The Executive Meeting considered an overview of the 2012/13 funding settlement for schools and an update on the key developments in school funding reforms and has agreed that:-
· the Schools Financial Settlement for 2012/13 and latest position on School Funding reform be noted;
· that no fundamental change be made to the local formula used to determine individual school’s budget shares for 2012/13;
· the Schools Forum be invited, in consultation with the Executive Councillor (Children and Young People) to (i) determine the basis for the allocation of mainstreamed grants as detailed in paragraph 6.6 of report and (ii) to allocate any available headroom as detailed in paragraph 6.8 of the report;
· the principles for the construction of the 2012/13 Retained School Budget set out in paragraph 6.7 of the report and the specific recommendations detailed under the Retained School Budget review be approved;
· the Minimum Funding Guarantee be set at -1.5% to ensure schools have financial stability, and
· the timetable required for individual schools to set their detailed budget and return to the Authority by the end of May be noted.