Management Information Sheet
Schools Financial Benchmarking 2020-21
Financial benchmarking is the comparison of expenditure or income, under particular budget headings, of similar schools.
Use of benchmarking data can contribute towards improving the effective use of the schools financial resources.
Resources should always be applied to best effect and benchmarking will allow schools to assess how close they are to achieving this.
The schools financial benchmarking data for 2020-21 will be available on the schools website from 3rd December.
For more information, please visit the Finance section on the Norfolk schools website.
This will be the final year that local benchmarking will be produced in this format. The DfE have recently produced a tool, View My Financial Insights (VMFI) that will enable schools to compare against a range of schools nationally, not just locally. VMFI is an online tool which helps schools view and improve their financial performance. The toolkit identifies areas with the greatest variance, providing users with a helpful starting point to investigate and potentially leading to improved resource management.
Please refer to the attached document from the DfE that provides information on how to access VMFI and some frequently asked questions.
The Finance and Business Services Team will provide some training and support on the VMFI tool over the coming months, so please look out for this.