Funding Formula for Schools

All Torbay’s maintained schools have a delegated budget which the governing body is required to spend for the purposes of their school. School budgets are calculated using a funding formula which is governed by national regulation. Each school's budget must be set at least to the level of the Minimum Funding Level, as determined by the Government.

Governing bodies, through the Schools Forum, are able to engage with the Council in the process of setting the Individual School Budget (ISB) from which each school's budget share and therefore delegated budget is drawn.

Governing bodies are required to produce an annual budget plan and must ensure that accurate accounts are kept and that income and expenditure returns conform to the Consistent Financial Reporting framework.

Whilst the Funding Formula allocates resources to schools for specific purposes, it is for schools to decide how the overall allocation should be spent. There is no requirement to spend at the level of budget allocated through the Formula for each school responsibility. Schools must ensure that any expenditure incurred is for the general purposes of the school, and in accordance with the conditions of the Council's Scheme for Financing Schools.

In respect of funding the education of pupils with special educational needs, additional guidance on funding responsibilities and other matters in the document titled Provision to meet special educational needs normally to be met from school funds and LEA central funds.

Schools are free to raise extra funds through voluntary contributions from parents, from letting of the school premises and other funding sources.

A link to an External Funding & Grants page can be found under the Related Pages panel, and links to External Funding, Funding, Online Procurement and Services to Schools websites can be found under the External Links panel.

Section 52

Each year, under Section 52 of the School Standards and Framework Act, 1998, the Council publishes a statement which sets out details of the planned and school budgets. You can download and view a copy of the latest Section 52 Budget Statement from the Related Documents panel below.

Traded Services for Schools

Torbay schools are able to buy a range of services offered by the Council, Devon County Council and through an alternative providers portfolio.

	Scheme for financing Primary and Secondary Schools (2008) The funding framework is based on the legislative provisions in sections 45-53 of the School Standards and Framework Act 1998 as amended by the Education Act 2002.  Under this legislation, the Council (LEA) determines the size of the Schools Budget. Last updated: 11/03/2008 (1.6 MB)
	Scheme for financing Special Schools (2008) The funding framework, is based on the legislative provisions in sections 45-53 of the School Standards and Framework Act 1998 as amended by the Education Act 2002.  Under this legislation, the Council (LEA) determines the size of the Schools Budget. Last updated: 11/03/2008 (1.1 MB)
	Accompanying Notes to Support Schools’ Final Funds Allocation Statement 7th March 2008 The final allocation sets out Funds Allocation;  Final Formula Factors / Unit Values; Final Schools Standards Funds Allocation; Total Available Delegated and Devolved Funds; Delegated Statementing Final Allocations and the Calculation of Minimum Per Pupil Guarantee. Last updated: 11/03/2008 (82 KB)
	Torbay Insurance Extended use of Schools Guidance (2006) The responsibility for ensuring that there is adequate insurance against risks arising from the exercise of community facility powers lies with each school’s governing body.  Under the fair funding legislation, schools have the option to “buy in” to the Council’s insurance and risk management package. Last updated: 11/03/2008 (136 KB)
	Torbay Section 52 Budget Statement (2007 - 2008) This document provides an account of the main sources of funding available to LEAs to support their Schools Budget, including any additional funding provided by the authority Last updated: 11/03/2008 (156 KB)
	Torbay Section 52 Education Outturn Statement (2006 - 2007) The Torbay Section 52 Education Outturn Statement for 2006/07 provides a summary and detail reconciliation of the dedicated schools grant/budget and outturn spend for the academic year. Last updated: 11/03/2008 (49 KB)
	Traded Services for Schools (2008 - 2009) Summary of services available to schools. Last updated: 28/08/2008 (792 KB)
	Torbay Section 52 Budget Statement (2008 - 2009) An account of the main sources of funding available to LEAs to support their Schools Budget, including any additional funding provided by the authority. Last updated: 03/04/2008 (239 KB)

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