introduction the school’s financial performance. it is a ...€¦ · the proposals are sound and...
TRANSCRIPT
3.0 Introduction
GoalsThe goals of this module are for school councillors to understand their governance responsibilities in relation to:
• internal controls
• budgeting
• investing and fundraising.
This module will also help councillors understand and interpret financial reports.
OverviewThe school council is responsible for overseeing the school’s financial performance. It is a legal and Departmental requirement that council makes sure that monies coming into the school are being properly expended and authorised.
To ensure this happens, councils are responsible for ensuring that the school has a functioning, effective system of internal controls. Internal controls are the procedures that make sure that:
• all financial activity within the school is sound, accurate and legal
• the school’s assets are safe
• council can rely on the accuracy of the financial information it receives.
Council also helps develop the school's program (non-staff) budget that shows how the school will allocate its resources to implement the key improvement strategies in the school strategic plan and annual implementation plan. Council then monitors the school’s financial performance against the budget in conjunction with the principal.
Finally, council is responsible for how the school raises income (over and above the funding provided by the government). It must manage any financial and reputational risks that could arise, and ensure that all legal requirements are met.
Most school councils have a finance sub-committee which handles many of council’s routine financial responsibilities. The convenor of the finance committee, as elected from council members, is preferably a non-Department parent member or a community member. The business manager/bursar should not hold this position.
School councillors are indemnified by the Crown against any liability in respect of any loss or damage suffered by the council or any other person in respect of anything necessarily or reasonably done, or omitted to be done by the councillor in good faith in:
• the exercise of a power or the performance of a function of a councillor
• the reasonable belief that the act or omission was in the exercise of a power or the performance of a function of a councillor.
3.1 Budgeting
Why is this topic important?The budget is the school council’s main financial management tool. It is the ‘money plan’ that shows how the school will use its resources (staff, programs, services and equipment) to support the goals and priorities in the school strategic plan. Proper and adequate oversight of the school's finances, in line with Departmental guidelines, is one of council’s most important responsibilities.
2
IMPROVING SCHOOL GOVERNANCE // FINANCE
On completing this unit, school councillors should understand the budget process and timeline and be able to:
• review program budget submissions against the school strategic plan
• recommend, approve and revise the school's program budget
• monitor the performance of programs against the budget.
Programs include:
• the various curriculum programs (such as Art, Science and Mathematics)
• administrative programs (such as staff development and school maintenance)
• trading activities (such as the canteen)
• specific purpose programs (such as the library).
The principal develops the workforce plan and salary budget (using the Department’s salary structures for teaching and administrative staff). Council is not involved in preparing this budget.
The following table shows the typical budgeting responsibilities of the principal and school council.
The principal … The school council …
• develops the budget timeline • approves the budget timeline
• develops program budgets with staff, and salary and revenue budgets
• reviews budget submissions and program priority list (done by the finance sub-committee if council has one)
• evaluates program outcomes, prepares and prioritises budget submissions • reviews and approves the budget
• communicates the budget to staff
Most schools have finance sub-committees and this unit is written as if your school has one. If it doesn't, council will undertake the tasks described.
3
IMPROVING SCHOOL GOVERNANCE // FINANCE
Budget process and timelineAt the outset of the budget process, the principal and finance sub-committee develop the budget timeline. The diagram below shows an indicative timeline (actual timings depend on the school).
The principal, business manager and program leaders develop program budgets using estimates of revenue derived from:
• student funding received through the Student Resource Package (SRP)
• other government funding or special purpose grants such as Commonwealth National Partnerships funding
• locally raised funds
• funds left over from the current and previous years.
SRP funding is the major source of funding for schools and is provided by the Department. It is calculated using complex formulas which take into account the number of students at each year of study and includes equity funding and other funding for special initiatives.
The funding is provided in two parts: credit and cash. Broadly speaking, the credit part of the funding (which accounts for approximately 95% of the SRP) is money allocated to the school but held by the Department and used to pay school salaries and professional development costs.
The remainder, which council oversees, is given as cash and held in the school’s bank accounts. It funds school running costs (such as electricity and phones) and the non-salary expenditure in program budgets approved by council.
If in any year the school overspends its SRP funding, it must repay the overspent amount in the next year. Its budget must allow for this.
If the school wants to put money aside for large purchases (such as equipment) in a future year, it will have less to budget for programs in the coming year.
Council discusses priorities for the coming year with the principal and gives advice about these to the finance sub-committee. The principal and school staff consider and determine priority programs for the following year and prepare budget submissions for each program. They also rank programs by priority; that is, in order of their importance for funding.
The finance sub-committee informs its review of the budget submissions with the priorities advised by council.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Finance sub-committee monitors financial results against budget regularly, and decides any action to be taken.
Revisions made to previous year's budget, as appropriate.
Work starts on budget for coming year.
Finance sub-committee reviews program budgets. Recommends budget to council for approval. Council approves budget.
4
IMPROVING SCHOOL GOVERNANCE // FINANCE
Reviewing budget submissionsGuided by the strategic priorities decided by council, the finance sub-committee should ask:
• what did the last evaluation of the program reveal?
• how well will the program address the school’s strategic priorities?
• does the allocation of funding in the submissions reflect key strategic priorities?
• if the program is not explicitly part of the strategic plan, does it have merit?
The finance sub-committee discusses expenditure estimates in the budget submissions with the business manager or principal to determine whether these estimates are reasonable. The business manager will have reviewed all submissions but councillors bring their own knowledge and perspectives to the task and, for good governance, must satisfy themselves that the proposals are sound and the estimates are reasonable.
Council is encouraged to have a finance sub-committee to review budget submissions in detail on behalf of council. The finance sub-committee checks that each submission provides enough information for it to make a decision to recommend it for funding or not. Each submission should include:
• an evaluation of the program’s current and previous outcomes
• the rationale for the program (how it meets the school’s strategic priorities)
• the program’s estimated revenue and expenditure, with expenditure split between the essential, unavoidable costs of the program and the non-essential costs (for extras which will enhance the program, in line with the school’s strategic priorities).
5
IMPROVING SCHOOL GOVERNANCE // FINANCE
Recommending, approving and revising the budgetThe finance sub-committee, after discussion with the principal, determines:
• the final prioritised list of programs to be funded, in light of available funding and if appropriate by changing the priority order of submissions
• how the funded programs will be evaluated when the budget for the following year is developed.
The finance sub-committee then recommends the final prioritised list of submissions to council as the school's program budget. Council reviews and approves the budget and the principal communicates the budget to school staff.
There may be more than one version of the budget during the year. The finance sub-committee recommends changes to the budget, in line with the priority list, if:
• SRP funding increases or decreases (for example, the school may need to rely on its cash budget to fund salaries if the credit budget is not sufficient)
• funds left over from the last financial year are less (or more) than expected
• for another reason revenue increases or decreases.
Resources and links
School Finance Manual for Victorian Government Schools
A Guide to Budget Management in Schools
Documents can be accessed under the heading School Financial Policy and Guidelines at > http://www.education.vic.gov.au/school/principals/finance/pages/default.aspx
6
IMPROVING SCHOOL GOVERNANCE // FINANCE
Why is this topic important?Council is responsible for overseeing the school’s financial performance and for making sure that monies coming into the school are being spent as planned.
Council and its finance sub-committee monitor the school’s financial performance; the principal manages the school’s finances.
On completing this unit school councillors should understand the main financial reports and be able to:
• monitor the school's financial position, including actual revenue and expenditure against budget
• consider and decide on actions arising from the reports.
The following table shows the typical responsibilities of school council and the principal in terms of financial reports.
3.2 Financial reports
The principal … The school council …
• prepares financial reports
• explains financial reports to the finance sub-committee and council, and recommends action as appropriate
• monitors revenue and expenditure against the budget
• implements council’s decision • approves action to address issues arising from the financial reports
Most schools have a finance sub-committee and this unit is written as if your school has one. If it doesn't, council will undertake all the responsibilities described.
7
IMPROVING SCHOOL GOVERNANCE // FINANCE
The main financial reportsThe Department provides CASES21 software to government schools to support their administration, finance and central reporting. The software generates the reports in the following table. The principal would typically provide these reports to the finance sub-committee and council would usually see only the operating statement and balance sheet. Note that the investment register and cash flow forecast report are not generated through CASES21.
8
IMPROVING SCHOOL GOVERNANCE // FINANCE
Report Details
Operating statement (detail)
(GL21150)
Compares actual to budgeted revenue and expenditure by category for the whole school for the month and year-to-date; and calculates variances (differences between actual and budget)
Annual program budget (GL21158)
Compares year-to-date actual revenue and expenditure to the full year budget and shows last year’s actual and budgeted revenue and expenditure, for whole programs (such as trading operations, administrative services and curriculum programs, for example Art). Calculates the percentage of the annual budget earned and spent to date
Annual sub-program
budget (GL21157)
Compares year-to-date actual revenue and expenditure to the full year budget, and shows last year’s actual and budgeted revenue and expenditure, for individual sub-programs. Calculates the percentage of the annual budget earned and spent to date
Bank reconciliation Matches the bank statement to the school’s banking records and shows and explains any variances
Journal (GL21006) Lists transactions entered into the finance system; that is, it shows some of the data on which other reports are based
Cash flow statement (GL21151)
Shows the inflow and outflow of cash, and the closing balance, for each of the school’s bank accounts
Cash flow forecast Shows estimated cash balances for coming months based on expected cash in and out
Sundry debtor trial balance (DR21101) Shows debtors (those who owe the school money) and the age of amounts owed
Family trial balance (DF21102)
Shows debtors (those who owe the school money) and the age of amounts owed by families
Sundry debtor credit notes (DR21309)
Gives details of credit notes generated for specified debtors
Family credit notes (DF21309)
Provides details of any credit notes or reversed charges which have been issued for families
Invoices awaiting payment (CR21118) Lists invoices received but not yet paid
Balance sheet (GL21161) Lists the value of the school’s assets and liabilities at a point in time
Investment register
Where the school has investments other than the high yield investment account, shows amounts invested, terms of investment, types of investment, where invested and interest rates to be earned
Cancelled payments (GL21005)
Lists cancelled cheques
Cancelled receipts (GL21004) Lists cancelled receipts
9
IMPROVING SCHOOL GOVERNANCE // FINANCE
Report Details
Student Resource Package (SRP) management
Calculates the likely surplus or deficit in SRP funding at the end of the year
YTD additions – accounting (AR21122) Shows new assets (such as equipment)
YTD disposals – accounting (AR21131) Shows assets sold or of no value
Cash payments greater or equal to a given amount
(GL21007)
Lists payments made which were greater than or equal to a given amount e.g. $1000
Creditors trial balance (CR21101)
Shows creditors (those to whom the school owes money) and the age of amounts owed
Victorian government schools use accrual accounting. This means that the operating statement, annual program budget report and annual sub-program budget reports show revenue when it is earned and costs when they are incurred. This will usually be before the school receives monies or pays bills. This is normal accounting practice.
A sample of each of the CASES21 reports is attached to this unit, with notes to help councillors understand the reports.
The following table shows some other reports to which the finance sub-committee may refer.
10
IMPROVING SCHOOL GOVERNANCE // FINANCE
Reviewing reports and taking actionGenerally speaking, the finance sub-committee at each meeting receives copies of the main reports from the principal or business manager with advice about any issues that require council action. It discusses the issues with the principal or business manager to achieve a shared understanding and makes recommendations to council. For example:
• if expenditure on a program is over budget, the sub-committee might recommend that non-essential expenditure on the program stops
• if the school is underspending its total budget, the sub-committee might recommend that council fund some programs that were not initially approved for funding, in line with the priority list.
Council makes decisions which are then implemented by the principal.
People often don't understand financial reports but don't feel confident to say so. For good governance, councillors must understand what the reports are saying and ask questions, especially if they don't have a financial background. The principal or business manager will help clarify any aspect of the reports, using language and concepts understandable to councillors.
The following describes typical review and action steps on each main report.
Operating statementWhen reviewing the operating statement, the finance sub-committee and council compare the actual financial result (the net operating surplus or deficit) to the budget for the month and year-to-date. This shows the extent to which the school has met its revenue and expenditure budgets.
If there are significant variations, or if the financial result raises other issues, the principal may advise the finance sub-committee to take action, and how the action proposed would affect the school’s operations and implementation of the strategic plan.
The finance sub-committee discusses proposed actions with the principal to achieve a shared understanding, reviews the priority list of programs put together at budget time if necessary, and makes a recommendation to council. Council decides on the action to be taken and the principal implements the action.
11
IMPROVING SCHOOL GOVERNANCE // FINANCE
Annual program and sub-program budgetThe finance sub-committee reviews these reports in the same way as it does the operating statement, by:
• noting variations between actual and budgeted amounts
• receiving advice from the principal about reasons for variations and required actions (for example, if program expenditure is over budget, the principal might advise that non-essential expenditure on the program stops; and if a program is underspent, that finance sub-committee looks again at programs that were not initially recommended for funding with a view to funding some, in line with the priority list)
• confirming that the principal’s advice is in line with the priority list of budget submissions and the school’s overall financial results.
As with the review of the operating statement, council decides on the action to be taken.
Bank reconciliationThe bank reconciliation shows cheques issued but not yet presented (which will be in the school’s records but not in the bank’s) and monies received by the school but not yet banked. The finance sub-committee:
• makes sure that it receives the bank reconciliation regularly
• asks questions to understand the reconciliation and about any issues arising.
JournalWhile the finance sub-committee is not expected to understand all the transactions in the journal report, it is provided in the spirit of full transparency; and the finance sub-committee might on occasions ask questions about a transaction in the report.
Cash flow statementThe finance sub-committee reviews the cash flow statement and receives advice from the principal and business manager, to monitor whether the school has enough cash to pay its liabilities as they fall due.
Cash flow forecastThe finance sub-committee reviews the forecast of cash availability over the coming months to monitor cash balances and inform investment decisions.
Sundry debtor trial balance and family trial balanceThe finance sub-committee uses these reports to check how long the school has been waiting for payment of amounts owed to it and to discuss action with the principal or business manager.
