Regulation 5 Timing of initial determination of budget shares

The amount of a school’s budget share for a financial year must be initially determined by the local education authority before the beginning of that financial year.

A local education authority need not initially allocate all of their individual schools budget in the form of budget shares at the beginning of a financial year, and may instead retain an amount for the purpose of redeterminations or the correction of errors but such amount must be used for that purpose or distributed to schools as required by regulation 18(4) before the end of that financial year.