What is financial bench marking?
In the current financial climate it is definitely a challenging time to be a budget holder in schools. In recent times especially, schools have had to be even more resourceful with their budgets to adapt to the challenges of Covid-19.
Managing the school budget is a balancing act between lots of different factors, with a high level of scrutiny from Governors, the LA, Ofsted and the DfE. To make the right decisions when planning an effective budget, it’s vital to see how this year’s spend not only compares to previous years, but to other schools too, we use the benchmarking service as a guide to help us see what is working well and whether we need to direct our resources more efficiently.