Financial Management Standard in Schools (FMSiS) Update

The results of the consultation on the timetable for extending the Standard to Primary, Middle and Special schools have been published. Ministers have agreed the following timetable for rolling out the FMSiS to all schools:

• All secondary schools by March 2007 (process almost complete)
• 40% of all other schools by March 2008
• A further 40% of schools by March 2009; and
• All remaining schools by March 2010

Since the FMSiS was added to Schemes for Financing Schools in October 2006 through directed revisions, from January 2007 meeting the Standard is now a legal requirement for schools, subject to local phasing.

The DfES is expecting all secondary schools to have met the Standard by 31 March, 2007. Chief Finance Officers are responsible for confirming that their schools are complying, or taking steps to comply with the Standard.

In Norfolk, the roll out has been determined as follows:

• March 2007 all secondary schools
• March 2008 South & East
• March 2009 Central & North
• March 2010 West (and re-assessment of secondary schools)

In addition, a group of schools has announced its intention of completing the process in advance of the proposed schedule. This option is available to all schools.

As the FMSiS rolls out over the next three years, you will be informed about area-based overview sessions for school staff and governors. There will also be information about the various finance support packages and training workshops. This process has already been implemented for the South & East.

The DfES has recently made some changes to the FMSiS Website

Some of you may have attended a FMSiS workshop (March 15, March 23 or April 25) or may already have started work on your portfolio using the original self-assessment form. Although the revised format may look different, the actual requirements of the Standard have not changed at all; therefore it is still acceptable to continue using the previous LA checklist if you wish.

Please note that R15, previously called the Controls Assurance Statement (CAS), has now been renamed the Statement of Internal Control (SIC). We will accept either; you do not have to redo the form.

There is a new check list for evidence on the EFS website based on the revised format, but please contact your Finance Support Officer if you have any concerns or queries.