At today's NASBM Conference, I heard Stephen Kingdom, Deputy Director in charge of school funding policy at the DfE, remind us all of the financial pressures that lie ahead for schools, the uncertainty that still remains in terms of funding levels, and the growing importance of the role of school business managers in balancing the books.
Earlier this month, I introduced RM's ambition to develop the products, services and advice we offer our customers to help them through this age of austerity. Given the following backdrop to Stephen's speech, I thought it timely to announce the truly flexible finance schemes we're introducing, in the context of the following:
- Real terms growth in education revenue funding of 0.1%
- 60% reduction in capital over the four year term
- Some schools retain uncommitted excess surplus balances (that could be clawed back by the LA)
- Pupil premium indicator and methodology yet to be confirmed
A truly flexible finance scheme will enable you to procure services by choosing how you want to pay, when you want to pay, and the amount you want to pay, over what period.
- if you have surplus balances you can kick start the plan and reduce repayments in later months
- or if money is really tight you can defer for a couple of months, a year or even longer
- or your repayments can be fixed for the duration so you can budget with ease
- and different repayments at different times can be achieved throughout the duration, maybe due to one-off funding or one-off costs to cover
Find out more