Since September 2011 it has been a mandatory requirement for all Local Authority Maintained Schools to complete the Schools Financial Value Standard (SFVS) Assessment.
The DfE have announced that they will be introducing a new Resource Management Tool to replace the SFVS from April 2019. However, at the time of this entry, following contact with the DfE, there has been no further update on what these changes will be and guidance has not yet been completed.
The information available is that the new resource management tool will provide a self assessment of how every school manages their resources.
It is currently predicted that the new resource management tool will be in 2 parts:
1 – A checklist, series of questions, which consider the structures, systems and processes for making decisions about the allocation of resources.
2 – A dashboard that will be based around school data and how resources are utilised. This will be compared to thresholds, which are set using the data for all schools.
The SFVS has been designed in conjunction with schools to assist them in managing their finances and to give assurance that they have secure financial management in place. Governing bodies have formal responsibility for the financial management of their schools, and so the standard is primarily aimed at governors.
All Local Authority maintained schools (including Nursery Schools and Short Stay Schools that have a delegated budget) must demonstrate compliance with the SFVS and complete the assessment form on an annual basis.
Each year Governors must demonstrate compliance through the submission of the SFVS assessment form signed by the Chair of Governors, to the Authority’s Chief Finance Officer as required by the Standard.