Financial Issues Affecting The Education Sector

2067 WordsJun 22, 20169 Pages
HCSS Education, part of the Access Group, recently published a report, Balancing the Books, which investigated the financial issues affecting the education sector. Those surveyed included school leaders, the tireless advocates who champion quality education, value for money and the maintaining the highest of standards. Despite the best attempts of those on the frontline, an overwhelming 78% reported that that balancing the budget is becoming ‘significantly more difficult’ To quote well-known author Charles Dickens, “It was the best of times, it was the worst of times…” The current education climate is tumultuous at best and March’s white paper and the impending structural changes did little to ease troubled minds. In addition, schools continue to face increasing costs, shrinking budgets, uncertainty over the future funding formula and the constant pressure to raise the standards of education while keeping expenditures as low as possible. To gain a deeper understanding of the financial instability faced by schools, HCSS Education, leading education finance specialist, conducted a survey that explored budgeting issues, why deficits occur and whether schools have strategies and supports in place to avoid or overcome them successfully. In total, 265 school leaders were surveyed; 170 from maintained schools and 95 from academies. The results were published in HCSS’ report Balancing the Books: the challenges facing schools and academies. The crucial findings outlined that a
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