04:56AM, Friday 27 June 2014
A rescheduling of a loan repayment scheme for Windsor Boys' School has been agreed to prevent pupils and parents from 'paying for the excesses of the past'.
The Royal Borough's cabinet agreed to the change in the repayment schedule at its monthly meeting on Tuesday, after the Maidenhead Road school faced a £200,000 reduction in its budget for 2014/15.
The school has already paid off £271,680 of the £654,634 loan which was granted by the Royal Borough in 2012 in order to deal with an accumulate deficit in the school's budget.
A payment of £127,651 will now be made by the school per year until the loan has been repaid in 2016/17.
Speaking at the meeting, Cllr Simon Dudley (Con, Riverside), lead member for finance, said: "We all want to see a strong and vibrant Windsor Boys' school.
"What is important is that we have a successful school. We do not want pupils and parents to pay for the excesses of the past."
The school was graded as 'requires improvement' by Ofsted after an inspection in May, 2013, but a visit by the council's internal audit team in October noted good progress towards a 'good' grade.
It is also predicted that the school will achieve an improved figure of 70 per cent of pupils achieving five A*-C GCSEs including English and Maths in 2014, compared to 62 per cent in 2013.
Cllr Phill Bicknell (Con, Park), lead member for children's services, said: "I believe this school is on the way back up and is set for good results."
Any further deferral of the loan payments made by the school will attract an interest charge of at least five per cent and any surplus in the school budget must be go towards paying the loan off.
The meeting was held at Windsor Guildhall.
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