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The cupboard is bare! Get every last morsel from your school funding with flexible leasing
School funding is always a hot topic, but now more so than ever.
The Education Policy Institute (EPI) has just released the results of a massive new study into school budgets, and the vital signs aren’t great.
With many schools firmly in the red, we wanted to take this opportunity to explore how you can get more bang for your school budget.
What’s going on with school funding today?
First, let’s take a look at some of the jaw-dropping numbers from EPI’s new study:
- Nearly one-third of local authority secondary schools aren’t able to cover their costs
- One-in-10 of these schools has a funding shortfall equal to more than 10% of school income
- The average amount of debt these schools have is £483,000
- The total number of local authority schools going into the red has quadrupled over four years
So, what are people saying about this dramatic news?
Well, David Laws (the former Education Minister) pointed out how these figures showed a “marked deterioration” – even since last year.
Meanwhile, Geoff Barton, head of the ASCL head teachers’ union, believes “educational standards will deteriorate” if something isn’t done to solve the problem.
How flexible leasing makes school funding go further
We’ve tested this idea to the max and had it confirmed by countless clients; leasing school equipment on flexible terms is more cost-effective than buying it outright.
Here are the two of the reasons why:
1) Spread the cost
This study highlights how few schools have the finances to shell out for a major purchase in one go.
Flexible leasing means you can spread the cost over the full duration of the contract, with payments made on terms generally lasting three to five years. You can even defer the first payment for a full year.
Renting equipment also means you’re not tied to it until it finally dies and needs replacing. Instead, you can substitute it as soon as the terms of your contact are up, thereby reducing your financial risk.
When the cost is spread, you can also install new equipment when it’s most convenient, rather than when the lump sum becomes available. This minimises disruption and means you’re less likely to require additional services to help protect your students during the installation period.
2) Cover all the extras
When you buy new school equipment outright, you’re investing in much more than the technology itself.
Instead, you’re committing to all costs involved in the installation, staff training, inspections, maintenance, and eventual replacement and removal. But, that’s not the case when you hire equipment with Utility Rentals.
Our contracts mean that all of these elements are covered by your single fee. This helps you spread the cost further and cover any unexpected outgoings that might crop up down the line.
So, with much concern in the air about school funding, remember there are alternative options out there that will help your budget go further.
Get the equipment your school needs when you need it with a little help from the friendly Utility Rentals team.