We finally have some information on the national funding formulae. Justine Greening has announced the second consultation stage, and you have until 22 March 2017 to comment.
The principles of the NFF are clear and understandable. It is without doubt unfair that schools in certain local authorities receive 50% more funding than identical schools in other parts of the country.
The NFF will iron out these discrepancies, but inevitably there will still be losers as well as winners.
NFF winners and losers
More than 9,000 schools in England will lose funding, many in London and other urban centres such as Birmingham and Manchester.
Schools set to lose funding are protected by the minimum funding guarantee of minus 1.5% per pupil year on year, with no school facing an overall reduction of more than 3% per pupil.
However, even schools set to receive more funding are facing challenging times:
As for those set to lose out, the reduction may well coincide with rising costs. If you’re facing this worst-case scenario, you need to react quickly.
Whatever the outcome, the next few years will no doubt prove challenging.
If you’re looking for advice on effective financial management during difficult times, contact us to discuss ways we can support you.
To find out more about how the NFF, apprentice levy, pension rates and changes to early years funding will affect you join us for our free finance workshop at Nottingham Racecourse on 7th March.