education.vic.gov.au

Policy last updated

1 January 2024

Scope

  • Schools
  • School councils

Date:
March 2020

Policy

Policy

This policy provides an overview of the schools funding model.

Details

The Student Resource Package (SRP) was introduced for Victorian government schools in 2005 to bring about improvement in learning outcomes for students. The SRP reflects the specific funding amounts provided to schools in each school year.

The SRP comprises the following 3 key types of funding:

  • student-based funding – this is the major source of funding for schools and includes funding that reflects core student learning needs and equity requirements
  • school-based funding – provides funding for school infrastructure and for school-specific programs
  • targeted initiatives funding – funding for programs with specific criteria or defined life spans.

The SRP guidance informs schools about how funding is provided to schools under each category as follows (please click on the heading to see the Policy and Advisory Library page for that topic):

The full guidance is available at the Resources tab.

The SRP for schools is:

  • determined in September or October in the preceding school year based on projected enrolments for the forthcoming year
  • confirmed at the end of Term 1 each year based on the February Student Enrolment and revised at the end of Term 2 to reflect the results of the enrolment verification program.

Schools are expected to use SRP funding for the purpose for which the specific category of funding is allocated and in accordance with the SRP guidance.

Note: Information about, and tools for managing the budget are set out at Student Resource Package – Managing the Budget.


Guidance

Guidance

This guidance provides information about how funding is allocated to schools through the Student Resource Package.

This guidance contains the following chapters:

  • Student Resource Package
  • Funding Allocation and Annual Budget Cycle

Student Resource Package

Student Resource Package

The Student Resource Package was introduced for Victorian government schools in 2005 to bring about improvement in learning outcomes for students. In 2022, the Department of Education undertook a review of the SRP objectives and established a new set of forward-looking objectives that will be in place until 2028.

Objectives

  1. In combination with other funding, schools are appropriately resourced to create an inclusive environment where all students have access to a high-quality education.
  2. Funding allocations are equitable, accounting for student needs, alongside school and community characteristics.
  3. Funding allocations are informed by contemporary evidence of the cost of delivering quality school education.
  4. Funding allocations to schools are transparent and coherent to ensure funding streams work together to support student outcomes.
  5. Schools are provided with policies and guidelines to enable them to effectively plan their expenditure.

Features of the Student Resource Package

The SRP features a distinction between student-based funding, school-based funding and targeted initiatives.

  • Student-based funding is the major source of resources. It is driven by the levels of schooling of students and their family and community. characteristics. It consists of allocations for core student learning and equity. The majority of funding within this area is allocated through per student rates.
  • School-based funding provides for school infrastructure and programs specific to individual schools.
  • Targeted initiatives include programs with specific targeting criteria and/or defined life spans.

School SRP Interactive Site

To see budget and planner reports for principals and delegates, visit Student Resource PackageExternal Link (staff login required).


Funding Allocation and Annual Budget Cycle

Funding Allocation and Annual Budget Cycle

The SRP framework is based on funding allocations and the annual budget cycle.

Funding allocations

Funds allocated in each component are nominated as either credit, for salaries paid on eduPay, or cash for expenses incurred locally. Schools can interchange funding between credit and cash.

Funds are allocated against the components of the SRP:

  • student-based funding (core student learning allocation and equity)
  • school-based funding (school infrastructure and school-specific programs)
  • targeted initiatives.

The funds allocated in each component are nominated as either:

  • credit for salaries paid on eduPay
  • cash for expenses incurred locally.

Schools can interchange funding between credit and cash.

Annual budget cycle

Schools receive their Student Resource Package and relevant updates according to the following cycle.

Indicative

Student Resource Package — issued in September or October of the preceding year using enrolment projections advised by schools.

This budget provides the basis for planning.

Confirmed

Student Resource Package — issued in March of the budget year, based on the annual enrolment census.

Revised

Student Resource Package (where applicable) — may be issued for updates or changes during the year, for example following audit corrections to the census or as a result of mobility of students with disability..


Resources

Resources

School student resource package (SRP) interactive site (staff login required)

To see budget and planner reports for principals and delegates, login to student resource packageExternal Link

Current SRP guidance

Archived SRP guides


Reviewed 13 September 2023