Financial transparency: requirements for maintained schools
Get up to speed with the changes to financial regulations for maintained schools to improve financial transparency. Find out what you’re required to do, so you can make sure you're compliant.
- Submit a 3-year budget forecast to your LA
- Record and declare related party transactions (RPTs)
- Submit a recovery plan to your LA if your deficit rises above 5%
- Publish the number of individuals earning over £100k, in £10k bandings, annually on your school's website
- Publish a link to the 'schools financial benchmarking' website, on your school's website
This requirements came into force following a government response to the 2019 consultation on financial transparency of local authority (LA) maintained schools.
Submit a 3-year budget forecast to your LA
When: Between 1 May and 30 June of each year – your local authority (LA) will determine the exact date.
This is usually separate from your annual budget (read more in section 4.3 of this DfE guidance on schemes for financing local authority maintained schools). However, as the DfE doesn't prescribe the format for these documents, you should check and agree with your LA how you should:
- Complete your 3-year budget forecast and annual budget
- Submit both documents to the LA