8001.1 Budget Development, Monitoring & Reporting

 

POLICY NO.:            8001.1                       DATE APPROVED: April 30, 2018

 SUBJECT:    Budget Development, Monitoring and Reporting

Policy

The Board of Education is committed to providing a transparent process for developing, monitoring, and reporting its annual budget.

A transparent process will improve the financial governance and accountability of the school district for the development, monitoring, and reporting of its Annual Budget.

References: School Act, Part 8, Division 2, Sections 110 to 113

 

Regulations

 

  1. The Board of Education will meet its responsibilities through the adoption of the District’s Strategic Plan.

 

  • The Strategic Plan will guide the process for identifying priorities and setting goals to inform operational strategies and budget decisions.

 

  • The Strategic Plan, and an update on progress on each of the goals of the plan, will be provided annually to all education and community stakeholders.

 

  • The Strategic Plan will be made available on the school district website.

 

  • The Superintendent will conduct a review of the current Strategic Plan, and lead the consideration of a new Strategic Plan, undertaking the appropriate public consultation, at the beginning of the final year of the current plan.

 

  1. The Board of Education will establish a ten year Long Range Facilities Plan in accordance with guidelines provided by the Ministry of Education and the needs of the school district.

 

  • The Long Range Facilities Plan will identify for consideration the current condition of school district facilities, projected student enrolment for a period of ten years, and surplus properties of the school district.

 

  • The Long Range Facilities Plan will be made available on the school district website.

 

  • Senior Administration will conduct a review of the current Long Range Facilities Plan at the end of the third and sixth years of the current Long Range Facilities Plan and undertake appropriate consultation to make necessary adjustments.

 

  • An external consultant may be engaged at the end of the ninth year of the Long Range Facilities Plan to work with local governments and other stakeholders on future developments, school enrolment, and school site requirements.

 

  1. An Expanded Committee of the Whole – Budget Consultation may be convened annually to facilitate development of the annual budget.

 

  • The Expanded Committee of the Whole – Budget Consultation will be guided by the Mission, Vision, Values and Goals of the Strategic Plan approved by the Board of Education.

 

  • The Board of Education will approve the Terms of Reference of the Expanded Committee of the Whole – Budget Consultation by January 31st of each school year.

 

  • The membership of Expanded Committee of the Whole – Budget Consultation may include representatives from stakeholder groups.

 

  • The Expanded Committee of the Whole – Budget Consultation will report to the Board of Education at a regular public meeting prior to first reading of the Annual Budget Bylaw.

 

  1. Annually, the Board of Education will meet with Senior Administration and department managers to discuss department priorities and budget opportunities and challenges. School budgets will be developed out of this process in consultation between the Assistant Superintendent and Secretary-Treasurer’s office.

 

  1. Monthly, from September to June, the Committee of the Whole will receive a financial update on all school and department operating fund accounts from the Secretary Treasurer and the Controller.

 

 

 

 

Administrative Procedures:

 

  1. All purchases in excess of $5,000 will be reviewed by the Finance Department staff to ensure that the purchase is charged to an appropriate general ledger account, and that it is approved by an authorized department manager or staff member.

 

  1. All invoices over $25,000 will be reviewed by the Secretary Treasurer or Controller prior to processing for payment.

 

  1. Annually, all schools and departments will confirm their staff with authority to expend allocated budget to the Finance Department.

 


Budget and Financial Reporting Timeline

 

Month Action Responsibility
     
January or February Regular Board Meeting – consideration of the Amended Annual Budget Bylaw. (School Act Section 113 (2)). Committee of the Whole and Secretary Treasurer
February Submit estimate of the number of students who may be enrolled in educational programs provided by the Board in the next school year to the Ministry of Education

 

Identify and approve budget assumptions for the next school year with reference to the Strategic Plan

 

Review annual remuneration for trustees in accordance with Policy #1008

Secretary Treasurer

 

 

 

 

Senior Administration

 

 

 

Committee of the Whole and Secretary Treasurer

Spring Consider  Expanded Committee of the Whole for Budget Consultation

 

Convene Budget Consultation meeting with all department heads

Chair, Finance & Audit Committee

 

Chair, Board of Education

May/June School Organization Process

 

Receive any reports on Budget Consultation

 

Consider first, second, and third and final readings of the Annual Budget Bylaw

Assistant Superintendent

 

Board of Education

 

Chair, Board of Education

June June 30 – Deadline for adoption and submission of Annual Operating Budget School Act (Section 113 (1)(a)) Secretary Treasurer
September Approve the audited financial statements

Review Appropriated Operating Surplus balances as at June 30

Board of Education

Finance & Audit Committee

December Submit Statement of Financial Information to the Ministry of Education Secretary Treasurer

 

Originally Approved: April 30, 2018

Revised:                                                                                                       Policy No. 8001.1

 

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