The Full Budget Share Option

The Full Budget Share Option

 
For a letter dated 1 August 2016 with information about applying for Full Budget Share status, click here.
Further details about the options available and things to consider are also available by clicking on the above link.

 

Full Bank Account – things to consider

Under the Scheme for Financing Schools (“The Scheme”), a school has the option to have the full value of their Local Authority funding paid, by monthly instalments, directly into their bank account. All schools in Bradford have their own bank accounts and schools have the option to receive either a full or a part budget share.

Part Budget Share – a school has the cost of their salaries, catering fees and rates paid on their behalf by the Council using the Council’s bank account. The costs of salaries, catering and rates identified in the school’s annual approved budget submitted in May, are withheld by the Council. The remaining budget for all other non staffing costs is paid into the school’s bank account on a monthly basis for the school to manage.

Full Budget Share - a school has chosen to pay all of their costs including staff salaries and catering costs via their own bank account. This means that the full value of the school’s Local Authority funding is paid to the school in monthly instalments. Payroll, catering (and rates) costs are then charged direct to the school’s bank account. There are currently 99 maintained schools in Bradford that receive a full budget share

The Full Budget Share option does require more involvement from the school in managing payments and cash flow, and the School Funding Team provides initial support and training. However, it offers significant advantages, including more control over the cash budget of the school and the potential for increased interest, as more money is held in the school’s bank account. If you would like to discuss the advantages of the Full Budget Share option, please contact the School Funding Team.

   

 


Page owned by Sarah North, last updated on 04/01/2017. This page has been viewed 3,456 times.