Finance and Banking Staffing - First Time Principal's Programme

Finances

Naomi Chantler – Team Leader: School Finance

DDI 044638797

Naomi.chantler@minedu.govt.nz

 

·         Financial management role with principal & BOT needs to keep track of decisions made

·         Key Documents = good practice for management:

o   Commentary of variances (budget vs actual)

o   Summary and detailed monthly accounts

o   Banking staffing reports

o   Payroll reports

o   Cashflow forecasting

o   Once 6 mths – updated forecast

·         Key Documents = good practice for governance:

o   Commentary of variances (budget vs actual)

o   Summary and detailed monthly accounts

o   Cashflow forecasting

o   Banking staffing and SUE reports

·         Financial decision-making

o   All funds public funds = probity

o   Sensitive expenditure – 6pm news / Dom post test (if all going well and you are giving a couple of bottles of wine = OK;  if finances / issues tense = not a good idea)

o   Conflicts of interests

o   Associated parties – trusts, PTA, proprietors (MOE working on best practice documents for schools)

o   Segregation of duties

o   End of year audit, internal controls

·         Delegtation

o   Should be in writing and signed by both parties

o   Clear about what is being delegated

o   Different delegations for higher amounts

o   Minutes

o   BOT understands

·         Budgeting – be conservative, parents leave, income can be impacted

o   Factor in ALL possible costs

o   Comprehensive list

o   Look at getting a budgeting subcommittee on board

o   Have a few versions – first, second, third, before final sign off

o   Look at school charter and strategic plan to see whether there are areas where want to be looking to spend – saving up

o   Make sure everything is written down and accounted for

o   Can we afford to run a deficit?

o   How can you make changes in future years if necessary?

o   Can’t be something down in two days – need to make sure done correctly

o   Have some money put away to cover unexpected relievers, etc

o   Asset replacement / capital expenditure should fit with the strategic plan

Banking Staffing – MOE (see slides)

·         Banking staffing overuse – paid at one ops grant instalment again from 2015

Conflict of interest  - letter to MOE asking if

Donations

·         Ask, make a list of where the money goes

·         Can request, but parents don’t have to pay it

·         MOE currently working on supporting resources to guide practice