the school’s banking records and shows and explains any variance
• shows cheques issued but not yet presented and funds received by the school but not yet banked.
Review this report to: • ask questions to understand the reconciliation and any issues arising.
Journal
This report: • lists transactions entered into the finance system – shows some of the data on which other reports are based.
Review this report to: • ask questions about any transactions in the report. Finance subcommittee members are not expected to understand all the transactions in the journal report: it is provided in the spirit of full transparency.
Cash flow statement
This report: • shows the inflow and outflow of cash and the closing balance for each of the school’s bank accounts.
Review this report to: • to monitor whether the school has enough cash to pay its liabilities as they fall due. The principal or Business Manager will provide this advice.
Sundry debtor credit notes
This report: • gives details of credit notes generated for specified debtors.
Review this report to: • verify that credit note transactions are valid: this is an internal control.
Family credit notes
This report: • gives details of credit notes issued for families.
Review this report to: • verify that credit note transactions are valid: this is an internal control.
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Invoices awaiting payment
This report: • lists invoices received but not yet paid.
Review this report to: • approve invoices for payment.
Balance sheet
This report: • lists the value of the school’s assets and liabilities at a point in time.
Review this report to: • ask questions about any items not understood and any items which have changed greatly since previous report
• monitor whether current assets are greater than current liabilities – indicates that the school should be able to pay its debts
• monitor whether there is enough money in the official bank account to pay debts and whether the school is collecting money owed to it
• monitor whether there is too much money in the official account, so that surplus funds can be invested in the high yield investment account.
Investment register
The Central Banking System (CBS) precludes schools from investing funds in the form of term deposits and/or at call investment accounts. Therefore, schools are no longer required to maintain an investment register or policy.
Cancelled payments
This report: • lists cancelled cheques.
Review this report to: • verify that cancelled payments are valid; this is an internal control.
Cancelled receipts
This report: • lists cancelled receipts.
Review this report to: • verify that cancelled receipts are valid; this is an internal control.
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