Sundry debtor credit notes and family credit notesThe finance sub-committee uses these reports as an internal control, to verify that credit note transactions are valid.
IMPROVING SCHOOL GOVERNANCE // FINANCE
12
13
IMPROVING SCHOOL GOVERNANCE // FINANCE
Resources and linksOperating Statement: A practical example and explanation
Financial Reporting for Schools
Documents can be accessed under the heading CASES21 Finance Publications at > http://www.education.vic.gov.au.school/principals/finance/Pages/cases21.aspx
Invoices awaiting paymentThe finance sub-committee uses this report when approving invoices for payment.
Bank account movements (detailed)This report lists the opening balance, and total receipts and payments for the specified bank account within the requested date range.
Cash receiptsThe finance subcommittee or council should use this report to ensure receipt numbers are not missing.
Cash paymentsThe finance subcommittee or council uses this report to ratify payments that have been processed.
Balance sheetWhen reviewing the balance sheet, the finance sub-committee and council:
• ask questions about any items councillors do not understand and about any items which have changed greatly since the previous report
• monitor whether current assets are greater than current liabilities (indicating that the school should be able to pay its debts)
• monitor whether there is enough money in the official bank account to pay debts (these are in the accounts payable control account)
• discuss debtor amounts in the accounts receivable control account with the principal to monitor whether the school is collecting monies owed to it
• monitor whether there is too much money in the official account, so that surplus funds can be invested, usually in the high yield investment account. The cash flow statement also gives this information.
Council makes sure that the school is solvent. Like every organisation, it must be able to pay its debts as they fall due.
Investment registerThe investment register is not a CASES21 report but will be prepared for the finance sub-committee to show:
• the type or types of investment
• the amounts invested
• the terms of the investments (including interest rates) and maturity dates
• where amounts are invested (with which financial institutions).
The finance sub-committee uses the register to monitor compliance with the school’s approved investment policy and to monitor the funds available to meet future payments.
Cancelled payments and cancelled receiptsThe finance sub-committee uses these reports as an internal control, to verify that cancelled transactions are valid.
14
IMPROVING SCHOOL GOVERNANCE // FINANCE
Why is this topic important?Internal controls are the procedures that the school implements to ensure that:
• monies coming in to the school are being spent as planned
• the school’s assets are safe
• council can rely on the accuracy of the financial information it receives.
Government schools are required to have a functioning, effective system of internal controls.
On completing this unit, school councillors should:
• know about minimum internal controls
• be able to monitor the adequacy of the school's internal controls.
The following table shows the typical responsibilities of school council and the principal in terms of internal controls.
3.3 Internal controls
The principal … The school council …
• puts in place a system of internal controls • ensures the school has and uses a system of internal controls
• conducts school financial business in line with the system of internal controls
• adheres to internal controls such as appointing one councillor (normally the president or a delegated councillor) to:
» approve payments and sign cheques
» approve an investment policy if appropriate
» approve trading operations and ensure issues raised by the auditor are addressed
• provides financial reports to council • considers financial reports
15
IMPROVING SCHOOL GOVERNANCE // FINANCE
Minimum internal controlsThe table below shows what most schools would have as a minimum system of internal controls.
Function Common internal controls
Purchasing goods and services
• using purchase orders for all purchases other than those using petty cash, certain canteen supplies and utilities
• the principal or their delegate (as approved by school council) approving all orders
• not allowing the person who receives goods to approve the purchase order
• getting quotes or tenders for purchases over specified amounts
Paying for goods and services
• not allowing cash payments (except for petty cash) and only allowing payment by cheque, direct debit, BPay or purchasing card
• requiring 2 signatories (the principal and a delegated councillor) for payments: the business manager must not be a signatory
• using a voucher system for internet banking to ensure the 2 approved signatories approve payments
Accounting for assets
• recording all assets valued at $5,000 or greater on an asset register
• tagging / engraving assets with identification matching that on the asset register
• conducting a stocktake of assets at least once every two years
• having and following a process to dispose of assets
Receiving money
• all revenue has been receipted correctly into CASES21
• storing cash in a safe and not leaving cash at school during term holidays
• ensuring that all bank accounts and investments:
» are in council’s name (except for the high yield investment account)
» have the principal and a delegated councillor as signatories; the business manager must not be a signatory
» are used for all monies received
» are never overdrawn
Investing • having an investment policy approved by council
Payroll
• having procedures which comply with Australian Tax Office, superannuation and WorkCover requirements
• having a process to authorise hours worked
• reconciling payment summaries
• requiring all non-teaching school-based employees to have a current working with children check
• requiring all employees who handle cash to have a criminal records check
16
IMPROVING SCHOOL GOVERNANCE // FINANCE
Function Common internal controls
Recording and reporting
• keeping up-to-date accounting records that are supported by documentation
• reconciling bank accounts with bank statements
• reconciling petty cash
• reporting to each council meeting about receipts, payments and financial commitments
• reporting to the finance sub-committee and council about financial performance, including comparing actual revenue and expenditure to budget
Budgeting
• including in the budget:
» all revenue sources and funds carried forward from the previous year
» any committed funds
» any deficit (to be repaid) or credit surplus from SRP funding in the previous year if it is to be converted to cash
• approving a budget before the start of the new year
Trading operations
• requiring all operations to be approved by council
• requiring all costs to be covered by revenue
• completing an annual profit and loss statement
Auditing • having the financial statements audited by an external auditor nominated by the Department at least once every three years
17
IMPROVING SCHOOL GOVERNANCE // FINANCE
Monitoring the adequacy of internal controlsCouncil is itself responsible for some internal controls: for example, it reviews the financial reports and approves policies, and a councillor co-signs payments. It is also responsible for ensuring that any issues the auditor raises are addressed through changes to internal controls.
Council is also responsible for ensuring that the school maintains and monitors a system of internal controls. It does this by regularly:
• confirming with the principal that the school has documented internal controls similar to the ones above and covering similar functions
• discussing with the principal the extent of compliance with the internal controls and any identified instances of non-compliance; and asking for evidence of compliance if councillors feel it is required.
Resources and linksInternal Controls for Victorian Government Schools
School Finance Manual for Victorian Government Schools
Documents can be accessed under the heading School Financial Policy and Guidelines at > http://www.education.vic.gov.au/school/principals/finance/Pages/guidelines.aspx
Making the Partnership Work
> http://www.education.vic.gov.au/Documents/school/principals/profdev/makepartnershipswork.pdf
18
IMPROVING SCHOOL GOVERNANCE // FINANCE
Why is this topic important?Councils are responsible for how the school raises revenue (over and above the funding provided by the government) to fund improvements to the learning environment. Many schools engage in investing and fundraising activities and it is part of council’s role to consider and manage any financial and reputational risks that could arise, and to ensure that all legal requirements are met.
On completing this unit school councillors should be able to:
• assess and decide on proposals from clubs and groups to raise funds for the school
• develop an investment policy and decide on the amount to be invested
• develop a parent payments policy, in line with Departmental policy.
The principal … The school council …
• assists with the review of fundraising proposals
• approves fundraising activity on the school's behalf
• advises council about available cash and recommends investments
• develops an investment policy
• approves amounts to be invested
• develops a parent payments policy
• implements policies• contributes to and approves the parent
payments policy
3.4 Investing and fundraising
Councillors should also be aware of the possibility of using trust funds and cooperative loans in raising funds.
The following table shows the typical responsibilities of school council and the principal in terms of investing and fundraising.
19
IMPROVING SCHOOL GOVERNANCE // FINANCE
Assessing fundraising proposalsMembers of parent clubs or other members of the school community may want to raise funds for the school, for example to buy playground equipment. Council must approve any fundraising activity on the school’s behalf, well before it happens.
When considering whether to approve a fundraising activity, council should find out:
• what type of fundraising activity is planned
• what, if any, risks the fundraising activity exposes the school or public to (for example, does the activity involve physical risks or risks to the school’s reputation?)
• what legal requirements apply (for example, a permit to run a raffle might be needed)
• whether reliable estimates of revenue and expenditure have been prepared to ensure that the funds raised will be greater than the costs of running the activity
• what the funds raised will be spent on and how students will benefit?
Council can approve the activity if it is comfortable with the answers to these questions. If it is not, it must establish a sub-committee to recommend whether the proposed activity should be approved. This committee must consist of:
• the president or president’s nominee (who will chair the committee)
• one other councillor
• 2 representatives of the club or group who have proposed the fundraising activity
• the principal.
The Education and Training Reform Regulations 2007 require that:
• council and the parents’ club discuss how funds raised will be spent, to determine what is in the best interests of the school
• funds raised for a particular purpose are used for that purpose
• funds raised for the school are held in trust (separately identified and accounted for) by council or by the parents’ club.
20
IMPROVING SCHOOL GOVERNANCE // FINANCE
Investment policy and amounts to be investedCouncil is responsible for making policy about investments. If council decides only to invest in the high yield investment account which the Department makes available to each school, then the council meeting minutes stating this become the school's investment policy.
If the school wants to hold other types of investments (such as term deposits or bills of exchange) then council must approve an investment policy. Department guidelines and regulations allow the school to invest only in certain types of low-risk products and only with regulated financial institutions. Council is responsible for minimising risks when school funds are invested and ensuring the school has internal controls to safeguard its investments.
Council is also responsible for deciding how much of the school’s funds will be invested. The principal or business manager will give council an estimate of funds available for investment, typically using a cash flow budget to estimate likely fund balances in upcoming months. Schools usually keep aside (either in the official bank account or in an at-call bank account, such as the high yield investment account) enough money to fund expenditure for the next two months or $10,000, whichever is greater. Council approves the amount to be invested.
Council decisions about investments should be minuted for action by the principal or business manager. Transfers of monies between the official bank account and investments should be approved by the principal and a delegated councillor.
Council can keep track of amounts invested by reviewing the balance sheet, cash flow statement and investment register; interest earned will be shown in the operating statement. Council should monitor investments other than those in the high yield account regularly for compliance with the school’s investment policy.
Council decisions about investments should be minuted for action by the principal or business manager.
21
IMPROVING SCHOOL GOVERNANCE // FINANCE
Parent paymentsThe school must have a policy for parent payments, including voluntary contributions, following Departmental guidelines and reached through informed and transparent decision making processes. The school must apply the principle that no student will be disadvantaged in any way if their parent/guardian does not make payments or give a voluntary contribution.
The school may charge parents/guardians for essential educational items such as text books or uniforms, offer educational items and services on a user-pays basis (for example, for extracurricular activities in which student involvement is optional), and may invite voluntary contributions from parents/guardians to fund buildings or specific equipment or services.
When deciding to request payments from parents/guardians council should consider:
• the importance of a clear reason for requesting payment
• an assessment of what is a reasonable payment to request parents/guardians to make (that is, what the school community expects and will think is reasonable). In the case of a voluntary contribution, an amount cannot be specified
• the importance of fully communicating what the school wants to do with the payment to all parents/guardians.
Voluntary contributionsCouncils often ask parents/guardians for voluntary contributions for things such as:
• funding a building or a library
• paying for specific equipment, materials or services (such as additional computers over and above those funded by the SRP or other Government grants)
• other purposes to be determined by the school (the invitation being for a general contribution or donation).
Parents may be invited to donate to the school but cannot be required to do so.
22
IMPROVING SCHOOL GOVERNANCE // FINANCE
Resources and linksSchool Finance Manual for Victorian Government Schools This document can be accessed under the heading School Financial Policy and Guidelines at > http://www.education.vic.gov.au/school /principals/finance/Pages/guidelines.aspx
School Charges and Costs > http;//www.education.vic.gov.au/school/parents/financial/Pages/cost.aspx
23
IMPROVING SCHOOL GOVERNANCE // FINANCE
Financial reports
24
IMPROVING SCHOOL GOVERNANCE // FINANCE
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
25
GL
Cod
eA
ccou
nt T
itle
Cur
rent
Mon
thYe
ar to
Dat
eA
nnua
l B
udge
tLa
st Y
ear
Act
ual
Act
ual
Bud
get
Vari
ance
Act
ual
Bud
get
Vari
ance
REV
ENU
E
Dep
’t G
rant
s
7000
1C
ash
Gra
nt20
,712
21,5
29-8
1719
8,61
425
8,35
0-5
9,73
630
0,00
029
3,12
3
7000
2Ed
’n M
aint
enan
ce A
llow
ance
1,54
0-
1,54
07,
270
-7,
270
-6,
901
7008
0O
ther
Dep
’t G
rant
s-
--
48,1
6460
,006
-11,
842
75,0
0037
,805
7009
0C
apita
l Wor
ks-
--
--
--
1,65
0
22,2
5221
,529
7
2325
4,04
831
8,35
6-6
4,30
837
5,00
033
9,47
9
Com
mon
wea
lth
Gov
ernm
ent G
rant
s
7106
0C
’wea
lth
M
aint
enan
ce G
rant
s-
--
--
--
200,
000
7108
0O
ther
C’w
ealt
h G
ov’t
Gra
nts
--
--
--
-50
,000
00
00
00
025
0,00
0
Stat
e G
over
nmen
t Gra
nts
7208
0O
ther
Sta
te G
over
nmen
t Gra
nts
--
-3,
504
-3,
504
--
00
03,
504
03,
504
00
Oth
er
7300
1R
eim
burs
emen
ts-
--
15,7
158,
000
7,71
512
,000
50,5
04
7300
2In
tere
st R
ecei
ved
210
500
-290
6,55
46,
000
554
9,00
010
,233
210
500
-290
22,2
6914
,000
8,26
921
,000
60,7
37
Loca
lly
Rai
sed
Fund
s74
002
Sale
of C
lass
Mat
eria
ls-1
,358
--1
,358
45,7
9746
,000
-203
48,0
0046
,818
7410
1Fu
ndra
isin
g A
ctiv
ities
20,8
9815
,705
5,19
345
,270
36,8
008,
470
36,8
0078
,081
7410
2D
onat
ions
882
3500
-2,6
1825
,849
18,6
507,
199
20,0
0034
,384
7410
3C
omm
issi
on-
--
10,8
1917
,000
-6,1
8117
,500
715
7420
1H
ire
Scho
ol F
acili
ties/
Equi
p-
--
60-
60-
-
7430
1C
amps
/Exc
ursi
ons/
Act
iviti
es18
2-
182
105,
511
87,5
1517
,996
92,0
0087
,426
7440
2Tr
adin
g O
pera
tions
391
574
-183
11,8
7416
,000
-4,1
2624
,000
16,0
58
7440
3N
on P
rofit
Tra
ding
Ope
ratio
ns-
--
192,
500
-2,4
812,
500
84,1
81
7440
4Sp
ecia
l Eve
nts
--
-1,
484
-1,
484
--
7458
0O
ther
Loc
ally
Rai
sed
Fund
s1,
534
-1,
534
133,
562
115,
000
18,5
6211
5,00
053
,617
22,5
2919
,779
2,75
038
0,24
533
9,46
540
,780
355,
800
401,
280
Tota
l Ope
rati
ng R
even
ue44
,991
41,8
083,
183
660,
066
671,
821
-11,
755
751,
800
1,05
1,49
6
Gen
eral
Led
ger
Ope
rati
ng S
tate
men
t - D
etai
l for
the
peri
od e
ndin
g 31
Aug
ust 2
010
A n
egat
ive
num
ber
gene
rally
mea
ns th
at
mor
e re
venu
e ha
s be
en
rem
oved
(eg
via
cred
it no
tes)
than
has
bee
n ea
rned
. Thi
s sh
ould
be
expl
aine
d by
the
prin
cipa
l or
bus
ines
s m
anag
er.
