A total of 40 schools across Mansfield could see an increase in funding, according to information provided by education chiefs.
However, 20 schools could see their funding slashed by thousands of pounds, according to figures from the Department for Education (DoE).
New government plans propose a new single National Funding Formula (NFF), to be introduced for all schools starting from September next year.
The DoE is making changes to the way it funds schools to try and close the gap between different geographical areas, with some schools expected to receive more funding.
The formula includes 13 factors such as deprivation, sparsity, geographic funding and per-pupil funds.
Ministers say the changes will ensure similar schools in different parts of the country receive a similar level of funding per pupil.
According to the DoE figures, the Mansfield school which will benefit most from the shake-up is Crescent Primary School, on Booth Crescent – set to receive a funding boost of £125,000.
However, more than half of schools across Nottinghamshire could face cuts in funding, the data has revealed.
If plans go ahead Dukeries Academy, in New Ollerton will be hardest hit, with a loss in funding of £110,000
Principal Ian Barton said the National Funding Formula will have a ‘significant impact’ on the school.
He said: “The introduction of a national funding formula at a time of wider financial constraints within education is something of a challenge.
“The Dukeries Academy is sponsored by Academy Transformation Trust (ATT) which, like all trusts, has had to deal with significant funding cuts over the past three years as well as significant staff cost increases like National Insurance and staff pensions.
“Despite these changes, The Dukeries Academy must continue to improve education and offer outstanding provision to pupils.
“This is reflected in measures such as progress scores and Ofsted inspections, however to achieve this costs money.
“These cuts will have significant impact on the way The trust’s academies will be resourced in the future.
“As a trust, ATT is doing everything it can to drive efficiencies through working smartly as a multi-academy trust, and this provides opportunities to purchase non-staff costs as a group of academies to provide better value for money.”
The new funding plan has also been criticised by Mansfield MP Sir Alan Meale.
He said: “The new formula is both unfair and doesn’t make sense, in what is widely accepted as an area of need we are seeing millions cut from the budget and individual schools.
“The reality is that the Government is planning to cut an average of 8 per cent per pupil in all schools in England and Wales.”
In general, money is being redistributed out of London towards the shires and to coastal areas.
However, analysis by teachers’ unions published as part of the national funding formula consultation, indicates 99 per cent of schools will face cuts in per pupil funding.
Christine Blower, general secretary of the National Union of Teachers, the largest teachers’ union, said:“The Government’s so-called ‘fair funding’ proposals will impose huge funding cuts on many schools unless additional funding is made available.
“Schools are already suffering real-terms cuts to per pupil funding, at the same time as having to cope with the significant additional costs imposed on schools through pensions and National Insurance changes.
“Many schools are already cutting back on staff and increasing class sizes.
“Teachers’ pay continues to fall behind other graduate professions despite increasing problems with teacher recruitment and retention.
The figures presented are part of an initial Government consultation and may alter when the 2019 launch date for the scheme approaches.
Questions have also been raised over validity of the figures as many local authority areas in the country are having a payment cap imposed of between 1.5 and 3 per cent – meaning the amount individual schools receive is significantly lower than those officially stated by the Department for Education.
A Department for Education spokesperson said: “The government has protected the core schools budget in real terms since 2010, with school funding at its highest level on record at more than £40bn in 2016-17.
“But the system for distributing that funding across the country is unfair. We are going to end the historic post code lottery in school funding and under the proposed formula, more than half of England’s schools will receive a cash boost. In Nottinghamshire funding would go up by 0.8 per cent, over £3.5m, if the proposed new funding formula was implemented.”