Financial Management Standard in Schools (FMSiS)

From: Doug Slade, Head of Finance

I am writing to inform you about the introduction of the Financial Management Standard in Schools (FMSiS) to Norfolk's Primary and Special schools.

You may have heard from secondary school colleagues that they have been asked to meet the Standard by March 2007. The DfES is also expecting all primary and special schools to reach the required standard by March 2010.

The standard has been devised by the DfES with the view that schools need:

A clear and consistent standard for financial management which schools nationally could aim to achieve and would provide a meaningful benchmark to encourage self improvement.

A self-evaluation tool to help schools to identify their current strengths and weaknesses and prioritise action for improvement.

An external evaluation tool to help those schools that wish to seek an external and independent assessment of whether they meet the financial management standard.

Further information can be obtained from the updated FMSIS website.

Schools will have to provide evidence that they have reached the required Standard in financial management and this evidence will go through an external assessment.

As the DfES is indicating that forty per cent of primary and special schools should have reached the Standard by the year ending March 2008 and eighty per cent by March 2009, I propose a schedule for Norfolk schools as follows:

South and East Areas - March 2008
North and Central Areas - March 2009
West Area - March 2010

Some primary schools have already offered to go through the process in advance of the proposed schedule and I would welcome additional volunteers from other areas; an overview session at a suitable venue will be arranged for volunteers when they are known. Please contact Judith Hall on 01603 222543 if you would like to be added to the list.

In order to explain the process to schools in more detail, I have arranged the following overview sessions for headteachers, finance staff and governors. All overview sessions are free of charge and will last approximately two hours. Refreshments will be available half an hour before the start of each session.

EASTERN AREA

DATE	VENUE	TIME
Wednesday, 15 November, 2006	Imperial Hotel, Great Yarmouth	09.30 hours
Wednesday, 15 November, 2006	Imperial Hotel, Great Yarmouth	13.30 hours

SOUTHERN AREA

DATE	VENUE	TIME
Tuesday, 23 January, 2007	The Park Hotel, Diss	09.30 hours
Wednesday, 24 January, 2007	Hethel Engineering Centre, Hethel, near Wymondham	09.30 hours
Thursday, 25 January, 2007	Bell Hotel, Thetford	09.30 hours

The Schools Forum has also asked Children's Services Finance, in conjunction with the Governor Services Team, to provide additional overview sessions for governors who may be unable to be present during the working day. Chairs of Governors and Chairs of Finance will receive a separate invitation from the Governor Services Team to attend an evening overview session.

I hope you will make every effort to attend as this is an important DfES initiative and one which all schools will have to undergo. As well as outlining the requirements of the FMSiS, it will also provide information on the help and support which will be available to schools from the LA.

Please reply by sending the attached booking form to:
Stuart Baldry, Children's Services Finance, County Hall, Norwich, NR1 2DL.

If you have any queries about the Financial Management Standard or the overview sessions, please contact Judith Hall on 01603 222543.

Overview Sessions