Oxfordshire County Council Schools Forum 24 June 2015 Schools Revenue Balances Recommendations/Actions/Decisions for Schools Forum

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1 Paper 14c Oxfordshire County Council Forum 24 June 2015 Revenue Balances Settings Sector Voting Entitlement (for decision papers only) Academies Foundation Stage PVI Representative Maintained Primary Representative PVI Nurseries Secondary COTO Representative Special Special Maintained Primary School Representatives Local Authority 16+ Academy Primary School Representatives Forum High Needs Maintained Secondary School Representatives Academy Secondary School Representatives Pupil Referral Unit Representative Special School Representatives Nursery Representative 1. Item for Information 2. Purpose of Report 2.1 This report provides a summary of maintained schools revenue balances, actual revenue spend for the financial year compared to the previous year, Devolved Capital balances for are reported separately. 2.2 Balances relating to schools that converted to academy status during the financial year are excluded from this paper. 3. Recommendations/Actions/Decisions for Forum The Forum is recommended to note this paper. 4. Background 4.1 The Section 48 Scheme for Financing requires that schools must carry forward the year-end balance (both surplus and deficit) to the following year and that controls remain in place requiring schools to report to the Director for Children, Education & Families the intended use of balances. 4.2 Since April 2007, the intended use of balances requirement follows from the Department for Education directed changes to the Oxfordshire Scheme for Financing 1 (The Scheme) imposing a control mechanism on surplus balances. 4.3 The controls mechanism requires all schools, with a surplus balance in excess of 8% for primary and special schools and 5% for secondary 1 All Local Authority Schemes are similarly amended. Page 1 of 7

2 schools of their Individual Budget share, report the use of those balances (for clarification - explanation of use is required for all the school s balance not just simply the amount of any excess balance identified). Where monies cannot be properly assigned, the balances control mechanism will seek to recover the identified excess. However, in April 2012 the government guidance relaxed this particular part of The Scheme, with the Local Authority only challenging those schools where they have a history of holding excess balances. This relaxation of challenge (accountability) was to recognise schools moving towards greater autonomy, schools should not be constrained from making early efficiencies to support their medium-term budgeting in a tighter financial climate, and should not be burdened by bureaucracy. This guidance has been available for a number of years. Any actions taken by schools relating to efficiencies in the tight financial climate will have unwound by now and will not be a reason to justify a large build-up of balances. At time of writing, the Local Authority was continuing to review balances held by schools and will be seeking explanation where appropriate. 4.4 With the requirement to transfer revenue balances to converter academies, in order to be able to make comparison with previous years, all academy balances have been excluded from this paper. 4.5 Individual school balances or specific school issues are not referred to or commented on in this paper. Where issues, concerns or an excess balance identified relate to specific schools, these schools will be contacted individually and helped by the Support Section. 4.6 Unlike previous financial years, no significant income transfers were made late, near the year end, restricting schools ability to spend the monies in the actual financial year or unexpected/unplanned for amounts into schools accounts during the financial year. 5. Summary - All Balances Held by Oxfordshire County Council The table below summarises all monies held by schools at 31 March These balances are examined in detail in the following sections. Primary Secondary Special Other TOTAL Revenue Partnership Accounts Total School Loans TOTAL Revenue balance net total may include funds relating to, (a) closed schools: (b) transactions not yet allocated to specific school balances and (c) balances relating to non-specific but school related monies. Subsequent tables will identify only balances relating to maintained open schools. Page 2 of 7

3 5.2 Devolved Capital balances for have been reported separately to Forum. 6. Revenue Outturn Movement in Net Balances 6.1 The accounts for all schools were closed end of May 2015 and a letter with balances details will be lodged on the Local Authority s Intranet site notifying schools of their outturn position, balances and Consistent Financial Reporting (CFR) statement as at 31 March The figures are subject to audit by the Local Authority s auditor, who will begin his examination of the Authority s accounts shortly. No significant accounting issues have been identified. 6.2 Full details of the outturn, on a school-by-school basis, will be available in the Section 251 Outturn Statement that, by statute, must be published by 17 August (provisional date), with schools CFR statements to be submitted to the Department for Education (DfE) by 17 July. 6.3 A summary of the NET (i.e. surpluses and deficits) school balances is set out in the table below: Balances as at 31 March 2014 Movement Balances as at 31 March 2015 Primary Secondary Special With the tightened funding environment, overall funding for schools remaining on a flat cash basis, schools used 1.472m during to support their spending plans, reducing the overall balance to m. This is in contrast to initial budgets submitted by schools in April/May 2014 and reported to Forum on 2 October 2014, which projected a net level of balances of only m, anticipating the use of around 5m to support spending plans. These figures are slightly distorted in that monies previously identified as Third Party balances have now been added to schools revenue balances. However, these monies represent only 0.6m and are held by primary schools. 6.5 Also, a comparison of the year-end figures with the budget monitoring reports received from schools for period 11, only one month from yearend, indicated schools were expecting balances totalling only m. The increase in school surplus balances seems to reflect the on-going uncertainty felt by schools over the pending election at that time, the Page 3 of 7

