Finance

Finance

Rationale

1. To manage the school’s financial resources effectively and use them to achieve the goals set within the Charter and Strategic Plan.
2. To maintain accountability for and control of the school’s financial resources.
3. To safeguard the assets of the school for future generations of students.

NAG 4

According to legislation on financial and property matters, each Board of Trustees is also required in particular to:

(i) allocate funds to reflect the school’s priorities as stated in the charter;

(iii) comply with the negotiated conditions of any current asset management agreement, and implement a maintenance programme to ensure that the school’s buildings and facilities provide a safe, healthy learning environment for students.

Objectives for each financial year

1. Produce a budget by the November meeting and present it to the Board for approval.
2. Keep expenditure within budget and the Principal to report monthly to the Board via the Finance Committee, on performance against that budget.
3. Ensure all expenditure, and commitment of expenditure, is approved within the Board’s delegations.
4. Ensure reports comply with public sector accounting standards, and that the annual financial statements are presented to the Ministry of Education on time.
5. Ensure records of all financial transactions are correct and up to date.

Function of the Board

The Board of Trustees retains primary responsibility for the overall financial management of the school in accordance with governance obligations. From time to time it will delegate some of its authority and responsibilities to Committees and staff members; however in each of these cases it will retain an overseeing role.

Specific RESPONSIBILITIES RETAINED by the board

The Board has retained the following financial management responsibilities: 

1. Approval of the finance policy
2. Approval of all delegations
3. Approval of the annual budget
4. Approval of any expenditure in excess of annual budgeted levels.

Function of the Principal

The Principal takes the responsibility for overseeing the day-to-day management of the school’s financial resources, commitments and obligations. The Principal shall oversee the preparation of budgets, monitor the collection of revenue, monitor expenditure, and monitor the advice provided to the Board on financial matters.

Responsibilities of the Principal

The Principal is the financial budget holder and will manage this policy on the Board’s behalf and ensure appropriate systems and procedures are in place to safeguard the school’s assets.

 The following internal control management procedures which form part of the Finance Policy will be adhered to: 

1. Budgeting and reporting
2. Theft and fraud prevention
3. Cash management procedures
4. Segregation of duties
5. Fixed asset procedures
6. Travel procedures
7. Credit card procedures

 As part of its approval the Board requires the Principal to circulate this Policy to all staff, and for a copy to be included in the Hutt Valley High School Policy Manual, copies of which shall be available to all staff and be available on the School’s Intranet web site. The school policy manual shall also be made available to students and parents at their request.