Year
to d
ate
is
the
tota
l for
all
mon
ths
from
1st
of
Jan
uary
to th
e da
te o
f the
rep
ort
Last
yea
r’s
reve
nue
for
the
full
year
This
yea
r's
appr
oved
re
venu
e bu
dget
for
the
full
year
Less
inco
me
has
been
ea
rned
than
ex
pect
ed
Bud
get
reve
nue
for
the
year
to
dat
e
Act
ual
reve
nue
earn
ed fo
r th
e ye
ar to
dat
e
Bud
gete
d re
venu
e fo
r th
e m
onth
• A
ctua
l rev
enue
ear
ned
for
the
mon
th•
Don
’t co
nfus
e re
venu
e ea
rned
with
cas
h re
ceiv
ed –
mon
ey in
(and
out
) is
show
n in
the
cash
flow
sta
tem
ent
This
rep
ort s
how
s re
venu
e by
cat
egor
y (e
.g. D
epar
tmen
t gra
nts,
lo
cally
rai
sed
fund
s an
d th
e ty
pe o
f rev
enue
w
ithin
eac
h ca
tego
ry)
Diff
eren
ce b
etw
een
reve
nue
earn
ed in
the
mon
th a
nd th
e bu
dget
. A
pos
itive
num
ber
show
s th
at m
ore
inco
me
was
ea
rned
than
bud
gete
d –
a ne
gativ
e nu
mbe
r w
ould
m
ean
that
less
inco
me
was
ear
ned
than
bud
gete
d
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
26
GL
Cod
eA
ccou
nt T
itle
Cur
rent
Mon
thYe
ar to
Dat
eA
nnua
l B
udge
tLa
st Y
ear
Act
ual
Act
ual
Bud
get
Vari
ance
Act
ual
Bud
get
Vari
ance
EXP
END
ITU
RE
Sala
ries
and
All
owan
ces
8005
0Te
achi
ng S
uppo
rt S
taff
9,72
79,
900
-173
77,8
1679
,200
-1,3
8412
0,00
010
2,37
4
8005
1Te
ache
r A
ides
--
-1,
221
2,25
0-1
,029
5,25
01,
259
8005
2O
ther
Non
Tea
chin
g St
aff
--
-90
5-
905
-2,
175
8007
1C
asua
l Rel
ief T
each
ing
Staf
f-
--
-6,
750
-6,7
5012
,000
-
8008
0Su
pera
nnua
tion
875
892
-17
7,11
37,
331
-218
10,8
009,
215
8008
1W
orkC
over
--
--
--
-95
9
10,6
0210
,792
-190
87,0
5595
,531
-8,4
7614
8,05
011
5,98
2
Ban
k C
harg
es
8280
1B
ank
Cha
rges
132
375
-243
3,83
74,
500
-663
6,00
04,
520
132
375
-243
3,83
74,
500
-663
6,00
04,
520
Con
sum
able
s
8610
1O
ffice
/Tea
cher
Req
uisi
tes
1,93
11,
268
663
8,69
615
,210
-6,5
1420
,000
13,7
62
8610
2P
hoto
copy
ing
1,14
41,
026
118
8,03
712
,320
-4,2
8316
,352
12,6
36
8610
3P
rint
ing
--
-51
0-
510
--
8610
4C
lass
Mat
eria
ls90
51,
000
-95
31,6
0642
,509
-10,
903
47,1
1042
,714
8610
5C
ompu
ter
Soft
war
e ‹ $
5000
--
-1,
792
3,50
0-1
,708
3,50
01,
266
3,98
03,
294
686
50,6
4173
,539
-22,
898
86,9
6270
,378
Boo
ks a
nd P
ublic
atio
ns
8620
1Li
brar
y B
ooks
534
717
-183
6,67
08,
608
-1,9
3810
,000
-
8620
2C
lass
Set
s ‹ $
5000
--
-3,
980
7,97
0-3
,990
7,97
05,
523
8620
3R
efer
ence
Mat
eria
ls50
026
523
586
53,
180
-2,3
154,
000
2,06
6
1,03
498
252
11,5
1519
,758
-8,2
4321
,970
7,58
9
Com
mun
icat
ion
cost
s86
301
Pos
tage
-85
-85
280
1,01
0-7
302,
000
1,51
9
8630
2Te
leph
one
437
375
623,
913
4,50
0-5
876,
500
4,77
9
8630
3In
tern
et-
--
--
--
2,91
9
437
460
-23
4,19
35,
510
-1,3
178,
500
9,21
7
Gen
eral
Led
ger
Ope
rati
ng S
tate
men
t - D
etai
l for
the
peri
od e
ndin
g 31
Aug
ust 2
010
A
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
27
GL
Cod
eA
ccou
nt T
itle
Cur
rent
Mon
thYe
ar to
Dat
eA
nnua
l B
udge
tLa
st Y
ear
Act
ual
Act
ual
Bud
get
Vari
ance
Act
ual
Bud
get
Vari
ance
Equi
pmen
t/M
aint
enan
ce/H
ire
8640
1Fu
rnitu
re/F
itt'g
s ‹$
5000
292
1,71
3-1
,421
5,11
620
,563
-15,
447
22,0
006,
386
8640
2R
epai
rs/M
aint
-Fur
nitu
re/E
quip
--
-1,
778
10,1
83-8
,405
12,3
755,
132
8640
3Le
ased
/Hir
ed E
quip
men
t-
--
--
--
941
8640
4C
ompu
ter
Equi
pmen
t ‹$5
000
--
-35
,926
2,96
632
,960
4,50
01,
640
8640
5O
ffice
Equ
ipm
ent ‹
$500
0-
--
-1,
000
-1,0
001,
000
27
8640
6A
udio
Vis
ual E
quip
‹$50
0018
024
8-6
81,
688
2,98
0-1
,292
2,98
01,
072
8640
7O
ther
Pla
nt a
nd E
quip
‹$50
00-
--
2,15
12,
000
151
2,00
09,
312
472
1,96
1-1
,489
46,6
5939
,692
6,96
744
,855
24,5
10
Uti
litie
s
8645
2El
ectr
icity
-1,
250
-1,2
5011
,112
15,0
00-3
,888
22,5
0015
,924
8645
3G
as -
Mai
ns-
250
-250
1,21
93,
000
-1,7
814,
500
2,35
2
8645
5W
ater
incl
Wat
er R
ates
-43
9-4
394,
473
5,26
6-7
936,
000
1,80
9
8645
6Se
wer
age
-35
-35
5442
3-3
6963
514
4
01,
974
-1,9
7416
,858
23,6
89-6
,831
33,6
3520
,229
Pro
pert
y Se
rvic
es
8650
0Se
curi
ty/S
afet
y/Fi
re P
rev'
tion
1,45
51,
455
07,
250
5,20
02,
050
7,80
06,
006
8650
1Sa
nita
tion
--
-2,
315
2,50
0-1
853,
750
1,97
2
8650
2C
ontr
act C
lean
ing
4,41
54,
833
-418
35,3
2058
,000
-22,
680
87,0
0049
,811
8650
3R
efus
e an
d G
arba
ge25
117
576
2,02
32,
100
-77
3,15
02,
463
8650
4B
uild
ing
Wor
ks1,
682
9,63
7-7
955
33,3
5511
5,64
4-8
2,28
920
0,00
011
5,64
2
8650
5G
roun
d W
orks
1,45
948
997
02,
218
5,86
8-3
,650
5,86
819
6,91
7
9,26
216
,589
-7,3
2782
,481
189,
312
-106
,831
307,
568
372,
811
T
otal
Ope
rati
ng E
xpen
ditu
re25
,919
36,4
27-1
0,50
830
3,23
945
1,53
1-1
48,2
9265
7,54
062
5,23
6
N
et O
pera
ting
Sur
plus
/-D
efici
t19
,072
5,38
113
,691
356,
827
220,
290
136,
537
94,2
6042
6,26
0
O
utst
andi
ng O
rder
s:43
6
Gen
eral
Led
ger
Ope
rati
ng S
tate
men
t - D
etai
l for
the
peri
od e
ndin
g 31
Aug
ust 2
010
BC
DE
FG
HI
JK
LM
NO
PQ
R
The
net r
esul
t:
reve
nue
less
exp
endi
ture
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
28
Gen
eral
Led
ger
Ope
rati
ng S
tate
men
t - D
etai
l for
the
peri
od e
ndin
g 31
Aug
ust 2
010
AEx
pend
iture
is s
how
n by
cat
egor
y e.
g. c
onsu
mab
les,
equ
ipm
ent/
mai
nten
ance
/hir
e an
d ut
ilitie
s, a
nd th
en b
y th
e ty
pe o
f exp
endi
ture
with
in e
ach
cate
gory
.
BA
ctua
l exp
endi
ture
for
the
mon
th. N
ot th
e sa
me
as p
aym
ents
mad
e -
thes
e ar
e in
the
cash
flow
sta
tem
ent.
CEx
pend
iture
bud
get f
or th
e m
onth
.
DD
iffer
ence
bet
wee
n ac
tual
exp
endi
ture
incu
rred
and
the
budg
et, i
n th
e m
onth
of A
ugus
t. A
pos
itive
num
ber
mea
ns th
at m
ore
expe
nditu
re w
as in
curr
ed th
an b
udge
ted.
A n
egat
ive
num
ber
mea
ns th
at le
ss e
xpen
ditu
re w
as in
curr
ed th
an b
udge
ted.
EA
ctua
l exp
endi
ture
for
the
year
to d
ate
(in th
is e
xam
ple,
for
the
8 m
onth
s fr
om J
an to
Aug
).
FB
udge
ted
expe
nditu
re fo
r th
e ye
ar to
dat
e (i.
e. fo
r th
e 8
mon
ths
from
Jan
to A
ug).
GD
iffer
ence
bet
wee
n ac
tual
exp
endi
ture
for
the
year
to d
ate
and
the
year
to d
ate
budg
et. A
pos
itive
var
ianc
e sh
ows
that
mor
e ex
pend
iture
was
incu
rred
than
bud
gete
d.
HTh
is y
ear’
s ap
prov
ed e
xpen
ditu
re fo
r th
e fu
ll ye
ar.
ITo
tal s
pent
last
yea
r fo
r th
e fu
ll ye
ar.
JA
ctua
l fina
ncia
l res
ult f
or th
e m
onth
: rev
enue
less
exp
endi
ture
.
KB
udge
ted
finan
cial
res
ult f
or th
e m
onth
: rev
enue
less
exp
endi
ture
.
LD
iffer
ence
bet
wee
n th
e ac
tual
and
bud
gete
d fin
anci
al r
esul
t - s
urpl
us/(
defic
it) -
for
the
mon
th. A
pos
itive
var
ianc
e m
eans
that
the
resu
lt fo
r th
e m
onth
is b
ette
r th
an b
udge
ted,
a n
egat
ive
vari
ance
show
s th
at th
e re
sult
is n
ot a
s go
od a
s bu
dget
ed.
MA
ctua
l fina
ncia
l res
ult f
or th
e ye
ar to
dat
e: r
even
ue le
ss e
xpen
ditu
re.
NB
udge
ted
finan
cial
res
ult f
or th
e ye
ar to
dat
e: r
even
ue le
ss e
xpen
ditu
re.
OD
iffer
ence
bet
wee
n th
e ac
tual
and
bud
gete
d fin
anci
al r
esul
t - s
urpl
us/(
defic
it) -
for
the
year
.
A p
ositi
ve v
aria
nce
mea
ns th
at th
e re
sult
for
the
mon
th is
bet
ter
than
bud
gete
d, a
neg
ativ
e va
rian
ce s
how
s th
at th
e re
sult
is n
ot a
s go
od a
s bu
dget
ed.
PTh
is y
ear’
s ap
prov
ed b
udge
ted
finan
cial
res
ult -
a s
urpl
us o
r a
defic
it fo
r th
e fu
ll ye
ar.
QLa
st y
ear’
s fin
anci
al r
esul
t - s
urpl
us/(
defic
it) fo
r th
e fu
ll ye
ar.
RTh
e va
lue
of g
oods
or
serv
ices
whi
ch h
ave
been
ord
ered
but
not
yet
invo
iced
- w
ill b
e in
the
finan
cial
sta
tem
ent i
n a
late
r m
onth
.
