On 12 January 2016, the Department for Education released a financial efficiency metric tool for schools in England.
The tool allows schools to gauge their efficiency and understand whether they could improve their efficiency relative to other schools.
Efficiency is calculated based on pupil attainment and the money used to achieve it, relative to statistically similar schools.
The guide to using the metric says that the Department hopes the tool will help schools by:
- Prompting heads, governors and school business managers to ask themselves if, why and how similar schools are achieving more with the funding they receive
- Helping them to consider further how their own resources are deployed, and what changes could be made to help focus resources on improving pupil attainment
- Encouraging them to contact other similar schools to learn from each other
Benchmarking spending We point to data that can be used for benchmarking spending, and include