College financial planning handbook
The college financial planning handbook sets out ESFA’s financial planning requirements for sixth-form and further education colleges.
College corporations must prepare a financial plan, including:
- estimated outturn for the year
- approved budget for the new year
- forecast for the subsequent year
Colleges must also prepare a supporting commentary, including:
- strategic and financial objectives
- detail of the assumptions underlying the financial plan
- self-assessment of financial health
- explanations for year-on-year movements and variances
- detail of sensitivity analysis performed
Colleges must submit these documents to ESFA by 31 July 2018.
College financial plan: template
Colleges must prepare their financial plan using the published template.
The financial plan must give a realistic view of financial performance and reflect the cost of implementing the college corporation’s strategy.
College financial plan: guidance
Colleges must refer to this guidance document when preparing their financial plan.