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Finance Manual — Financial Management for Schools

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) and the Financial Management Act 1994 (Vic).
  • 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).

Other relevant definitions are set out below.

Relevant Legislation

This page provides an overview of the Finance Manual which sets out the requirements for schools and school councils when managing school-related finances

Reviewed 16 June 2021

Policy last updated

15 June 2020

Scope

  • Schools
  • School councils

Contact

Schools Financial Management Support Unit

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