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
29
GL
Cod
eA
ccou
nt T
itle
Cur
rent
Mon
thYe
ar to
Dat
eA
nnua
l Bud
get
Act
ual
Bud
get
Vari
ance
Act
ual
Bud
get
Vari
ance
CAP
ITA
L EX
PEN
DIT
UR
E
2620
2B
ooks
and
Lib
rari
es-
--
3,32
1-
3,32
1-
2620
5C
ompu
ters
/ IT
equi
pmen
t › $
5000
7,15
28,
600
-1,4
4814
3,08
656
,008
87,0
7875
,000
2620
7P
rint
ers/
scan
ners
etc
› $5
000
--
-7,
977
14,3
00-6
,323
14,3
00
2620
8C
ompu
ter
Soft
war
e › $
5000
5,86
4-
5,86
4-
--
-
2621
0Fu
rnitu
re a
nd F
ittin
gs ›
$500
0-
--
51,7
6537
,000
14,7
6545
,000
2621
1M
usic
al E
quip
men
t › $
5000
6,71
15,
000
1,71
143
,279
-43
,279
-
2621
2O
ffice
Equ
ipm
ent ›
$50
00-
--
29,6
84-
29,6
84-
2621
4C
omm
unic
atio
ns E
quip
› $5
000
7,59
67,
550
4622
,949
-22
,949
-
2621
5P
lant
& E
quip
men
t › $
5000
--
-8,
751
-8,
751
-
2621
6Sp
ortin
g Eq
uipm
ent ›
$50
00-
--
--
--
2622
0O
ther
Ass
ets
› $5
000
--
-87
,890
-87
,890
-
Tota
l Cap
ital
Exp
endi
ture
27,3
2321
,150
6,17
339
8,70
210
7,30
829
1,39
413
4,30
0
Out
stan
ding
Ord
ers:
12,1
32
ASS
ET W
RIT
E-D
OW
NS
8959
1A
sset
Wri
te-D
owns
--
-2,
900
-2,
900
-
Ass
et S
ale
Pro
ceed
s-
--
1,30
0-
1,30
0-
Tota
l Ass
et W
rite
-Dow
ns0
-0
1,60
0-
1,60
0-
Gen
eral
Led
ger
Ope
rati
ng S
tate
men
t - D
etai
l for
the
peri
od e
ndin
g 31
Aug
ust 2
010
Equi
pmen
t ord
ered
bu
t no
invo
ice
rece
ived
yet
The
amou
nt s
pent
on
ass
ets
whi
ch c
ost
mor
e th
an $
5,00
0 ea
ch
Net
pro
fit/(
loss
) on
asse
ts
disp
osed
of -
diff
eren
ce
betw
een
orig
inal
sal
e co
st
and
sale
pro
ceed
s
Am
ount
rec
eive
d fo
r so
ld a
sset
s
The
orig
inal
cos
t of
asse
ts d
ispo
sed
of
e.g.
sol
d, d
isca
rded
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
30
Rev
enue
Pro
gram
Titl
eLa
st y
ear
actu
alLa
st y
ear
budg
etA
nnua
l bud
get
YTD
% B
udge
t rec
eive
d
130
Info
& C
omm
Tec
hnol
ogy
2,85
06,
000
0.00
400
The
Art
s73
20.
00
420
Hea
lth
and
Phy
sica
l Edu
catio
n1,
254
0.00
430
Lang
Oth
er T
han
Engl
ish
(Lot
e)10
00.
00
440
Mat
hem
atic
s13
510
50.
00
480
Libr
ary
365
0.00
490
Inte
grat
ed S
tudi
es20
50.
00
520
Stud
ent W
elfa
re3,
512
1,04
21,
800
1,22
467
.98
700
Adm
inis
trat
ive
Serv
ices
102,
823
112,
095
8,00
013
,960
174.
50
730
Gen
eral
Tra
ding
16,0
5818
,500
11,7
8063
.67
800
Bui
ldin
g Fu
nd19
,427
18,4
176,
000
6,24
710
4.11
810
Libr
ary
Fund
10,0
1173
612
,650
17,3
6513
7.26
830
Cam
ps-1
500.
00
840
Excu
rsio
ns34
068
00.
00
860
Cas
ual R
elie
f Tea
cher
s22
,262
3,85
00.
00
870
Scho
ol C
omm
unity
Ass
ocia
tions
77,5
4277
,550
35,0
0046
,664
133.
32
930
Gen
eral
Pur
pose
138,
643
240,
426
115,
000
131,
353
114.
21
940
Una
lloca
ted
449,
238
453,
276
474,
871
420,
990
88.6
5
960
Com
mon
wea
lth
Pro
gram
s20
0,00
020
0,00
00.
00
Rev
enue
Tot
als
1,04
5,49
61,
103,
541
671,
821
660,
067
98.2
5
Gen
eral
Led
ger
Ann
ual P
rogr
am B
udge
t Rep
ort f
rom
Pro
gram
100
to 9
60 R
ecur
rent
and
Cap
ital
Each
gro
up o
f lik
e pr
ogra
ms
(a s
umm
ary
of
sub-
prog
ram
s)
with
rev
enue
at t
he
scho
ol th
is y
ear
(or
last
)
This
yea
r’s
appr
oved
re
venu
e bu
dget
for
the
full
year
. Will
agr
ee to
the
oper
atin
g st
atem
ent
Year
to d
ate
reve
nue
for
each
pro
gram
— to
tal
reve
nue
will
agr
ee to
the
oper
atin
g st
atem
ent
The
perc
enta
ge s
hare
of
full
year
bud
gete
d re
venu
e ac
tual
ly e
arne
d so
far
this
yea
r
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
31
Expe
nditu
re
Pro
gram
Titl
eLa
st y
ear
actu
alLa
st y
ear
budg
etA
nnua
l bud
get
YTD
% B
udge
t Ex
pend
edO
utst
andi
ng
Ord
ers
Unc
omm
itte
d B
alan
ce
130
Info
& C
omm
Tec
hnol
ogy
33,1
5557
,606
40,5
0041
,541
102.
57-1
,041
400
The
Art
s5,
546
4,66
04,
831
2,07
342
.90
2,75
8
410
Engl
ish
6,83
66,
900
38,1
5014
,957
39.2
023
,193
420
Hea
lth
and
Phy
sica
l Edu
catio
n11
,082
9,93
712
,673
5,51
843
.54
7,15
5
430
Lang
Oth
er T
han
Engl
ish
(Lot
e)2,
982
3,10
03,
160
2,41
976
.55
741
440
Mat
hem
atic
s7,
117
7,03
56,
000
3,86
564
.42
341
1,79
4
480
Libr
ary
4,54
74,
931
4,25
02,
628
61.8
21,
622
490
Inte
grat
ed S
tudi
es26
,319
29,0
0530
,000
23,6
6378
.87
6,33
7
510
Inte
grat
ion
Supp
ort
2,14
91,
960
3,11
02,
084
67.0
11,
026
520
Stud
ent W
elfa
re12
,825
7,63
711
,508
4,57
439
.75
6,93
3
550
Empl
oyee
Hea
lth
Man
agem
ent
2,13
43,
250
4,15
02,
914
39.7
51,
236
600
Bui
ldin
g Se
rvic
es66
,974
77,9
1073
,350
41,7
5556
.92
531
,590
610
Urg
ent W
orks
11,4
247,
919
30,3
7430
,216
99.4
815
7
620
Pla
nned
Mai
nten
ance
7,91
962
,414
1,44
52.
3160
,969
650
Gro
unds
and
Ext
erna
l Sig
nage
3,53
66,
950
5,00
02,
069
41.3
891
2,84
0
690
Tech
nica
l Sup
port
2,17
06,
000
4,50
033
07.
334,
170
700
Adm
inis
trat
ive
Serv
ices
236,
203
243,
905
95,0
0854
,237
57.0
840
,771
730
Gen
eral
Tra
ding
20,4
3910
,000
18,5
0011
,742
63.4
66,
759
800
Bui
ldin
g Fu
nd24
,169
18,3
6718
,724
0.00
18,7
24
810
Libr
ary
Fund
10,3
2010
,339
12,8
086,
959
54.3
35,
849
830
Cam
ps53
,156
50,0
0050
,100
65,7
1413
1.16
-15,
614
840
Excu
rsio
ns25
,328
28,9
2532
,240
9,20
028
.53
23,0
40
860
Cas
ual R
elie
f Tea
cher
s71
,536
55,5
9355
,500
60,7
1810
9.40
-5,2
18
870
Scho
ol C
omm
unity
Ass
ocia
tions
51,1
3416
,700
9,42
856
.45
7,27
2
880
Acc
ount
abili
ty a
nd R
epor
ting
3,30
21,
500
1,00
00.
001,
000
930
Gen
eral
Pur
pose
269,
170
329,
984
171,
486
155,
347
90.5
816
,140
960
Com
mon
wea
lth
Pro
gram
s20
6,77
320
0,00
00.
000
Expe
ndit
ure
Tota
ls1,
170,
327
1,19
1,33
280
6,03
655
5,39
768
.90
436
250,
203
Gen
eral
Led
ger
Ann
ual P
rogr
am B
udge
t Rep
ort f
rom
Pro
gram
100
to 9
60 R
ecur
rent
and
Cap
ital
Each
gro
up o
f lik
e pr
ogra
ms
(a s
umm
ary
of s
ub-p
rogr
ams)
with
ex
pend
iture
at t
he s
choo
l th
is y
ear
(or
last
)
The
perc
enta
ge
shar
e of
full
year
bud
gete
d ex
pend
iture
ac
tual
ly in
curr
ed
so fa
r th
is y
ear
Uns
pent
and
un
com
mitt
ed
budg
et a
vaila
ble
Year
to d
ate
expe
nditu
re fo
r ea
ch
prog
ram
- to
tal
reve
nue
will
agr
ee
to th
e op
erat
ing
This
yea
r’s
appr
oved
exp
endi
ture
bu
dget
for
the
full
year
. Will
agr
ee to
the
oper
atin
g st
atem
ent
Expe
nditu
reco
mm
itmen
ts
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
32
Rev
enue
Sub
Pro
g.Ti
tle
Last
yea
r ac
tual
Last
yea
r bu
dget
Ann
ual b
udge
t YT
D%
Bud
get r
ecei
ved
1301
Info
& C
omm
Tec
hnol
ogy
2,85
08,
000
6,00
075
.00
4001
The
Art
s73
20.
0042
06P
hysi
cal E
duca
tion
1,25
40.
00
4322
Japa
nese
100
0.00
4400
Mat
hem
atic
s13
515
010
570
.00
4801
Libr
ary
365
0.00
4923
Cla
ss B
udge
t Tea
m 3
205
0.00
5250
Juni
or S
choo
l Cou
ncil
2,69
41,
042
1,80
01,
224
67.9
852
53C
hoir
173
0.00
5254
Gra
de S
ix T
rans
ition
645
0.00
7053
Stud
ent T
each
er S
uper
visi
on7,
810
8,00
03,
960
49.5
070
55Ex
ecut
ive
Pri
ncip
al G
rant
12,5
8012
,000
10,0
0083
.33
7056
Teac
her
Pro
fess
iona
l Lea
ve5,
080
0.00
7058
Wor
kfor
ce B
ridg
ing
Supp
ort
10,0
000.
0073
02U
nifo
rm S
ales
- N
ew16
,058
16,0
0011
,816
73.8
573
50G
ener
al T
radi
ng2,
500
0.00
8001
Bui
ldin
g Fu
nd19
,427
18,4
176,
000
6,24
710
4.11
8101
Libr
ary
Fund
10,0
1173
612
,650
17,3
6513
7.26
8321
Cam
p #
1 –
3 D
ay0.
0084
22Ex
curs
ions
Tea
m 2
340
525
400
76.1
984
23Ex
curs
ions
Tea
m 3
525
280
53.3
386
50Te
achi
ng S
uppo
rt11
,093
15,0
0055
03.
6786
51C
asua
l Rel
ief T
each
ers
-Rec
oup
11,1
693,
300
0.00
8751
Fete
41,8
9942
,000
0.00
8752
Triv
ia N
ight
6,28
90.
0087
53Fu
n R
un5,
790
5,80
05,
800
4,55
378
.49
8754
App
le D
rive
21,1
1321
,000
21,0
0018
,762
89.3
487
56Ju
mp
Rop
e4,
373
4,40
04,
400
0.00
8759
Saus
age
Sizz
le2,
290
0.00
8760
Mot
her’
s/Fa
ther
s D
ay S
tall
3,71
23,
750
3,80
01,
786
46.9
987
64B
ulb
Dri
ve59
060
00.
0087
66Su
n Sc
reen
660.
0087
67M
elb
Ope
n A
ir C
inem
a9,
391
0.00
8768
Pie
Dri
ve3,
593
0.00
9353
Con
cert
1,18
30.
0093
54M
usic
Cam
p1,
500
3,03
820
2.55
9360
Soun
dhou
se T
uitio
n Fe
es80
,168
80,0
0070
,000
86,0
1012
2.87
9380
Hol
ding
Acc
ount
16,2
580.
0094
99R
even
ue C
ontr
ol44
9,23
845
3,27
647
4,87
142
0,99
088
.65
Rev
enue
Tot
als
737,
111
631,
021
664,
521
617,
949
93.0
0
Gen
eral
Led
ger
Ann
ual S
ub-P
rogr
am B
udge
t Rep
ort f
rom
Pro
gram
100
1 to
963
5 R
ecur
rent
and
Cap
ital
Each
sub
-pro
gram
w
ith r
even
ue a
t th
e sc
hool
this
ye
ar (o
r la
st)
Alt
houg
h in
com
e ha
s be
en
earn
ed th
is s
how
s as
0%
bu
dget
rec
eive
d as
ther
e w
asn’
t a b
udge
t for
this
pr
ogra
m
This
yea
r’s
appr
oved
re
venu
e bu
dget
fo
r th
e fu
ll ye
ar.
