Guidance for the FE sector in England to help them meet ‘Managing Public Money’ requirements, and other obligations resulting from reclassification. These documents explain requirements for colleges which arise from their status as central government bodies as well as providing guidance in respect of those requirements.
In November 2022, the statutory FE sector in England was reclassified into the central government sector, meaning that colleges must now meet the overall requirements in HM Treasury’s document, ‘Managing Public Money’, and some other related obligations.
These bite-size guides on Special payments; Novel, contentious and repercussive transactions; Indemnities, letters of comfort and guarantees; Write-Offs; and Senior pay controls have been produced and published to aid colleges in this transition.
College staff [including governance professionals] are strongly encouraged to read this guidance and must take any actions necessary resulting from the new arrangements.
Where approval for transactions is now required from the Department for Education (DfE) under these new arrangements, colleges should be aware that in some cases DfE will need to liaise with HM Treasury to secure approval and should therefore allow sufficient time for these necessary processes.