Purpose

The
decision is to approve final funding rates for the 2024/25
mainstream schools funding formula, to be submitted to the
Department for Education for approval by their deadline of 22
January 2024.  The funding rates have
been changed since those considered by Cabinet, in order to ensure
that they are affordable using the latest data, which had not been
received from DfE at the date of the Cabinet meeting, and that they
distribute the whole of the available grant (less the agreed
transfer to high needs block), as required by
legislation.
 In particular, the
number of children required to be funded in the formula for
additional needs has increased. The accompanying annex provides
further information.
 
Please note: the published
funding formula and rates could be amended following review by DfE
and hence should not yet be regarded as final.

Content

Decision made:
 
It
was AGREED that the proposed formula funding rates should be
approved for submission to DfE, in line with the DfE’s
national funding formula.
 

Reasons for the decision

To comply with legislation and
to allow maintained schools to be advised of their budget shares by
the required deadline. The proposed funding rates are consistent
with the recommendations of Cabinet and of the Schools Forum on 6
October 2023 and 9 January 2024

Alternative options considered

Please see papers for Schools Forum 3 October 2023 and 9 January
2024.  Alternative options were subject
to consultation prior to the Cabinet meeting and at Schools Forum
on 9 January 2024