FINANCIAL MANAGEMENT

Background

Fiscal management requires the maintenance of adequate and accurate records.  Further, the revenues of the District are to be administered in a manner that will ensure the most efficient utilization of funds.

Budgets must project the educational policies and goals of the District for specific future periods in terms of resources and expected results, incorporating long-range programs and fiscal planning in line with the educational needs and financial capabilities of the community.

Procedures

1. The District shall maintain records of all its revenues and expenditures in accordance with PSAB (Public Sector Accounting Board), the School Act, and Ministry of Education financial reporting guidelines. All such records are subject to audit.
   1. District records shall ensure the availability of information for continuous planning, analysis and evaluation.
2. The maintenance of a strong financial position is fundamental to the District’s overall fiscal strategy, and as such, reserve funds are to be established to support extraordinary needs, the replacement of depreciated equipment, and the replacement of fixed assets.
3. Financial and human resources expended are to support the achievement of educational and business goals.
4. The annual budget development process for the operating, special purpose funds, and capital budgets shall support the Strategic Plan of the Board.
5. Operating, Special Purpose Fund, and Capital Budget Development Process
   1. The Superintendent shall be responsible for the finalization of the operating, special purpose fund, and capital budgets, and shall ensure they are presented to the Board at a public meeting within the required timeline.
   2. The Board shall be provided an opportunity to influence the budget development processes prior to significant consultation occurring with stakeholders and shall be informed of any significant program changes prior to the presentation of the finalized annual budget and amended annual budget.
   3. All operating, special purpose funds, and capital budget decisions shall fully consider the District’s core values, beliefs, vision, philosophy, mission and goals.
6. The Secretary Treasurer shall provide to the Board regular financial updates on the District’s financial results in comparison to budget.
   1. These reports shall outline the status of the budget and forecasts for the remainder of the year.The Secretary Treasurer will advise the Board of significant deviations from the approved budget.
   2. This financial update shall include the following reports:
      1. The current and prior year budgeted amounts, actual revenues and expenditures;
      2. The projected year end actual results;
      3. The projected actual versus budget variance amounts.
   3. Where an overall (accumulated) operating deficit is projected, the report shall include a range of strategies and actions to partially or fully mitigate the projected deficit.
7. Any report brought forward to the Board, which makes recommendations or provides information for discussion on significant potential financial changes within the District, must include (or be accompanied by) a financial analysis and financial impact statement.