Will
agr
ee to
the
oper
atin
g st
atem
ent
Year
to d
ate
reve
nue
for
each
pro
gram
-
tota
l rev
enue
w
ill a
gree
to th
e op
erat
ing
stat
emen
t
The
perc
enta
ge
shar
e of
full
year
bu
dget
ed r
even
ue
actu
ally
ear
ned
so
far
this
yea
r
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
33
Expe
nditu
re
Sub
Pro
g.Ti
tle
Last
yea
r ac
tual
Last
yea
r bu
dget
Ann
ual b
udge
t YT
D%
Bud
get
expe
nded
Out
stan
ding
O
rder
sU
ncom
mit
ted
Bal
ance
1301
Info
& C
omm
Tec
hnol
ogy
33,1
5557
,606
40,5
0041
,541
102.
57-1
,041
4001
Art
5,54
64,
660
4,83
12,
073
42.9
02,
758
4101
Engl
ish
3,87
34,
000
7,15
04,
994
69.8
42,
156
4150
Hal
l2,
963
2,90
03,
000
1,96
365
.43
1,03
741
51La
ngua
ge C
onsu
ltan
t12
,000
8,00
066
.66
4,00
041
52N
umer
acy
Con
sult
ant
16,0
000.
0016
,000
4206
Phy
sica
l Edu
catio
n6,
042
6,18
75,
414
968
17.8
74,
446
4207
Spor
t Edu
catio
n5,
039
3,75
07,
259
4,55
062
.68
2,70
943
22Ja
pane
se2,
982
3,10
03,
160
2,41
976
.55
741
4400
Mat
hem
atic
s7,
117
7,03
56,
000
3,86
564
.42
341
1,79
448
01Li
brar
y4,
547
4,93
14,
250
2,62
861
.82
1,62
249
21C
lass
Bud
get T
eam
19,
323
10,2
008,
700
7,62
687
.65
1,07
449
22C
lass
Bud
get T
eam
26,
597
7,80
09,
900
7,57
776
.53
2,32
349
23C
lass
Bud
get T
eam
310
,399
11,0
0511
,400
8,45
974
.20
2,94
151
01In
tegr
atio
n82
886
086
078
391
.07
7751
50SS
O –
Aid
es R
epla
cem
ent
1,32
11,
100
2,25
01,
301
57.8
194
952
01St
uden
t Wel
fare
832
1,55
01,
570
1,18
575
.44
385
5250
Juni
or S
choo
l Cou
ncil
2,78
72,
634
2,74
81,
456
52.9
71,
292
5251
Pre
p Tr
ansi
tion
1,10
475
384
00.
0084
052
52Le
arni
ng S
uppo
rt70
775
075
040
253
.64
348
5253
Cho
ir6,
119
4,50
01,
520
33.7
72,
980
5254
Gra
de S
ix T
rans
ition
1,27
61,
950
1,10
012
1.09
1,08
855
02P
rinc
ipal
/Lea
ders
hip
1,80
02,
000
1,60
980
.44
391
5508
Elec
tric
al T
estin
g/Ta
ggin
g1,
599
950
1,65
01,
305
79.0
934
555
09H
ealt
h/W
ellb
eing
Act
iviti
es53
550
050
00.
0050
060
01B
uild
ing
Serv
ices
59,4
6872
,050
67,6
0040
,605
60.0
626
,995
6050
Insp
ectio
n W
orks
7,50
65,
860
5,75
01,
151
20.0
15
4,59
561
01U
rgen
t Wor
ks11
,424
7,91
98,
368
4,77
657
.07
3,59
261
9920
10 R
eloc
atab
le P
rogr
am22
,006
25,4
4111
5.60
-3,4
3562
01P
lann
ed M
aint
enan
ce7,
919
12,4
141,
445
11.6
410
,969
6250
Pla
nned
Mai
nt –
Bui
ld P
rogr
am50
,000
0.00
50,0
0065
01G
roun
ds a
nd E
xter
nal S
igna
ge3,
536
6,95
05,
000
2,06
941
.38
912,
840
6902
Tech
Sup
port
Gen
eral
2,17
06,
000
4,50
033
07.
334,
170
9353
Con
cert
1,18
30.
0093
54M
usic
Cam
p1,
500
1,12
775
.12
373
9360
Soun
dhou
se T
uitio
n Fe
es71
,373
60,0
0070
,000
41,6
6559
.52
28,3
3593
80H
oldi
ng A
ccou
nt22
,176
132,
164
36,8
240.
00-3
6,82
493
90P
revi
ous
Year
’s C
omm
itmen
ts52
,103
50,9
0597
.70
1,19
8Ex
pend
itur
e To
tals
293,
527
434,
883
457,
573
312,
574
68.3
143
714
4,56
3
Gen
eral
Led
ger
Ann
ual S
ub-P
rogr
am B
udge
t Rep
ort f
rom
Pro
gram
100
to 9
60 R
ecur
rent
and
Cap
ital
The
perc
enta
ge
shar
e fo
r fu
ll ye
ar
budg
eted
exp
endi
ture
ac
tual
ly in
curr
ed s
o fa
r th
is y
ear
Uns
pent
and
un
com
mitt
ed
budg
et a
vaila
ble
Year
to d
ate
expe
nditu
re fo
r ea
ch s
ub-p
rogr
am -
tota
l exp
endi
ture
(o
pera
ting
and
capi
tal)
will
agr
ee to
the
oper
atin
g st
atem
ent.
This
yea
r’s
appr
oved
exp
endi
ture
bu
dget
for
the
full
year
. Will
agr
ee to
the
oper
atin
g st
atem
ent
Each
sub
-pro
gram
w
ith e
xpen
ditu
re
at th
e sc
hool
this
ye
ar (o
r la
st)
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
34
This
rep
ort m
atch
es th
e ba
nk s
tate
men
t to
the
scho
ol’s
rec
ords
and
exp
lain
s th
e di
ffere
nces
.
Th
e am
ount
in th
e ba
nk a
t the
end
of t
he m
onth
acc
ordi
ng to
the
bank
sta
tem
ent
O
utst
andi
ng d
epos
its a
re m
onie
s no
t yet
in th
e ba
nk (a
t the
tim
e of
the
stat
emen
t) b
ut w
hich
are
in th
e sc
hool
’s r
ecor
ds
U
npre
sent
ed c
hequ
es a
re c
hequ
es is
sued
by
the
scho
ol w
hich
hav
e no
t yet
bee
n pr
esen
ted
Th
is is
the
bank
sta
tem
ent a
fter
unp
rese
nted
che
ques
hav
e be
en d
educ
ted
and
outs
tand
ing
depo
sits
add
ed -
it s
houl
d no
w m
atch
th
e sc
hool
’s fi
nanc
ial r
ecor
ds
Th
is is
the
bank
bal
ance
acc
ordi
ng to
the
scho
ol’s
fina
ncia
l rec
ords
, and
sho
uld
mat
ch th
e am
ount
sho
wn
in th
e ba
lanc
e sh
eet
Th
e di
ffere
nce
betw
een
the
bank
sta
tem
ent a
nd th
e sc
hool
’s r
ecor
ds h
as b
een
expl
aine
d. T
he r
econ
cilia
tion
shou
ld a
lway
s re
sult
in
a ‘n
il’ d
iffer
ence
. How
ever
, if i
t doe
sn’t
ther
e m
ust b
e a
wri
tten
exp
lana
tion
(e.g
. ban
k er
ror)
Pre
pare
d B
y:
App
rove
d B
y:
Dat
e:
Ban
k R
econ
cilia
tion
100
02 –
Offi
cial
Acc
ount
Dat
eR
efD
etai
lA
mou
ntB
alan
ceB
ank
stat
emen
t clo
sing
bal
ance
as
at
31/0
8/20
10$5
1,65
8.55
Plu
s ou
tsta
ndin
g de
posi
ts30
/08/
2010
Par
ent P
aym
ent
$250
.00
Subt
otal
(out
stan
ding
dep
osit
s)$2
50.0
0$5
1,90
8.55
Less
unp
rese
nted
che
ques
14/0
5/20
1012
229
Tran
spac
ific
Was
te M
anag
emen
t-$
232.
00
14/0
8/20
1012
356
Aus
tral
ia P
ost
-$22
0.00
29/0
7/20
1012
357
Mac
mill
an E
duca
tion
-$31
.99
29/0
7/20
1012
358
TRU
ener
gy P
ty L
td-$
1,67
7.50
Subt
otal
(unp
rese
nted
che
ques
)-$
2,16
1.49
$49,
747.
06
Adj
uste
d ba
nk s
tate
men
t bal
ance
$49,
747.
06
G/L
ban
k ac
coun
t bal
ance
as
at 3
1/08
/201
0$4
9,74
7.06
Dif
fere
nce
$0.0
0
A
A
B
B
C
C
D
D
E
E
F
F
This
ban
k re
conc
iliat
ion
is
done
at t
he e
nd o
f ea
ch m
onth
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
35
Dat
eB
atch
Use
rR
efer
ence
Sub-
Pro
gram
GL
Cod
eIn
itia
tive
Det
ail
GST
Typ
eD
ebit
Cre
dit
Tax
Am
tG
ross
Am
t
01/0
1/20
1044
17H
AR
GLJ
0000
714
0000
1200
200
0B
AS
Cle
arin
g Jo
urna
l [20
0912
]3,
054.
0001
/01/
2010
4417
HA
RG
LJ00
0071
500
0033
000
000
BA
S C
lear
ing
Jour
nal [
2009
12]
48.0
001
/01/
2010
4417
HA
RG
LJ00
0071
600
0038
005
000
BA
S C
lear
ing
Jour
nal [
2009
12]
815.
4701
/01/
2010
4417
HA
RG
LJ00
0071
700
0089
309
000
BA
S C
lear
ing
Jour
nal [
2009
12]
0.34
01/0
1/20
1044
17H
AR
GLJ
0000
713
0000
1200
100
0B
AS
Cle
arin
g Jo
urna
l [20
0912
]3,
917.
81
Tota
l3,
917.
813,
917.
81
01/0
2/20
1044
24H
AR
GLJ
0000
720
0000
3800
500
0B
AS
Cle
arin
g Jo
urna
l [20
1001
]14
8.97
01/0
2/20
1044
24H
AR
GLJ
0000
721
0000
8930
900
0B
AS
Cle
arin
g Jo
urna
l [20
1001
]0.
6701
/02/
2010
4424
HA
RG
LJ00
0071
800
0012
001
000
BA
S C
lear
ing
Jour
nal [
2010
01]
2.64
01/0
2/20
1044
24H
AR
GLJ
0000
719
0000
1200
200
0B
AS
Cle
arin
g Jo
urna
l [20
1001
]14
7.00
Tota
l14
9.64
149.
64
04/0
2/20
1044
37H
AR
GLJ
0000
723
0000
1000
200
0Fu
nds
Tran
sfer
100,
000.
0004
/02/
2010
4437
HA
RG
LJ00
0072
200
0010
001
000
Fund
s Tr
ansf
er10
0,00
0.00
18/0
2/20
1044
82H
AR
GLJ
0000
725
0000
1000
300
0M
onie
s re
c’d
to d
ate
– Fe
b 18
t3,
545.
0018
/02/
2010
4482
HA
RG
LJ00
0072
400
0010
002
000
Mon
ies
rec’
d to
dat
e –
Feb
18t
3,54
5.00
18/0
2/20
1044
83H
AR
GLJ
0000
727
0000
1000
400
0M
onie
s R
ec’d
to d
ate
19th
Feb
8,97
5.00
18/0
2/20
1044
83H
AR
GLJ
0000
726
0000
1000
200
0M
onie
s R
ec’d
to d
ate
19th
Feb
8,97
5.00
24/0
2/20
1045
01H
AR
GLJ
0000
728
9360
7440
300
0S/
Hou
se 2
010
Invo
ices
90,0
12.0
024
/02/
2010
4501
HA
RG
LJ00
0072
893
6074
580
000
S/H
ouse
201
0 In
voic
es90
,012
.00
Jour
nal R
epor
t for
the
peri
od 0
1/01
/201
0 to
30/
08/2
010
Monies Rec’d to date 19th Feb
This
rep
ort l
ists
fin
anci
al tr
ansa
ctio
ns e
nter
ed
into
the
finan
ce s
yste
m b
y th
e bu
sine
ss m
anag
er fo
r th
e ye
ar
to d
ate
(whi
ch th
en fo
rm p
art o
f the
sch
ool’s
fin
ance
rec
ords
). Th
is r
epor
t is
pres
ente
d to
the
sub-
com
mitt
ee a
s an
inte
rnal
con
trol
, gi
ving
gre
ater
tran
spar
ency
to th
e fin
anci
al r
ecor
ds. T
he fi
nanc
e su
b-co
mm
ittee
may
ask
que
stio
ns a
bout
th
e tr
ansa
ctio
ns in
this
rep
ort.
