Financial Management

Budget Crisis? How one school saved £150,000

Managing with less is now the long-term reality facing leadership teams. In a stark reminder how often funding crisis are effecting schools, we published a series of articles by Malcolm Trobe on how to respond first published 10 Years ago.
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The initial budget figures presented at the governors’ finance committee meeting painted a rather scary picture. This first attempt at the budget for Outoftown secondary school was showing a deficit of £150,000, about 2.5 per cent of the budget. With the sure knowledge that not only was there no prospect of any ‘cavalry coming over the hill’ with saddlebags filled with cash, given the current economic situation money was likely to be in even shorter supply in the future. It was clearly the time for a radical examination of the way the budget was allocated at the school and the leadership team were asked to conduct a full review before the next meeting and to arrive at some options for action to get the school back on to an even footing financially while ensuring the quality of education did not suffer.

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