Refer to the Resources tab for a link to the Cases21 Portal (under the heading ‘Schools support’).
This policy sets out requirements for schools and school councils when managing school-related finances.
- 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 and the .
- A complete list of all resource documents and tools relating to the Finance Manual is available on the , in addition to being available on each relevant Finance Manual section.
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.
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 .
Other relevant definitions are set out below.
- 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
- (as applicable to )
- (Model Order)
- — Part 2.2 — Government Schools
- — Part 2.3 — Government School Councils
- — Part 4 — Government School Councils and Parent Clubs
- — Part 3 — Public Ledger and Public
- (login required)
- 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.
Reviewed 22 June 2021