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
36
Cas
h Fl
ow S
tate
men
t as
at 3
1/08
/201
0 B
ank
Acc
ount
s 10
001
to 1
0004
Ban
k A
ccou
nt: 1
0001
H
igh
Yiel
d In
vest
men
t Acc
ount
Ope
ning
Bal
ance
$24
3, 3
08Ja
nuar
yFe
brua
ryM
arch
Apr
ilM
ayJu
neJu
lyA
ugus
tSe
ptem
ber
Oct
ober
Nov
embe
rD
ecem
ber
YTD
Tot
alR
ecei
pts
$65,
960
$4,1
92$7
,211
$107
,494
$1,3
82$1
5,88
6$6
6,04
0$2
,430
--
--
$270
,595
Pay
men
ts-
$100
,000
--
-$1
00,0
00$5
0,00
0-
--
--
$250
,000
Surp
lus/
(Defi
cit)
$65,
960
($95
,808
)$7
,211
$107
,494
$1,3
82($
84,1
14)
$16,
040
$2,4
30-
--
-$2
0,59
5C
losi
ng B
alan
ce
$
263,
904
Ban
k A
ccou
nt: 1
0002
O
ffici
al A
ccou
nt
Ope
ning
Bal
ance
$4,
812
Janu
ary
Febr
uary
Mar
chA
pril
May
June
July
Aug
ust
Sept
embe
rO
ctob
erN
ovem
ber
Dec
embe
rYT
D T
otal
Rec
eipt
s$3
,925
$181
,792
$100
,487
$21,
663
$70,
953
$134
,639
$115
,927
$46,
413
--
--
$675
,800
Pay
men
ts$1
44$1
42,6
53$8
1,45
3$6
3,99
7$4
1,51
8$1
82,2
93$7
2,89
4$7
5,10
6-
--
-$6
60,0
57Su
rplu
s/(D
efici
t)$3
,782
$39,
139
$19,
033
($42
,334
)$2
9,43
5($
47,6
54)
$43,
033
($28
,692
)-
--
-$1
5,74
3C
losi
ng B
alan
ce
$
20,5
55
Ban
k A
ccou
nt: 1
0003
B
uild
ing
Fund
Ope
ning
Bal
ance
$11
,225
Janu
ary
Febr
uary
Mar
chA
pril
May
June
July
Aug
ust
Sept
embe
rO
ctob
erN
ovem
ber
Dec
embe
rYT
D T
otal
Rec
eipt
s-
$3,5
45-
-$2
,700
$2-
--
--
-$6
,247
Pay
men
ts-
--
--
--
--
--
--
Surp
lus/
(Defi
cit)
-$3
,545
--
$2,7
00$2
--
--
--
$6,2
47C
losi
ng B
alan
ce
$
17,4
72
Ban
k A
ccou
nt: 1
0004
Li
bert
y Fu
nd
Ope
ning
Bal
ance
$15
8
Janu
ary
Febr
uary
Mar
chA
pril
May
June
July
Aug
ust
Sept
embe
rO
ctob
erN
ovem
ber
Dec
embe
rYT
D T
otal
Rec
eipt
s-
$8,9
75-
$13
$7,9
95$2
$34
--
--
-$1
7,02
0P
aym
ents
-$2
,292
$1,1
83$1
,482
-$1
,090
$338
$1,2
44-
--
-$7
,629
Surp
lus/
(Defi
cit)
-$6
,683
($1,
183)
($1,
482)
$7,9
95($
1,08
8)($
350)
($1,
244)
--
--
$9,3
92C
losi
ng B
alan
ce
$
9,55
0
The
open
ing
bala
nce
of th
e ac
coun
t at t
he
begi
nnin
g of
th
e ye
ar
Ban
k ac
coun
t to
whi
ch th
e in
form
atio
n in
the
tabl
e be
low
app
lies
The
clos
ing
bala
nce
of th
e ac
coun
t at t
he
date
of t
he
repo
rt
How
muc
h ca
sh
has
com
e in
to th
e ba
nk a
ccou
nt e
ach
mon
th a
nd fo
r th
e ye
ar to
dat
e
The
net i
ncre
ase/
(dec
reas
e) in
the
acco
unt b
alan
ce
each
mon
th
How
muc
h ca
sh
has
gone
out
of
the
acco
unt e
ach
mon
th a
nd fo
r th
e ye
ar to
dat
e
Not
e: th
is r
epor
t sho
ws
the
bank
ba
lanc
es in
the
scho
ol’s
fina
ncia
l re
cord
s fo
r ea
ch o
f the
sch
ool’s
ba
nk a
ccou
nts.
The
se a
re
reco
ncile
d to
the
bank
sta
tem
ent
in th
e ba
nk r
econ
cilia
tion.
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
37
Acc
ount
s R
ecei
vabl
e
Sund
ry D
ebto
rs T
rial
Bal
ance
Sun
dry
Deb
tors
from
000
01 to
SFY
AT
As
at 3
1 A
ug 2
010
Deb
tor
key
Titl
eC
onta
ctB
alan
ceU
nall
ocat
edC
urre
nt30
day
s60
day
s90
day
s12
0 da
ysSF
ALL
Bar
ry A
llan
03 1
111
1111
$200
.00
$0.0
0$1
00.0
0$0
.00
$0.0
0$1
00.0
0$0
.00
SFB
RO
Gai
l Bro
wn
03 2
222
2222
$224
.10
$0.0
0$1
00.0
0$0
.00
$0.0
0$1
00.0
0$2
4.10
SFC
OL
Jim
my
Col
lins
03 3
333
3333
$200
.00
$0.0
0$1
00.0
0$0
.00
$0.0
0$1
00.0
0$0
.00
SFD
AV
Joyc
e D
avie
s03
444
4 44
44$2
00.0
0$0
.00
$100
.00
$0.0
0$0
.00
$100
.00
$0.0
0
SFFR
EFr
ed F
renc
h03
555
5 55
55$2
24.1
0$0
.00
$100
.00
$0.0
0$0
.00
$100
.00
$24.
10
SFG
IBC
arol
ine
Gib
bs12
34 5
67 7
89$2
00.0
0$0
.00
$100
.00
$0.0
0$0
.00
$100
.00
$0.0
0
SFH
AM
Har
ry H
amilt
on98
7 65
4 32
1$2
00.0
0$0
.00
$100
.00
$0.0
0$0
.00
$100
.00
$0.0
0
SFJO
NJa
de J
ones
07 1
111
1111
$200
.00
$0.0
0$1
00.0
0$0
.00
$0.0
0$1
00.0
0$0
.00
SFK
EMK
elly
Kem
p07
222
2 22
22$2
00.0
0$0
.00
$100
.00
$0.0
0$0
.00
$100
.00
$0.0
0
SFLE
STo
m L
esle
y07
333
3 33
33$2
00.0
0$0
.00
$100
.00
$0.0
0$0
.00
$100
.00
$0.0
0
0000
1YM
CA
08 1
111
1111
$330
.00
$0.0
0$0
.00
$0.0
0$0
.00
$0.0
0$3
30.0
0
Type
E$2
,378
.20
$0.0
0$1
,000
.00
$0.0
0$0
.00
$1,0
00.0
0$3
78.2
0
0000
2Fu
n Fo
otba
ll C
lub
03 1
234
5678
$110
.00
$0.0
0$0
.00
$0.0
0$0
.00
$0.0
0$1
10.0
0
Tota
ls$2
,488
.20
$0.0
0$1
,000
.00
$0.0
0$0
.00
$1,0
00.0
0$4
88.2
0
Num
ber
of d
ebto
rs: 1
2
Show
s th
e am
ount
ow
ed b
y ea
ch
debt
or.
Als
o sh
ows
the
age
of th
e de
bt.
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
38
Fam
ily T
rial
Bal
ance
Fam
ilies
from
AB
S005
0 to
ZU
N00
50A
s at
31
Aug
201
0
Fam
ily k
eySu
rnam
eC
onta
ctB
alan
ceU
nall
ocat
edC
urre
ntLa
st M
onth
2 M
onth
s ol
d3
Mon
ths
old
4 M
onth
s an
d m
ore
ALL
0005
ALL
AN
03 1
111
1111
$0.0
0$2
50.0
0(C
R)
$0.0
0$0
.00
$0.0
0$0
.00
$250
.00(
DR
)
BR
O00
24B
RO
WN
03 2
222
2222
$140
.00(
DR
)$0
.00
$0.0
0$0
.00
$0.0
0$0
.00
$140
.00(
DR
)
CO
L000
9C
OLL
INS
03 3
333
3333
$110
.00(
DR
)$0
.00
$0.0
0$0
.00
$0.0
0$0
.00
$110
.00(
DR
)
DA
V000
2D
AVI
ES03
444
4 44
44$1
70.0
0(C
R)
$170
.00(
CR
)$0
.00
$0.0
0$0
.00
$0.0
0$0
.00
FRE0
011
FREN
CH
03 5
555
5555
$200
.00(
DR
)$0
.00
$0.0
0$0
.00
$0.0
0$0
.00
$200
.00(
DR
)
GIB
0052
GIB
BS
1234
567
789
$420
.00(
DR
)$0
.00
$0.0
0$0
.00
$0.0
0$0
.00
$420
.00(
DR
)
HA
M00
77H
AM
ILTO
N98
7 65
4 32
1$2
20.0
0(D
R)
$0.0
0$0
.00
$0.0
0$0
.00
$0.0
0$2
20.0
0(D
R)
JON
0045
JON
ES07
111
1 11
11$1
40.0
0(D
R)
$0.0
0$0
.00
$0.0
0$0
.00
$0.0
0$1
40.0
0(D
R)
KEM
0007
KEM
P07
222
2 22
22$2
80.0
0(D
R)
$0.0
0$0
.00
$0.0
0$0
.00
$0.0
0$2
80.0
0(D
R)
LES0
0001
LESL
EY07
333
3 33
33$2
20.0
0(D
R)
$0.0
0$0
.00
$0.0
0$0
.00
$0.0
0$2
20.0
0(D
R)
MA
TT00
72M
ATT
HEW
S08
111
1 11
11$1
40.0
0(D
R)
$0.0
0$0
.00
$0.0
0$0
.00
$0.0
0$1
40.0
0(D
R)
Tota
ls:
$1,7
00.0
0(D
R)
$420
.00(
CR
)$0
.00
$0.0
0$0
.00
$0.0
0$2
,120
.00(
DR
)
Num
ber
of fa
mili
es: 1
1
Show
s th
e ne
t am
ount
ow
ed b
y ea
ch fa
mily
as
DR
(deb
it) a
mou
nts.
‘Alla
n’ h
as p
aid
in fu
ll (n
il ba
lanc
e).
CR
(cre
dit)
am
ount
s in
dica
te th
at
the
fam
ily m
ay h
ave
paid
bef
ore
the
debt
was
incu
rred
.
Als
o sh
ows
age
of d
ebt.
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
39
This
rep
ort s
how
s cr
edit
note
s is
sued
to d
ebto
rs
(oth
er th
an fa
mili
es).
This
rep
ort i
s pr
esen
ted
to th
e su
b-co
mm
ittee
as
an
inte
rnal
con
trol
, to
ver
ify th
at c
redi
t not
e tr
ansa
ctio
ns a
re v
alid
.
Sund
ry D
ebto
r C
redi
t Not
es R
epor
t Sun
dry
debt
ors
from
000
01 to
SFY
AT
Sund
ry
Deb
tor
Cre
dit N
ote
No
Dat
eD
etai
lG
ST A
mou
ntC
redi
t Not
e A
mou
nt
(Inc
l GST
)SF
JOH
Mar
y Jo
hnso
nD
RI0
0004
4626
/01/
2010
Rev
ersa
l of C
harg
e$0
.00
$100
.00
Deb
tor
Tota
l$1
00.0
0
SFSM
ILu
ke S
mit
hD
RI0
0004
4726
/01/
2010
Rev
ersa
l of C
harg
e$0
.00
$100
.00
Deb
tor
Tota
l$1
00.0
0
SFW
ING
lady
s W
inte
rD
RI0
0004
4826
/01/
2010
Rev
ersa
l of C
harg
e$0
.00
$100
.00
Deb
tor
Tota
l$1
00.0
0
SFYA
KP
edro
Yak
DR
I000
0449
26/0
1/20
10R
ever
sal o
f Cha
rge
$0.0
0$1
00.0
0
Deb
tor
Tota
l$1
00.0
0
Gra
nd T
otal
$400
.00
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
40
Fam
ily C
redi
t Not
es R
epor
t Fro
m fa
mily
AB
S005
0 to
ZU
C00
50
Fam
ilyC
redi
t Not
e N
oD
ate
Det
ail
GST
Am
ount
Cre
dit N
ote
Am
ount
(I
ncl G
ST)
BR
O00
008
Ms
BR
OW
N
DFI
0001
575
21/0
5/20
10D
idn’
t Att
end
Scie
nceW
orks
Exc
$0.0
0$1
5.00
Fam
ily T
otal
$15.
00
Gra
nd T
otal
$15.
00
This
rep
ort s
how
s cr
edit
note
s (u
sual
ly r
efun
ds)
give
n to
fam
ilies
.
This
rep
ort i
s pr
esen
ted
to th
e su
b-co
mm
ittee
as
an
inte
rnal
con
trol
, to
ver
ify th
at c
redi
t not
e tr
ansa
ctio
ns a
re v
alid
.
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
41
Invo
ice
Cre
dit N
ote
WH
Tax
Ord
er
Num
ber
GL
Cod
eP
rogr
amSu
b-pr
ogra
mIn
itia
tive
Num
ber
Dat
eD
ue
Dat
eG
ST
Type
GST
R
ate
GST
A
mou
nt
Am
ount
(i
ncl
GST
)N
umbe
rG
ST
Am
ount
Am
ount
(i
ncl
GST
)A
mou
ntR
ate
Type
PSW
PSW
3260
43.
5939
.50
8910
173
073
0200
0
0.00
0.00
3.59
39.5
00.
00
Net
t am
ount
out
stan
ding
: -39
.50
STA
TESU
PP
LSt
ate
Supp
ly
1953
0626
24/0
8/20
1004
/09/
2010
G11
10.0
01.
2013
.18
8610
449
049
2300
0
1953
5313
24/0
8/20
1005
/09/
2010
G11
10.0
050
.08
550.
9386
104
490
4922
000
1953
5313
24/0
8/20
1005
/09/
2010
G11
10.0
03.
9042
.90
8610
470
070
0100
0
1955
0060
24/0
8/20
1009
/09/
2010
G11
10.0
01.
