The idea behind local financial management for schools (LFM) is to hand over to schools themselves as much freedom as possible to spend the money available in a way best suited to their needs. This book provides a description of the state of the art of LFM, aiming to offer guidance on how to put it into practice. The first part gives an account of how LFM works in practice, based on the Cambridgeshire model. This is followed by a set of personal perspectives from people in positions affected by LFM - governors, primary and secondary heads, education service employees, finance officers and others whose work is changed or influenced by LFM. The third part looks at possible developments for schools in the future. Also included are questions, discussion topics, role play and simulation suggestions. The book is aimed particularly at headteachers, school governors and those working for local education authorities.