Practical budget setting tips
Our next CFO & COO INSIDER covers Budget Assumptions - Friday 22nd March. Free to register now >
It’s a crucial time in the budget setting cycle for both academy trusts and maintained schools.
School Budget Share allocations for 2024/25 are being confirmed and discussion is concentrated on the ‘best’ assumptions to include for the big unknowns such as teaching and support staff pay increases … and rightly so.
School Business Services will be exploring budget assumptions in our upcoming CFO & COO Insider session.
In the meantime, let’s focus on the 2024/25 budget updates that we can action with more certainty:
- Mainstream Schools’ Additional Grant (MSAG) is included in 2024/25 School Budget Share allocations. If you were showing this grant on a separate line, remove it to avoid duplication.
- The employer contribution rate for the Teachers’ Pension Scheme increases by 5% with effect from April 2024 and the ESFA recently published details of a new grant (TPECG 2024) intended to cover this cost increase. - Teachers’ pension employer contribution grant (TPECG) 2024: methodology >
- Recovery Premium will not continue beyond academic year 2023/24.
- The National Tutoring Programme (NTP) also ends in academic year 2023/24.
- There are new Pupil Premium funding rates effective from April 2024. Be aware that published allocations only include the deprivation element and that Post Looked After Children and Service Children numbers need to be taken from your census. Pupil premium 2024 to 2025: technical note >
- The cost of the ESFA’s Risk Protection Arrangement (RPA) increases to £25 per pupil in 2024/25.
Support from SBS
Consultancy - Budget setting support from the expert SBS Finance & Accounting team - Enquire now >
Software - It's easy to make updates or test assumptions in SBS Financial Planner - Book a demo >
