Annual SRP Reconciliation
Active: January 2012 onwards
Reconciliation Process
A reconciliation process is undertaken at the end of each year to verify the schools end of year position with regards to the SRP. This process is completed in order to finalise any surplus amount to be carried forward, or deficit amount to be recovered.
Things to Check
Budget
Schools should review their budget after any change and forward any enquiries to the relevant policy unit or region.
Program for Students with Disabilities
Schools may be provided with funding through the Program for Students with Disabilities (see: Program for Students with Disabilities). This information should be reviewed and all adjustments submitted via the Program for Students with Disabilities Management System (PSDMS).
Cleaning
The cleaning allocation for a school is based on the physical dimensions of the buildings and the schools enrolments (see: Contract Cleaning). Schools should ensure that their school information in the Schools Assets Management System (SAMS) is correct to ensure that they are receiving the correct cleaning budget.
Salary Expenditure
Schools should ensure that they have been charged correctly for all staff at their school in both their normal SRP and Strategic Programs.
Credit to Cash / Cash to Credit
Schools should ensure that there are no outstanding Cash to Credit or Credit to Cash amounts remaining at the end of the year. This can be done by checking the Credit / Cash Transfer Status report for your school. If there are outstanding requests, a correction should be made during the reconciliation certification process to cancel the outstanding amount of the request.
Reconciliation Certification
The end of year certification process represents recognition by the school principal that the schools position with regards to both Strategic Programs and the SRP are correctly shown in the SRP reports; or that the position is correctly represented with the factoring in of nominated corrections or amendments.
During the reconciliation period, only adjustments submitted via the reconciliation certification process will be investigated, and no adjustments will be made to the school reports until after the reconciliation is submitted
When certifying their school, the principal has two options:
1. Certify
The SRP reports as shown accurately reflect the end of year position for the school and no amendments need to be made.
2. Certify with corrections / amendments
If the school believes that corrections or amendments need to be made, they can submit their certification with corrections or amendments attached. These corrections or amendments will then be investigated by Schools Resource Allocation Branch (SRAB) staff and appropriate action taken.
End of Year Surplus
SRP
Any Credit Surplus remaining against the schools SRP after the reconciliation process is completed is carried forward to the following year. Schools then have the option of either retaining the funds as Credit, or submitting a ‘Credit to Cash against Previous Year Surplus’ request to gain immediate access to the funds as cash. (see Credit / Cash Transfers)
Strategic Programs
Any Credit Surplus remaining against a Strategic Program at the school after the reconciliation process is completed is carried forward to the following year. It is always carried forward as credit.
If a school has a remaining Surplus amount against a Strategic Program and the program is not receiving an allocation against that program in the following year, the Regional Director may elect to transfer the surplus away from that school at their discretion.
End of Year Deficit
SRP
Any Credit Deficit remaining against the Schools SRP will be recovered from the schools Cash component in the following year. This recovery will occur against the first Quarterly Cash Grant (QCG) following the finalisation of reconciliation for all schools. If there are insufficient funds available in the first QCG to cover the outstanding deficit amount, the balance will be recovered from the following QCG's. If there remains an outstanding deficit amount after the Term 4 QCG, the school will be contacted and arrangements made for the balance to be paid, commonly by cheque.
Example 1: Recovery from Term 2 QCG
| Term 2 QCG | Term 3 QCG | Term 4 QCG | Cheque | ||
|---|---|---|---|---|---|
| QCG Amount | 50,000 | 50,000 | 50,000 | ||
| Deficit Amount | 10,000 | 10,000 | 0 | 0 | 0 |
Example 2: Recovery Starting in Term 2 and finishing Term 3 QCG
| Term 2 QCG | Term 3 QCG | Term 4 QCG | Cheque | ||
|---|---|---|---|---|---|
| QCG Amount | 50,000 | 50,000 | 50,000 | ||
| Deficit Amount | 60,000 | 50,000 | 10,000 | 0 | 0 |
Example 3: Recovery Starting in Term 3 QCG and requiring repayment by Cheque
| Term 3 QCG | Term 4 QCG | Cheque | ||
|---|---|---|---|---|
| QCG Amount | 50,000 | 50,000 | ||
| Deficit Amount | 110,000 | 50,000 | 50,000 | 10,000 |
Strategic Programs
If a school has an outstanding Credit Deficit against a Strategic Program at the end of the year, and is receiving an allocation through the SRP for that program in the following year, the deficit figure will be carried forward to the following year as a Credit, and no recovery action will be taken.
Example:
| Current Year: | $10,000 Deficit |
| Following Year Balance Carried forward: | -$10,000 |
However if the school is not receiving an allocation against the same Strategic Program in the following year, the deficit will be recovered from the schools Quarterly Cash Grants (QCG) in the same manner as it is for a deficit in the SRP. This recovery will occur against the first Quarterly Cash Grant (QCG) following the finalisation of reconciliation for all schools. If there are insufficient funds available in the first QCG to cover the outstanding deficit amount, the balance will be recovered from the following QCG's. If there remains an outstanding deficit amount after the Term 4 QCG, the school will be contacted and arrangements made for the balance to be paid, commonly by cheque.
End of Year Cash Balance
Due to budget changes or other adjustments that occur after the Term 4 Quarterly Cash Grant (QCG), there will often be an outstanding cash balance for a school at the end of the calendar year. A positive cash balance will be paid through the following year's QCG, a negative cash balance will be deducted from the following years QCG.