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Authority for financial management has been devolved to provide schools with more control over the resources available to them. This enables schools like Ocean Reef SHS to make maximum use of financial resources when planning for their desired educational outcomes.
As school funds are public monies, the management of these funds is subject to the requirements of the Financial Management Act (2006) which requires schools to be publicly accountable for the budget, planning and allocation of those funds.
The Principal must:
- form a Finance Committee in conjunction with the School Board to assist in financial planning and control.
- ensure staff and community representatives are invited to participate in the financial planning and management process.
- ensure decisions are made on a participative and democratic basis.
- ensure decisions do not contravene departmental or government policy or procedure.
The budget must be:
- formulated annually in accordance with the objectives and priorities specified in the school Business Plan.
- submitted to the School Board for endorsement and inclusion in the school Business Plan.
- reviewed and revised periodically to prevent cost over-run.
The School Board approves major revisions to the budget, which may impact on the original programs and priorities.
The Finance Committee endorses all other changes to the budget.
If you require clarification about these procedures you can contact the school on 93070222.