2. Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery. Charles Dickens

3. Finance is the art of passing money from hand to hand until it finally disappears Robert W Sarnoff

4. We have an obligation and a responsibility to be investing in our students and our schools. We must make sure that people who have the grades, the desire and the will, but not the money, can still get the best education possible. Barack Obama

5. “Don’t tell me where your priorities are. Show me where you spend your money and I’ll tell you what they are” James W Frick

6. T303 The Board’s Role in Finance

7. Session Objectives Using our finances to ensure that we are receiving the best possible outcomes for our students Accountability Leadership Monitoring Employer

8. Money Public Money

9. BOARD Sets financial policy Determines strategic direction Delegates authority Approves budget Monitors expenditure PRINCIPAL Implements financial policy Ensures budget reflects strategic aims Provides day to day management Reports to the board Participants

10. Item Year of purchase Useful life Cost2012201320142015 Computer20124$2,000$500 Data projector201132400800 Sliding shelving201015150001000 Interactive whiteboard201232100700 Depreciation $3,000 $2,200$1,500 Depreciation

11. Income Operations Grant Paid quarterly Broken down into areas including: 1 January 25% 1 April 33% 1 July 50% 1 October 100% Relieving Teachers VandalismProperty Maintenance Heat, Light, Water

12. T303 The Board’s Role in Finance Using our finances to ensure that we are receiving the best possible outcomes for our students Accountability  Leadership  Monitoring.... Employer

13. Reports Accurate Timely In Context Appropriate Dashboard reports:

14. Balance Sheet A SCHOOL Balance Sheet SUMMARY 30 June Yr Eoyr-1DescriptionYTD Current Assets 15,675Bank Account- cheque5,645 22,384Bank Account- savings5,000 0Term Deposit 31/3/yr+115,000 24,960Term Deposit 31/10/yr25,267 250account receivable 0Stock on Hand0 -2,663GST-2,386 60,606 48,526 Current Liabilities 2,925Accrued Audit fee0 0Cyclical Maintenance Provision7,000 1,440Accounts payable0 4,365 7,000 56,241Working Capital41,526 Non Current Assets 196,700Fixed Assets198,600 Non Current Liabilities 19,500 Cyclical Maintenance Provision22,000

15. Annual Accounts School ASchool BSchool C Surplus /Deficit 1235 actual 800 budget -6598 actual -9000 budget -1100 actual 2345 budget Working Capital 12000468907560 31 March - Completed accounts to auditor 31 May - Audited accounts to MoE What do these figures indicate about the financial viability and management of each school?

16. So what? Now what? WHAT is the main thing I learnt from this session? NOW: Is there anything I need to do? Is there anything our board needs to do? SO, Are we using our finances to ensure that we are receiving the best possible outcomes for our students?

17. Thank you NZSTA HelpDesk: 0800STA HELP Training: 0800782 872 NZSTA Regional Coordinator NZSTA Industrial Adviser ehines@nzsta.org.nz