The main purpose of the Budget Statement is to indicate clearly the Board's planned spending for the forthcoming financial year on the direct and indirect costs of all schools to be covered by its LMS Scheme. Included within this are excepted items of expenditure, both mandatory and discretionary.
Having established the total resources available, the Budget Statement sets out clearly for each school how their budget share of the Aggregated Schools Budget has been calculated using the Board's resource allocation formula. This budget is fully delegated to Boards of Governors who are responsible for the planning and monitoring of expenditure.
The publication of matching Outturn Statements at the end of the financial year allows actual expenditure to be compared with budgeted expenditure at both Board and individual School level, taking into account in-year budget adjustments