3915
.31
8610
449
049
2300
0
56.5
762
2.32
0.00
0.00
0.00
Net
t am
ount
out
stan
ding
: 622
.32
Tota
l Net
t Am
ount
Out
stan
ding
For
All
Cre
dito
rs: 5
82.8
2
The
prog
ram
/s
whi
ch h
as/h
ave
incu
rred
the
expe
nditu
re
The
amou
nt
owin
g (b
efor
e an
y pa
ymen
ts
have
bee
n
mad
e or
cre
dit
note
s ap
plie
d)
Who
pa
ymen
t is
owed
to i.
e.
the
cred
itor
Whe
n pa
ymen
t is
due
Tota
l am
ount
ow
ing
Invo
ices
Aw
aiti
ng P
aym
ent –
Det
aile
dFr
om c
redi
tor
2FO
RTH
ERD
to Z
ZZZZ
ZZFT
C |
From
Sub
-pro
gram
130
1 to
960
1 | F
rom
Pro
gram
130
to 9
60 |
From
Initi
ativ
e 00
0 to
000
General Ledger
Balance Sheet As at 31 August 2010
Current Last Year
Accumulated Funds
Accumulated Funds -759,476.51 -1,083,925.11
Total Funds -759,476.51 -1,083,925.11
Represented by:
Non Current Assets
Books and Libraries 146,952.00 150,273.36
Computers/ IT equipment › $5000 11,410.00 154,495.58
Printers/scanners etc › $5000 13,000.00 5,023.00
Computer Software › $5000 8,299.00 10,429.00
Furniture and Fittings › $5000 22,937.00 174,701.94
Musical Equipment › $5000 0.00 44,579.00
Office Equipment › $5000 55,379.17 25,695.00
Communications Equip › $5000 0.00 22,949.35
Plant & Equipment › $5000 47,771.00 56,522.15
Sporting Equipment › $5000 18,757.60 21,063.60
Other Assets › $5000 53,236.65 141,126.55
377,742.42 806,858.53
Current Assets
High Yield Investment Account 263,903.64 243,308.46
Official Account 20,554.70 4,812.12
Building Fund 17,472.31 11,225.06
Library Fund 9,549.56 158.05
Accounts Receivable Control 57,535.90 3,894.05
Sundry Debtors 10,714.50 10,614.50
GST Purchases (Reclaimable) 2,853.53 3,917.81
382,584.14 277,930.05
Total Assets 760,326.56 1,084,788.58
Current Liabilities
Group Tax Clearing Acc 0.00 -48.00
Accounts Payable Control -582.82 0.00
GST on Sales -267.23 -815.47
-850.05 -863.47
Non Current Liabilities
Total Liabilities -850.05 -863.47
Net Assets 759,476.51 1,083,925.11
Accumulated funds: Equal to net assets. Should always be a negative number
Amount invested to earn interest
Money held to pay bills over the next few months
Total assets: what the
school owns
Total liabilities: what the
school owes
Net assets: amount the school owns less the amount it owes. Should always be a
positive number
Total current assets: total
amount of cash held + money
owed to the school
Total non-current assets: this is the purchase cost of all equipment, library books, and furniture, for items valued over $5,000
42
IMPROVING SCHOOL GOVERNANCE // FINANCE
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
43
Can
cell
ed R
ecei
pts
Rep
ort F
rom
01/
01/2
010
to 3
1/08
/201
0Fr
om B
ank
Acc
ount
: 100
01 |
To B
ank
Acc
ount
: 100
10
Ban
k A
ccou
nt 1
0002
Offi
cial
Acc
ount
Dat
eR
ecei
pt N
umbe
rD
escr
ipti
onG
L co
deP
rogr
amSu
b-P
rogr
amIn
itia
tive
Am
ount
Tota
l
Una
lloca
ted
Can
cella
tions
Mr
& M
rs S
MIT
H15
.00
Tota
l Una
lloca
ted
Can
cella
tions
for
the
peri
od15
.00
Tota
l Can
cella
tions
for
Ban
k A
ccou
nt 1
0002
Offi
cial
Acc
ount
15.0
0
Ban
k A
ccou
nt 1
0001
Hig
h Yi
eld
Dat
eR
ecei
pt N
umbe
rD
escr
ipti
onG
L co
deP
rogr
amSu
b-P
rogr
amIn
itia
tive
Am
ount
Tota
l
No
canc
elle
d re
ceip
ts fo
r B
ank
Acc
ount
100
01 H
igh
Yiel
d
Ban
k A
ccou
nt 1
0010
Inve
stm
ent N
o. 1
Dat
eR
ecei
pt N
umbe
rD
escr
ipti
onG
L co
deP
rogr
amSu
b-P
rogr
amIn
itia
tive
Am
ount
Tota
l
No
canc
elle
d re
ceip
ts fo
r B
ank
Acc
ount
100
10 In
vest
men
t No.
1
This
rep
ort s
how
s ea
ch c
ance
lled
rece
ipt f
or th
e ye
ar to
dat
e.
This
rep
ort i
s pr
esen
ted
to th
e su
b-co
mm
ittee
as
an in
tern
al
cont
rol,
to v
erify
that
can
celle
d tr
ansa
ctio
ns a
re v
alid
.
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
44
Can
cell
ed P
aym
ents
Rep
ort F
rom
01/
01/2
010
to 3
1/08
/201
0Fr
om B
ank
Acc
ount
: 100
01 |
To B
ank
Acc
ount
: 100
03
Ban
k A
ccou
nt 1
0002
Offi
cial
Acc
ount
Dat
eC
hequ
e N
umbe
rD
escr
ipti
onG
L co
deP
rogr
amSu
b-P
rogr
amIn
itia
tive
Am
ount
Tota
l
29/0
4/20
10C
RP
0004
120
#C
AN
# T
he F
rien
dly
Com
pany
Pty
Ltd
– In
corr
ect C
redi
tor
cheq
ue 1
2310
999.
99
Tota
l Can
cella
tions
for
29/0
4/20
1099
9.99
25/0
5/20
10C
RP
0004
141
#C
AN
# T
RU
ener
gy P
ty L
td –
Ove
rpm
t – C
heq
1231
8 (1
500.
64)
173.
55
Tota
l Can
cella
tions
for
25/0
5/20
1017
3.55
28/0
7/20
10C
RP
0004
297
#C
AN
# C
alcu
late
d In
dust
ries
– R
ever
se P
aym
ent C
hequ
e 12
328
84,0
00.0
0
CR
P00
0429
8#
CA
N#
Nic
e N
eigh
bour
s Sy
stem
s G
roup
Pty
Ltd
– C
RP
0004
283
Rev
erse
d22
.00
Tota
l Can
cella
tions
for
28/0
7/20
1084
,022
.00
Tota
l Una
lloca
ted
Can
cella
tions
for
the
peri
od0.
00
Tota
l Can
cella
tions
for
Ban
k A
ccou
nt 1
0002
Offi
cial
Acc
ount
85,1
95.5
4
Ban
k A
ccou
nt 1
0001
Hig
h Yi
eld
Dat
eC
hequ
e N
umbe
rD
escr
ipti
onG
L co
deP
rogr
amSu
b-P
rogr
amIn
itia
tive
Am
ount
Tota
l
No
canc
elle
d pa
ymen
ts fo
r B
ank
Acc
ount
100
01 H
igh
Yiel
d
Ban
k A
ccou
nt 1
0003
Bui
ldin
g Fu
nd
Dat
eC
hequ
e N
umbe
rD
escr
ipti
onG
L co
deP
rogr
amSu
b-P
rogr
amIn
itia
tive
Am
ount
Tota
l
No
canc
elle
d pa
ymen
ts fo
r B
ank
Acc
ount
100
03 B
uild
ing
Fund
This
rep
ort s
how
s ea
ch c
ance
lled
paym
ent f
or th
e ye
ar to
dat
e.
This
rep
ort i
s pr
esen
ted
to th
e su
b-co
mm
ittee
as
an in
tern
al
cont
rol,
to v
erify
that
can
celle
d tr
ansa
ctio
ns a
re v
alid
.
45
IMPROVING SCHOOL GOVERNANCE // FINANCE
Handout A1Budgeting: excerpt from school strategic planA primary school’s strategic plan includes these goals:
• to improve learning outcomes for all students in literacy and numeracy
• to ensure that students feel safe, secure and stimulated in their learning
• to ensure smooth transitions and learning pathways for all students.
Some of the key improvement strategies to achieve these goals are:
• enhancing teaching practice across the school
• embedding the use of information technology to drive learning across the curriculum
• developing facilities and learning spaces to support effective teaching and learning
• developing a whole school approach to student management.
School budget submissionsThe following submissions are among the program budgets submitted to the finance sub-committee for review against the school’s strategic priorities.
PROGRAM BUDGET 2011PROGRAM TITLE: MATHEMATICS
BUDGET ALLOCATION: $6,550
Objectives:
• to maintain and update mathematics resources and equipment across school
• to support teacher professional learning to guide the implementation of an effective school-wide numeracy teaching program
86101 Teacher requisites
$150
86203 Teacher reference materials
$200
86407 Equipment $5,500
86910 Professional learning
$700
46
IMPROVING SCHOOL GOVERNANCE // FINANCE
PROGRAM BUDGET 2011PROGRAM TITLE: LITERACY
BUDGET ALLOCATION: $12,700
Objectives:
• continued support for the literacy program, with emphasis on supplementing Guided Reading resources
• provision of classroom libraries for all classrooms
• subsidy of the program for Literacy Events for the school such as author visits during the Premiers' Literacy Challenge
• provision of professional learning
86101 Teacher requisites
$700
86102 Photocopying $500
86104 Class materials $2,500
86202 Class sets $6,000
86407 Equipment $2,000
86910 Professional learning
$1,000
PROGRAM BUDGET 2011PROGRAM TITLE: IT (INFORMATION TECHNOLOGY)
BUDGET ALLOCATION: $74,000
Objectives:
• to renew and replace equipment
• to give all students access to up to date technology
86403 Lease payments - current and proposed equipment
$17,000
86407 Equipment $54,000
89204 Internet service provider
$3,000
PROGRAM BUDGET 2011PROGRAM TITLE: ADMINISTRATION SERVICES
BUDGET ALLOCATION: $35,000
80081 Workcover $2,500
86101 Office/teacher requisites
$22,000
86301 Postage $750
86802 Insurance $2,500
86407 Equipment $4,250
86402 Maintenance $1,200
86910 Professional learning
$800
86920 Hospitality $1,000
47
IMPROVING SCHOOL GOVERNANCE // FINANCE
48
IMPROVING SCHOOL GOVERNANCE // FINANCE
Handout A2Budgeting: questionsImagine that you are a councillor on the finance sub-committee for this school and consider:
a) what information would you need to be able to review the program budget submissions?
b) what would you discuss with the principal?
c) what information would you use to evaluate the priority of the submissions (the principal being responsible for submitting a priority list of program budgets)?
49
IMPROVING SCHOOL GOVERNANCE // FINANCE
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
50
Han
dout
B1
Fina
ncia
l rep
orts
: sam
ple
annu
al s
ub-p
rogr
am b
udge
t rep
ort
Rev
enue
Sub
Pro
g.Ti
tle
Last
yea
r ac
tual
Last
yea
r bu
dget
Ann
ual b
udge
t YT
D%
Bud
get r
ecei
ved
1301
Info
& C
omm
Tec
hnol
ogy
2,85
08,
000
6,00
075
.00
4001
The
Art
s73
20.
0042
06P
hysi
cal E
duca
tion
1,25
40.
00
4322
Japa
nese
100
0.00
4400
Mat
hem
atic
s13
515
010
570
.00
4801
Libr
ary
365
0.00
4923
Cla
ss B
udge
t Tea
m 3
205
0.00
5250
Juni
or S
choo
l Cou
ncil
2,69
41,
042
1,80
01,
224
67.9
852
53C
hoir
173
0.00
5254
Gra
de S
ix T
rans
ition
645
0.00
7053
Stud
ent T
each
er S
uper
visi
on7,
810
8,00
03,
960
49.5
070
55Ex
ecut
ive
Pri
ncip
al G
rant
12,5
8012
,000
10,0
0083
.33
7056
Teac
her
Pro
fess
iona
l Lea
ve5,
080
0.00
7058
Wor
kfor
ce B
ridg
ing
Supp
ort
10,0
000.
0073
02U
nifo
rm S
ales
- N
ew16
,058
16,0
0011
,816
73.8
573
50G
ener
al T
radi
ng2,
500
0.00
8001
Bui
ldin
g Fu
nd19
,427
18,4
176,
000
6,24
710
4.11
8101
Libr
ary
Fund
10,0
1173
612
,650
17,3
6513
7.26
8321
Cam
p #
1 –
3 D
ay0.
0084
22Ex
curs
ions
Tea
m 2
340
525
400
76.1
984
23Ex
curs
ions
Tea
m 3
525
280
53.3
386
50Te
achi
ng S
uppo
rt11
,093
15,0
0055
03.
6786
51C
asua
l Rel
ief T
each
ers
-Rec
oup
11,1
693,
300
0.00
8751
Fete
41,8
9942
,000
0.00
8752
Triv
ia N
ight
6,28
90.
0087
53Fu
n R
un5,
790
5,80
05,
800
4,55
378
.49
8754
App
le D
rive
21,1
1321
,000
21,0
0018
,762
89.3
487
56Ju
mp
Rop
e4,
373
4,40
04,
400
0.00
8759
Saus
age
Sizz
le2,
290
0.00
8760
Mot
her’
s/Fa
ther
s D
ay S
tall
3,71
23,
750
3,80
01,
786
46.9
987
64B
ulb
Dri
ve59
060
00.
0087
66Su
n Sc
reen
660.
0087
67M
elb
Ope
n A
ir C
inem
a9,
391
0.00
8768
Pie
Dri
ve3,
593
0.00
9353
Con
cert
1,18
30.
0093
54M
usic
Cam
p1,
500
3,03
820
2.55
9360
Soun
dhou
se T
uitio
n Fe
es80
,168
80,0
0070
,000
86,0
1012
2.87
9380
Hol
ding
Acc
ount
16,2
580.
0094
99R
even
ue C
ontr
ol44
9,23
845
3,27
647
4,87
142
0,99
088
.65
Rev
enue
Tot
als
737,
111
631,
021
664,
521
617,
949
93.0
0
Gen
eral
Led
ger
Ann
ual S
ub-P
rogr
am B
udge
t Rep
ort f
rom
Pro
gram
100
1 to
963
5 R
ecur
rent
and
Cap
ital
Each
sub
-pro
gram
w
ith r
even
ue a
t th
e sc
hool
this
ye
ar (o
r la
st)
Alt
houg
h in
com
e ha
s be
en
earn
ed th
is s
how
s as
0%
bu
dget
rec
eive
d as
ther
e w
asn’
t a b
udge
t for
this
pr
ogra
m
This
yea
r’s
appr
oved
re
venu
e bu
dget
fo
r th
e fu
ll ye
ar.
