5.5              Reports and Procedures.

Estimation and Budgeting

It is necessary for each school to prepare and submit to the DES estimates of expenditure for the year ahead. The estimates should cover projected costs under various sub-headings, but within two broad categories of expenditure - Pay and Non-pay. Section 3.4 of the Administrative and Financial Guidelines deals with Capital expenditure under the headings Minor Capital and Major Capital Works.

Draft estimates should be tabled for consideration at a Board meeting and the finally agreed estimates should be formally adopted by the Board and submitted to the DES prior to the due date.

Monthly Financial Reports

At the end of each month a prescribed Financial Report must be completed and returned to the DES. This should reach the DES within ten working days of the end of the month to which the report applies. Expenditure must be assigned to its appropriate heading. Expenditure under Pay must accord with the Payroll records. Overtime must be vouched for by the Principal.

Copies of these monthly reports should be tabled at the next following Board meeting.

The Monthly Financial Report must also identify all income accruing to the School Fund account. Such income would relate, for example, to: -

hire of school facilities;

telephone coin-boxes;

payments for postage, telephone calls;

payments for photocopying;

disposal of obsolete assets;

compensation for damage to school property, etc..

It is recommended to Boards that all income be receipted, recorded and vouched for and tracked all the way to eventual lodgement in the bank.

The Annual Financial Report

The Board is obliged to submit an Annual Report showing the balance at 1st January, receipts and payments for the whole year and the balance at 31st December. This Report should be formally approved and adopted by the Board of Management and should be submitted to the DES by Mid-February following the end of the financial year.

If the computerised Report for December includes all elements required for the Annual Report, it may be used for this purpose provided it has the Board’s approval as an Annual Report.