# School Standards and Framework Act 1998, Section 48: Local authorities’ financial schemes.

Extent: E+W

(1) Each local authority shall maintain a scheme dealing with such matters connected with the financing of the schools maintained by the authority or the exercise by the governing bodies of those schools of the power conferred by section 27 of the Education Act 2002 (power of governing body to provide community facilities etc.) as are required to be dealt with in the scheme by or by virtue of—
(a) regulations made by the Secretary of State; or
(b) any provision of this Part.
(2) Regulations under subsection (1) may, in particular, require a scheme to deal with—
(a) the carrying forward from one funding period to another of surpluses and deficits arising in relation to schools’ budget shares;
(b) amounts which may be charged against schools’ budget shares;
(c) amounts received by schools which may be retained by their governing bodies and the purposes for which such amounts may be used;
(d) the imposition, by or under the scheme, of conditions which must be complied with by schools in relation to the management of their delegated budgets, including conditions prescribing financial controls and procedures;
(dd) the imposition, by or under the scheme, of conditions which must be complied with by schools in relation to the exercise of the power mentioned in subsection (1), including conditions prescribing financial controls and procedures;
(e) terms on which services and facilities are provided by the authority for schools maintained by them.
(3) Where there is any inconsistency between a scheme maintained by a local authority under subsection (1) and any other rules or regulations made by the authority which relate to the funding or financial management of schools which they maintain, the terms of the scheme shall prevail.
(4) Schedule 14 (which provides for ... the revision of schemes) shall have effect.
(5) In this Part any reference to “the scheme”, in relation to a maintained school, is a reference to the scheme for the time being maintained under this section.

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Source: https://www.legislation.gov.uk/ukpga/1998/31/section/48 (the official version)
Page: https://openlegislation.uk/school-standards-and-framework-act-1998/section-48
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.