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 us 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 LA central funds.

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