Will
agr
ee to
the
oper
atin
g st
atem
ent
Year
to d
ate
reve
nue
for
each
pro
gram
-
tota
l rev
enue
w
ill a
gree
to th
e op
erat
ing
stat
emen
t
The
perc
enta
ge
shar
e of
full
year
bu
dget
ed r
even
ue
actu
ally
ear
ned
so
far
this
yea
r
IMPR
OV
ING
SC
HO
OL
GO
VER
NA
NC
E //
FIN
ANC
E
51
Expe
nditu
re
Sub
Pro
g.Ti
tle
Last
yea
r ac
tual
Last
yea
r bu
dget
Ann
ual b
udge
t YT
D%
Bud
get
expe
nded
Out
stan
ding
O
rder
sU
ncom
mit
ted
Bal
ance
1301
Info
& C
omm
Tec
hnol
ogy
33,1
5557
,606
40,5
0041
,541
102.
57-1
,041
4001
Art
5,54
64,
660
4,83
12,
073
42.9
02,
758
4101
Engl
ish
3,87
34,
000
7,15
04,
994
69.8
42,
156
4150
Hal
l2,
963
2,90
03,
000
1,96
365
.43
1,03
741
51La
ngua
ge C
onsu
ltan
t12
,000
8,00
066
.66
4,00
041
52N
umer
acy
Con
sult
ant
16,0
000.
0016
,000
4206
Phy
sica
l Edu
catio
n6,
042
6,18
75,
414
968
17.8
74,
446
4207
Spor
t Edu
catio
n5,
039
3,75
07,
259
4,55
062
.68
2,70
943
22Ja
pane
se2,
982
3,10
03,
160
2,41
976
.55
741
4400
Mat
hem
atic
s7,
117
7,03
56,
000
3,86
564
.42
341
1,79
448
01Li
brar
y4,
547
4,93
14,
250
2,62
861
.82
1,62
249
21C
lass
Bud
get T
eam
19,
323
10,2
008,
700
7,62
687
.65
1,07
449
22C
lass
Bud
get T
eam
26,
597
7,80
09,
900
7,57
776
.53
2,32
349
23C
lass
Bud
get T
eam
310
,399
11,0
0511
,400
8,45
974
.20
2,94
151
01In
tegr
atio
n82
886
086
078
391
.07
7751
50SS
O –
Aid
es R
epla
cem
ent
1,32
11,
100
2,25
01,
301
57.8
194
952
01St
uden
t Wel
fare
832
1,55
01,
570
1,18
575
.44
385
5250
Juni
or S
choo
l Cou
ncil
2,78
72,
634
2,74
81,
456
52.9
71,
292
5251
Pre
p Tr
ansi
tion
1,10
475
384
00.
0084
052
52Le
arni
ng S
uppo
rt70
775
075
040
253
.64
348
5253
Cho
ir6,
119
4,50
01,
520
33.7
72,
980
5254
Gra
de S
ix T
rans
ition
1,27
61,
950
1,10
012
1.09
1,08
855
02P
rinc
ipal
/Lea
ders
hip
1,80
02,
000
1,60
980
.44
391
5508
Elec
tric
al T
estin
g/Ta
ggin
g1,
599
950
1,65
01,
305
79.0
934
555
09H
ealt
h/W
ellb
eing
Act
iviti
es53
550
050
00.
0050
060
01B
uild
ing
Serv
ices
59,4
6872
,050
67,6
0040
,605
60.0
626
,995
6050
Insp
ectio
n W
orks
7,50
65,
860
5,75
01,
151
20.0
15
4,59
561
01U
rgen
t Wor
ks11
,424
7,91
98,
368
4,77
657
.07
3,59
261
9920
10 R
eloc
atab
le P
rogr
am22
,006
25,4
4111
5.60
-3,4
3562
01P
lann
ed M
aint
enan
ce7,
919
12,4
141,
445
11.6
410
,969
6250
Pla
nned
Mai
nt –
Bui
ld P
rogr
am50
,000
0.00
50,0
0065
01G
roun
ds a
nd E
xter
nal S
igna
ge3,
536
6,95
05,
000
2,06
941
.38
912,
840
6902
Tech
Sup
port
Gen
eral
2,17
06,
000
4,50
033
07.
334,
170
9353
Con
cert
1,18
30.
0093
54M
usic
Cam
p1,
500
1,12
775
.12
373
9360
Soun
dhou
se T
uitio
n Fe
es71
,373
60,0
0070
,000
41,6
6559
.52
28,3
3593
80H
oldi
ng A
ccou
nt22
,176
132,
164
36,8
240.
00-3
6,82
493
90P
revi
ous
Year
’s C
omm
itmen
ts52
,103
50,9
0597
.70
1,19
8Ex
pend
itur
e To
tals
293,
527
434,
883
457,
573
312,
574
68.3
143
714
4,56
3
Gen
eral
Led
ger
Ann
ual S
ub-P
rogr
am B
udge
t Rep
ort f
rom
Pro
gram
100
to 9
60 R
ecur
rent
and
Cap
ital
The
perc
enta
ge
shar
e fo
r fu
ll ye
ar
budg
eted
exp
endi
ture
ac
tual
ly in
curr
ed s
o fa
r th
is y
ear
Uns
pent
and
un
com
mitt
ed
budg
et a
vaila
ble
Year
to d
ate
expe
nditu
re fo
r ea
ch s
ub-p
rogr
am -
tota
l exp
endi
ture
(o
pera
ting
and
capi
tal)
will
agr
ee to
the
oper
atin
g st
atem
ent.
This
yea
r’s
appr
oved
exp
endi
ture
bu
dget
for
the
full
year
. Will
agr
ee to
the
oper
atin
g st
atem
ent
Each
sub
-pro
gram
w
ith e
xpen
ditu
re
at th
e sc
hool
this
ye
ar (o
r la
st)
Handout B2
Financial reports: questionsUse the annual sub-program budget report provided to answer these questions:
a) how much revenue have the apple drive and the information and communications technology sub-programs each earned so far this year?
b) how does revenue for each of these two programs compare to this year’s budget?
c) how does revenue for each of these two programs compare to what was earned last year?
d) how much has been spent so far this year by the information and communications technology sub-program?
e) what questions would you ask the principal about both of these sub-programs?
f) what other questions would you have about the financial performance of this school?
52
IMPROVING SCHOOL GOVERNANCE // FINANCE
Handout C1Internal controls: scenariosChoose one of the following scenarios and consider the following questions.
Small school
In a small school with an enrolment of 45 or fewer students:
a) what issues would likely be faced in putting effective internal controls in place?
b) what do you think the roles of:
• the principal
• part time business manager
• school council
could be with regard to each internal control?
Large school
In a large school with more than 800 students:
a) what issues would likely be faced in putting effective internal controls in place?
b) what do you think the roles of:
• the principal
• business manager and
• school council
could be with regard to each internal control?
53
IMPROVING SCHOOL GOVERNANCE // FINANCE
Statement Is this statement true or false?
1. If there is no-one else available, it is okay for the person who approved the order of goods to record them as received in the finance system.
2. Both the finance sub-committee and the school council are responsible for reviewing the financial reports.
3. An annual stocktake of all assets on the asset register must be conducted.
4. It is okay for the chair of the finance sub-committee to be the school business manager, as long as they are not an employee of the Department.
5. The school council approves a budget every three years.
6. All payments require two signatories: the principal and a nominated councillor.
7. A school councillor who has a question about compliance with an internal control can't ask the question unless they are the school council chair.
Handout D1Internal controls: quiz
54
IMPROVING SCHOOL GOVERNANCE // FINANCE
Statement Is this statement true or false?
Feedback to participants
1. If there is no-one else available, it is okay for the person who approved the order of goods to record them as received in the finance system.
False Separating the approval and receipt of goods or services is an important internal control for purchasing.
2. Both the finance sub-committee and the school council are responsible for reviewing the financial reports.
True Most school councils have a finance sub-committee. Both the finance sub-committee (where it exists) and school council review financial reports, and the finance sub-committee recommends action to be taken to school council.
3. An annual stocktake of all assets on the asset register must be conducted.
True In line with annual reporting of the school’s financial accounts, an annual stocktake of assets must be conducted.
4. It is okay for the chair of the finance sub-committee to be the school business manager.
False The chair of the finance sub-committee cannot be the business manager.
5. The school council approves a budget every three years.
False Council approves the budget before the start of each new year. An external auditor must audit the school’s financial statements at least once every three years.
6. All payments require two signatories: the principal and a nominated councillor.
True Payments, including those made online, must be approved by two signatories. The business manager cannot be a signatory.
7. A school councillor who has a question about compliance with an internal control can't ask the question unless they are the school council chair.
False Council is responsible for ensuring that the school maintains and monitors a system of internal controls. All councillors can and should ask questions when they have them.
Handout D2Internal controls: answer sheet
55
IMPROVING SCHOOL GOVERNANCE // FINANCE
Financial reports: reports typically provided to finance subcommittee• GL21150 – operating statement (detail)
• GL211158 – annual program budget
• GL21157 – annual sub-program budget
• bank reconciliation
• GL210006 – journal
• GL21151 – cash flow statement
• cash flow forecast
• DR21101 – sundry debtor trial balance
• DF21102 – family trial balance
• DR21309 – sundry debtor credit notes
• DF21309 – family credit notes
• CR21118 – invoices awaiting payment
• GL21160 – balance sheet
• investment register
• GL21005 – cancelled payments
• GL21004 – cancelled receipts.
Financial reports provided to council• operating statement (detail)
• balance sheet.
Reviewing reportsOperating statement (detail)
This report:
• compares actual to budgeted revenue and expenditure by category for the whole school for the month and year-to-date
• calculates variances (difference between actual and budget).
Review this report to:
• compare actual financial result (the net operating surplus or deficit) to the budget for the month and year-to-date. If there are significant variations the principal may advise action to take. Finance sub-committee evaluate how the action proposed would affect the school’s operations and school strategic plan.
Annual program budget
This report:
• compares year-to-date actual revenue and expenditure to the full year budget and shows last year’s actual and budgeted revenue and expenditure, for whole programs. Programs include trading operations, and curriculum programs.
Review this report to:
• compare actual financial result for each program with the budget. If there are significant variations the principal may advise action to take. Finance sub-committee evaluate how the action proposed would affect the school’s operations and school strategic plan.
Handout 1
56
IMPROVING SCHOOL GOVERNANCE // FINANCE
57
IMPROVING SCHOOL GOVERNANCE // FINANCE
58
IMPROVING SCHOOL GOVERNANCE // FINANCE
Annual sub-program budget
This report:
• compares year-to-date actual revenue and expenditure to the full year budget, and shows last year’s actual and budgeted revenue and expenditure, for individual sub-programs.
Review this report to:
• compare actual financial result for each sub-program with the budget. If there are significant variations the principal may advise action to take. Finance sub-committee evaluate how the action proposed would affect the school’s operations and school strategic plan.
Bank reconciliation
This report:
• matches the bank statement to the school’s banking records and shows and explains any variance
• shows cheques issued but not yet presented and monies received by the school but not yet banked.
Review this report to:
• ask questions to understand the reconciliation and any issues arising.
Journal
This report:
• lists transactions entered into the finance system – shows some of the data on which other reports are based.
Review this report to:
• ask questions about any transactions in the report. Finance sub-committee members are not expected to understand all the transactions in the journal report: it is provided in the spirit of full transparency.
59
IMPROVING SCHOOL GOVERNANCE // FINANCE
Sundry debtor credit notes
This report:
• gives details of credit notes generated for specified debtors.
Review this report to:
• verify that credit note transactions are valid: this is an internal control.
Family credit notes
This report:
• gives details of credit notes issued for families.
Review this report to:
• verify that credit note transactions are valid: this is an internal control.
Invoices awaiting payment
This report:
• lists invoices received but not yet paid.
Review this report to:
• approve invoices for payment.
Balance sheet
This report:
• lists the value of the school’s assets and liabilities at a point in time.
Review this report to:
• ask questions about any items not understood and any items which have changed greatly since previous report
• monitor whether current assets are greater than current liabilities – indicates that the school should be able to pay its debts
• monitor whether there is enough money in the official bank account to pay debts and whether the school is collecting monies owed to it
• monitor whether there is too much money in the official account, so that surplus funds can be invested, usually in the high yield investment account.
Cash flow statement
This report:
• shows the inflow and outflow of cash and the closing balance for each of the school’s bank accounts.
Review this report to:
• to monitor whether the school has enough cash to pay its liabilities as they fall due. The principal or business manager will provide this advice.
Cash flow forecast
This report
• shows estimated cash balances for coming months based on expected cash in and out.
Review this report to:
• monitor cash balances
• inform investment decisions.
Sundry debtor trial balance
This report:
• shows debtors (those who owe the school money) and the age of amounts owed.
Review this report to:
• check how long the school has been waiting for payment of amounts owed to it
• discuss action with the principal or business manager.
Family trial balance
This report:
• shows debtors (those who owe the school money) and the age of amounts owed.
Review this report to:
• check how long the school has been waiting for payment of amounts owed to it
• discuss action with the principal or business manager.
60
IMPROVING SCHOOL GOVERNANCE // FINANCE
Investment register
The register:
• shows (where the school has investments other than the high yield investment account):
» amounts invested
» terms of investment
» types of investment
» where invested
» interest rates to be earned.
Review the register to:
• monitor compliance with the school’s approved investment policy
• monitor the funds available to meet future payments.
Cancelled payments
This report:
• lists cancelled cheques.
Review this report to:
• verify that cancelled payments are valid; this is an internal control.
Cancelled receipts
This report:
• lists cancelled receipts.
Review this report to:
• verify that cancelled receipts are valid; this is an internal control.
61
IMPROVING SCHOOL GOVERNANCE // FINANCE