Refer to the Resources tab for a link to the Cases21 Portal (under the heading ‘Schools support’).
Policy
This policy sets out requirements for schools and school councils when managing school-related finances.
The Finance Manual is set out in the Guidance tab.
Summary
- Victorian government schools have a devolved decision-making and financial management system. Responsibility for financial management is shared between the school council and the principal.
- School staff responsible for financial management must meet mandatory requirements regarding financial compliance, control and accountability as set out in the Finance Manual.
- This policy reflects the department’s current financial reporting framework, best practice financial management and aligns with applicable Australian accounting standards, the Education and Training Reform Act 2006 (Vic)(opens in a new window) and the Financial Management Act 1994 (Vic).(opens in a new window)
- A complete list of all resource documents and tools relating to the Finance Manual is available on the Resources tab, in addition to being available on each relevant Finance Manual section.
Details
Schools and school councils must:
- adhere to all mandatory (must do) policy as outlined in the Finance Manual
- adhere to all prohibited (must not do) policy as outlined in the Finance Manual.
For a complete list of all resources relating to the Finance Manual, refer to the Resource tab.
Definitions
Finance Manual
The Finance Manual means the Finance Manual for Victorian government schools, as specified and defined in Ministerial Order 1174. Each section of the Finance Manual is set out in the Guidance tab on each of the pages listed above.
The following acronyms and definitions are commonly used throughout the sections of the Finance Manual listed above. These acronyms and definitions must be read in conjunction with the definitions contained in the Education and Training Reform Act 2006 (Vic) and the Education and Training Reform Regulations 2017 (Vic)(opens in a new window).
Other relevant definitions are set out below.
Related policies
- Annual Report to the School Community
- Conflict of Interest
- Community Use of Schools – Hiring and Licensing
- Fraud and Corruption Control
- Gifts, Benefits and Hospitality
- Insurance for Schools
- Occupational Health, Safety and Wellbeing Management in Schools
- Parent Payments (also known as parent voluntary contributions)
- Parents' Clubs
- Part-time Employment – Teaching Service
- Procurement – Schools
- Records Management – School Records
- Risk Management – Schools
- School Council Employment
- Sponsorship
- Student Resource Package – Overview
- Student Resource Package – School Infrastructure
- Student Resource Package – School Specific Programs
- Student Resource Package – Targeted Initiatives
- Student Resource Package – Core Student Learning Allocation (Student Based Funding)
- Student Resource Package – Equity Funding (Student Based Funding)
- Student Resource Package – Managing the Budget
- Taxation – Employees and Income Tax
- Travel
- Travel and Personal Expenses – Teaching Service
- Workers' Compensation
Relevant Legislation
- A New Tax System (Australian Business Number) Act 1999 (Cth)(opens in a new window)
- A New Tax System (Goods and Services) Act 1999 (Cth)(opens in a new window)
- Asset Management Accountability Framework (Vic)(opens in a new window)
- Audit Act 1994 (Vic)(opens in a new window)
- Australian Accounting Standards Board (AASB)(opens in a new window)
- AASB 7 Financial instruments
- AASB 13 Fair Value Measurement
- AASB 101 Presentation of Financial Statements
- ASSB 107 Statement of Cash Flows
- AASB 116 Property, Plant and Equipment
- AASB 117 Leases and AASB
- AASB 118 Revenue
- AASB 120 Accounting for Government Grants and Disclosure of Government Assistance
- AASB 123 Borrowings
- AASB137 Contingent Liabilities and Contingent Assets
- AASB 138 Intangible Asset
- AASB 139 Financial Instruments Recognition and Measurement
- AASB 1004 Contributions
- Banking Act 1959 (Cth)(opens in a new window)
- Code of Conduct for Directors of Victorian Public Entities(opens in a new window) (as applicable to school council members)
- Code of Conduct for Victorian Public Sector Employees(opens in a new window)
- Constituting School Council Order (PDF)(opens in a new window) (Model Order)
- Education and Training Reform Act 2006 (Vic)(opens in a new window) — Part 2.2 — Government Schools
- Education and Training Reform Act 2006 (Vic)(opens in a new window) — Part 2.3 — Government School Councils
- Education and Training Regulations 2017 (Vic)(opens in a new window) — Part 4 — Government School Councils and Parent Clubs
- Financial Management Act 1994 (Vic)(opens in a new window) — Part 3 — Public Ledger and Public
- Financial Reporting Direction 103H Non-Financial Physical Assets(opens in a new window)
- Fringe Benefits Tax Assessment Act 1986 (Cth)(opens in a new window)
- Fuel Tax Act 2006 (Cth)(opens in a new window)
- Income Tax Assessment Act 1936 (Cth)(opens in a new window)
- Income Tax Assessment Act 1997 (Cth)(opens in a new window)
- Ministerial Order 1388 (PDF)(opens in a new window)
- Ministerial Order 1389 (PDF)(opens in a new window)
- Ministerial Order 1174(opens in a new window) (staff login required)
- Public Administration Act 2004 (Vic)(opens in a new window)
- Standing Directions of the Minister for Finance 2018 under the Financial Management Act 1994 (Vic)(opens in a new window)
- Section 2.4.2 — Chief Finance Officer — General responsibilities
- Section 3.1 — Effective financial governance
- Section 3.2 — Oversight and assurance
- Section 3.3 — Financial Authorisations
- Section 3.4 — Internal Control Systems
- Section 3.5 — Fraud, corruption and other losses
- Section 3.6 —Purchasing and Prepaid Debit Cards
- Section 3.7 — Managing risk
- Section 3.9 — Managing financial information
- Section 4.1 — Planning and managing performance
- Section 5.0 — Compliance and Reporting
- Section 5.1 — Financial management compliance
- Section 5.2 — Annual reporting
- Section 5.3 — External reporting and information provision.
- Statement of Accounting Concepts 4 — Definition and Recognition of the Elements of Financial Statements(opens in a new window)
- Victorian Managed Insurance Authority Act 1996 (Vic)(opens in a new window)
Updated