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Evaluate the effectiveness claims of the manager using the budgetary variance mode described

Introduction

I know that robust financial structures are in place with office staff, accountant, and service provider. I know how money is receipted, how cheques are drawn, where the cheque book is left at night, where the cash is kept overnight. I know and understand the internal financial controls and know that staff is applying them.

An order book system is in place. I know how to call in order books if spending gets out of hand. Our financial filing systems are easy to follow. If I need to look up a payment, the process is straightforward.

Financial timelines are adhered to — that is, monthly reporting for the board and so on. All financial reports are available to the board meeting. Prior to meetings, I will have read and understood what our current financial position is. I know how the plans for year cyclical maintenance and 5-year property funding work, and how the 10 year plan is linked to the budget.

  • Those responsible for the budget should ensure that the bank accounts, which the central bank considers to be part of government, cover the same entities that the ministry of finance reports in government operations;
  • This may mean that closing the branch would be a mistake on financial grounds.

For example, a school is required to budget to keep exterior paint work up to date. I know about replacing assets and ensuring funds are put aside for this. I plan so that there are no surprises. I review depreciation and benchmark rates annually.

Understanding school finances

I ensure the roll is checked against the operational grant notice after the 1 March and 1 July roll returns for primary. Secondary schools now have their operational grant reviewed at the time of the quarterly grant drops. Roll changes will impact on future staffing as well. I do not create large reserves. The money is provided annually for the students and should not be squirreled away unless it has a specific purpose.

I ensure appraisal systems for office staff who handle cash and do accounting work are carried out fully.

  • An accumulation of arrears may arise because;
  • A comparison of actual deliveries with payment orders issued is likely to be carried out only in a piecemeal fashion by spending departments;
  • These variances are highlighted on a performance report and labeled as favorable or unfavorable, depending on the effect on profit;
  • How can expenditure be adjusted in-year?
  • On the other, foreign aid can arrive unexpectedly, requiring the authorities to direct money into counterpart expenditures.

Good budgeting will also assist with the preparation of the Statement of Variance at year's end, as it is written from the annual goals. I prepare my budgets in Term 4.

I monitor spending within budget parameters. An over-spend in any part can mean disaster, even though other budgets are underspent. Look out for annualised support staff payments — January can be expensive, even though no staff is in attendance. A principal can delegate the financial functions down but still has to know what is happening with the finances. I have developed the capability of teaching staff in budgeting processes.

This is an excellent idea — get everyone involved.

When necessary, I liaise with the service provider. This is a good training source and checking device to ensure all processes are working well.

I talk with the auditor when they visit. You need to know how the finances work in a school to be able to do this. This is done with the board. Download model financial policies - Ministry of Education PAYROLL I monitor the fortnightly payroll system; keep a record of all staff, pay rates, annual leave balances, sick leave balances, and pay increment dates.

I ensure staff paid from the operational grant are paid as per budgets. I annually review hours of staff paid from the operational grant. A drop in the roll of 20 may mean a reduction in hours. I know how to read payroll and banking staffing reports.

Access Check

Remember, a banked staffing debt can be costly. Any debt will be repaid per FTTE at rates set each year by the ministry. Debts can be costly for schools in ensuing years. Starting carefully with banking staffing is probably a sound idea. I ensure claims for relievers and so on are actioned on a regular basis. Tell a colleague Back to top Tags.