4 implications for future funding levels in the next comprehensive spending cycle and possibly unrealistic assumptions that remaining budgets would be expended as planned before year end. Analysis of Balances in Surplus 6.6 The following table compares the numbers of schools in surplus and the number of schools with potentially excess balances. GROSS (Only surplus schools) As at 31 March 2014 As at 31 March 2015 Surplus balances Primary Secondary Special The surplus balances for represent, as an average amount per school, 70k per primary school (compared to 66k per school in ), 193k per secondary school ( 367k in ) and 126k for each special school ( 156k in ) with a surplus balance. 6.8 Although the Local Authority does not expect, other than in exceptional circumstances, to claw-back amounts identified as Excess Balances, the above continues to indicate a level of balances that will no doubt attract the attention of both the DfE and Ofsted, both in terms of the way resources are deployed (or not) to raise attainment, but also as a counter to the arguments for increased funding in Education. in Deficit 6.9 As with the previous financial year, the cash value of the deficits has increased significantly in by 0.488m. As at 31 March 2014 As at 31 March 2015 Deficit balances Primary Secondary Special There does not seem to be a single unifying cause for a school to be in a deficit position. A number of issues, either singularly or in combination, Page 4 of 7

5 underpin the reasons for schools to be in deficit. These contributory factors continued to be experienced by schools include: Temporary additional costs whilst class sizes are growing. Unforeseen expenditure where no contingency existed. Weakness in the control and monitoring of expenditure. Expenditure being incurred earlier than planned. 7. School Loans School Loans can consist of two types of loan: Capital-related in respect of early release of future years Devolved Capital allocations or a loan to support revenue spend. 7.2 In terms of revenue loans, under paragraph 4.6 of the Section 48 document Scheme for Financing, schools may apply for a loan. The access to this is restricted to purchase or replacement of equipment, including computer hardware; contribute funding toward premises projects; repair and maintenance responsibilities; energy and environmental improvements, historic deficit budget cost of staff restructuring and purposes that justify expenditure to achieve economic benefit to the school. 7.3 Given the on-going uncertainty of future years regarding Devolved Capital funding, no early release of capital and, thus, creation of capital loans were agreed in Any school that converts to academy status is required to repay their loan in full prior to the date of conversion. One school converted to academy status during and repaid their loan in full. Six new loans were granted - four related to leasing issues previous discussed at Forum and two were agreed against historic deficits (as allowed under the above mentioned Scheme). Final instalments were received against three loans. Balances as at 31 March 2014 New Loans Repayments Balances as at 31 March Primary Secondary Special Partnership Accounts In addition to their revenue balances, six schools continue to operate separate bank accounts on behalf of their partnership. Two accounts Page 5 of 7

6 were closed during the year any residual balance on the account transferred into an appropriate school s SAP account. The Local Authority is required to include these in its end of year accounts and Section 251 Outturn Statement. Balances as at 31 March 2014 Movement Balances as at 31 March Partnership Accounts are grouped into a number of partnerships and undertake joint working activities. To fund these activities, some partnerships schools contribute into a separately operated bank account. All other partnership arrangements are processed though a specific cost centre set up within a partnership host school s SAP accounting hierarchy. 8.3 The balances held in separate bank accounts, although shown separately above, are treated as part of that school s carry forward, reported in the Section 251 Outturn Statement and Consistent Financial Report, but shown as a committed balance to exclude from the excess balances clawback process or seen as funding available to that school s own budget plan. 8.4 With the move of the Local Authority s SAP services to Hampshire County Council, it is expected that the remaining separate bank accounts will be closed and partnership funds administered through a designated school s SAP account. 9. Third Party Balances In previous years, a number of schools have identified specific balances they hold as belonging to a Third Party, monies being held on behalf of other bodies. That is, funding not available for the holding school to support their own specific budget plans. However, review of these balances, income streams and expenditure show that they relate to services that should be reported as part of school balances and include activities such as Extended Services, uniforms provision and educational trips. The income and expenditure, and any year-end balance, should be properly reported as part of the school s annual income and expenditure and included as part of the school s Consistent Financial Reporting statement. The majority of other schools have already incorporated these activities within their main school accounts. 9.2 In order to be consistent for , amounts previously identified as Third Party balances have been included in schools revenue balances. These additional funding streams have, since , been reported in the Local Authority s Section 251 Outturn Statement, as the Local Page 6 of 7

7 Authority manually adjusted the host school s published carry forward figure. 10. Challenging and Supporting 10.1 There are established budget planning and monitoring reporting processes operated by schools, the Support Section continue to challenge and support schools in the allocation and deployment of their financial resources to meet the overall objectives of schools to raise performance and narrow the attainment gap of their pupils On-going pressures are being exerted by the current economic environment for government to further reduce public expenditure and the high level of school balances (both of maintained schools and academies) nationally remain of interest. 11. Contact Details of Lead Officer/Author If you have any queries or comments in advance of the Forum meeting about this report, please contact: Name: Nick Baggett, Education Finance Manager Telephone Number: nick.baggett@oxfordshire.gov.uk Page 7 of 7

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