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What 5 Year Agreement funding is for
Schools receive 5YA funding for capital upgrades on property owned by us. The funding covers a 5-year period and can be used for upgrades, modernising or replacement works on existing buildings.
How funding is calculated
Schools receive a base funding rate of $30 per square metre for property owned by us. We apply a minimum rate of $45,000 to all small schools and new schools.
We calculate the funding amount based on the lesser of:
- the actual area of buildings we own at the school in gross square metres
- the gross area your school is entitled to under the school property guide, plus other legitimate areas we have approved funding for.
Go to the property portal to see the area your school gets funding for.
Targeted funding
Schools can receive targeted funding on top of base funding in some cases.
Schools with buildings older than 30 years
We pay some schools a catch-up rate when:
- the school has received less than $40 per square metre since 1992/1993 and
- the average building age of the school is older than 30 years.
Isolation index
Schools with an isolation index number over 1.27 receive an isolation rate.
Targeted funding for isolation
Calculating the budget and planning
We will provide you with the details of how your 5YA budget is calculated when we send you the confirmed budget.
If there is not enough funding available to cover priority works identified in the planning process, talk to your property advisor.
Money from surplus property sales
We add any proceeds from property sales to your 5YA funding.
Following the 5YA spending rules
Your 5YA funding allocation is one of the inputs into your 10YPP. Once we've approved your 10YPP we'll send you a letter giving our approval and include 2 copies of your 5YA for signing by the board. This is a formal agreement between us and your school board outlining how you will spend your 5YA budget.
You need to follow these rules when deciding how to use your 5YA funding in your 10YPP.
- Capital work
Capital work must meet these criteria.
- The work:
- creates new asset
- replaces an existing property or assets
- substantially upgrades existing property.
- As a result of the work:
- a new asset is created in our balance sheet, or
- an existing asset needs to be updated in our balance sheet.
- Projects included in your 5YA need to be over $5,000 in the 10 Year Property Plan. You cannot use 5YA funding for maintenance.
- The work:
- Work on existing buildings
You must use your 5YA funding to pay for work on existing buildings.
There are 2 exceptions where you can build new areas using 5YA funding:
- When you replace an existing building that has reached the end of its useful life. You cannot increase the net area of school buildings.
- When you have a priority 3 project that requires extending an existing block in your School Evaluation of the Physical Environment. This is known as a footprint extension.
All footprint extensions must be approved by us.
- Work on buildings we own
Your 5YA funding can only be used on buildings and facilities we own. If a building is jointly owned by the school board and by us, project costs will be split based on the ownership percentage.
You can't use 5YA funding to pay for work on community or board-owned buildings and structures, or build on land we don't own.
- Unspent funds
At the end of the 5YA cycle, any unspent funds will be transferred to your next 5YA period.
