School finance
Our Group Finance - Schools Team in our Children and Young People's Service (CYPS) is responsible for providing a financial advisory service to the nurseries, primary schools, secondary schools and special schools that are located in the Lambeth borough.
As an integral part of CYPS, it develops financial and strategic policies, and plans and programmes, for all aspects of school funding. For example, it determines the annual budget for each school, allocates standard funds and oversees the capital asset management plan for each school. (This is done in consulation with the Lambeth Schools Forum, a forum that helps to maintain, develop and review Lambeth's Scheme of Devolved Funding, as well as the Lambeth Fair Funding Formula.)
It monitors the financial performance of all schools in the Lambeth borough, and provides support (for example, advice on budget planning, budget monitoring, reviewing management resources) to ensure that they do not fall into financial difficulty.
It also holds regular meetings with schools to update school staff on changes in legislation or funding, and where required, provides a dedicated schools bursarial and financial consultancy service via a traded service level agreement (SLA).