Issue - meetings

Cabinet Member: Deputy Leader, including Children, Education & Young People’s Services

Forward Plan Ref: 2022/140

Contact: Sarah Fogden, Finance Business Partner, 07557 082613

Report by Corporate Director for Children’s Services (CMDDL4).

To seek approval for the funding formula for schools.

The Cabinet Member is RECOMMENDED to approve the final funding formula for 2023/24 subject to the decision by the Secretary of State for Education regarding permission to transfer 0.5% (£2.38m) from the Schools block to support High Needs expenditure.

Deputy Leader of the Council (inc Children, Education & Young People's Services) AGREED to APPROVE the final funding formula for 2023/24 subject to the decision by the Secretary of State for Education regarding permission to transfer 0.5% (£2.38m) from the Schools’ block to support High Needs expenditure. Should there be a shortfall of funding, the Deputy Leader of the Council (inc Children, Education & Young People's Services) also AGREED to endorse the methodology of a % reduction in Age Weighted Pupil Unit (AWPU) to balance the funding

Deputy Leader of the Council (inc Children, Education & Young People's Services) invited Sarah Fogden (Finance Business Partner – Children) to give an update on this matter.

Sarah Fodgen commented that the proposal was about continuation of the National Funding Formula as per Oxfordshire County Council policy used for over last 5 years. The funding was extremely tight to deliver NFF with current model showing only £40k spare on £477m funding.  At the DfE formula webinar, held on 16^th January this year, there was a lot of discussion around the impact of the rate revaluation effective 1^st April 2023.  The Council were still receiving rates information from District/Town Councils which may have impact on the bottom line. This was discussed at School Forum meeting today.

Deputy Leader thanked Sarah Fodgen for an update and informed the meeting that she would amend the recommendation by adding that ‘should there be a shortfall of funding, the Deputy Leader would agree to endorse the methodology of a % reduction in Age Weighted Pupil Unit (AWPU) to balance the funding’.

DECISION

Deputy Leader of the Council (inc Children, Education & Young People's Services) AGREED to APPROVE the final funding formula for 2023/24 subject to the decision by the Secretary of State for Education regarding permission to transfer 0.5% (£2.38m) from the Schools’ block to support High Needs expenditure. Should there be a shortfall of funding, the Deputy Leader of the Council (inc Children, Education & Young People's Services) also AGREED to endorse the methodology of a % reduction in Age Weighted Pupil Unit (AWPU) to balance the funding