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’sTreasury’s, document,‘Managing ‘Managing Public Money’,Money’, and some other related obligations.
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College staff are strongly encouraged to read thisthese guidanceguides 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.