New guidance has recently been issued by the Education and Skills Funding Agency to help academies prepare for the next round of budget forecasting.
The deadlines for submission are:
- 21 May – for Budget Forecast Return Outturn (BFRO) covering the period to 31 August 2018
- 30 July – for the Budget Forecast Return (BFR) which previously covered the following year, but from now on will cover the next three years
The ESFA has extended the BFR period in an attempt to help individual academies plan ahead and also to provide the agency with a clearer picture of the financial challenges schools face.
Multi-academy trusts (MATs) need to prepare and submit consolidated BFROs and BFRs, aggregating the budgets of each academy within its trust.
The BFRO is already live and the new online form should be familiar to many users as it utilises the same IT platform as the accounts return.
Further guidance from the ESFA on how to complete the BFR forms is expected in June.
In the meantime, if you require help and support with preparing either your BFRO or your three-year BFR, please contact the Education Team at Haslers and we will be happy to help.