The Finance and Audit Advisory Committee (FAAC) continues to fulfill its terms of reference and make recommendations to the Finance and Infrastructure Standing Committee (FISC).
The main areas of focus for the Advisory Committee are:
Key topics reviewed in 2020:
CEO Policy and Funding is committed to supporting SACCS strategies and policies, working with stakeholders regarding funding and compliance requirements and managing financial matters for a number of key strategic projects and initiatives.
As previously reported in 2019, in response to the National School Resourcing Board’s Review of the socio-economic status (SES) scores, the Australian Government legislated a new methodology for calculating a school’s capacity to contribute (CTC) score. The new methodology, referred to as the Direct Measure of Income (DMI), began in 2020. CEO Finance worked closely with the government and with CESA schools to implement the changes.
Due to the provision of the DMI scores, which were received early-2020, CEO Finance conducted a review of CESA’s school Funding Mechanism for the current year and forward estimates. By mid-2020 recommendations were made for the parameters of the Funding Mechanism in readiness for the development of school and system budgets for 2021-2025.
Other significant accomplishments during 2020 associated with school funding included:
During 2020 the CEO’s Corporate Finance team concentrated on:
The School Finance team plays an integral role in the ongoing financial support and operations of our schools.
This support includes financial systems support (Civica Finance), accounting and financial procedural support, assistance with annual budgets and long-term financial plans, loan applications, the provision of relief, the provision of specialised financial assistance and training to school.
In addition to the operational support, the school Finance Team undertakes or assists with important strategic initiatives. During 2020 these included:
The School Finance team led this important initiative. The project commenced with high-level analysis that determined the viability of undertaking a systemic reduction in primary school fees. The analysis identified improvements to the funding-model that were subsequently adopted.
Individual analysis and assessments were prepared for each primary school. These acted as the foundation for the discussion held with each individual school. Pleasingly
In 2019 the organisation commenced a review of its fee policies and procedures. The existing policy was dated 2006 and had at its core certain tenets requiring review. Following wide consultation that included finance representatives, principals, boards, parishes, and the Diocese; new policies and procedures were released in July and November 2020.
Aspect of this work will continue in 2021, including reviewing the delegations of authority, defining, documenting and ultimately implementing standardised fee collection processes.
