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Policy Appendix L: Finance Committee Budget Assumptions

As a Board, we expect the following in relation to the Division’s Finances:

  1. Consistency with Board Goals and Policies
    1. Funding should be allocated to facilitate Provincial and Board Goals, plus Strategic Initiatives
  2. Expenses will not exceed Revenues PLUS Accumulated Surplus
  3. Budgets must consider Long Range Planning
    1. Sustainability of identified programs must be considered in budget planning
  4. Use of Reserves/Surplus for each Allocated Budget Area should be based on Division priorities.
  5. Budgeted Accumulated Surpluses shall not exceed legislated limits unless given prior approval by the Board and the Minister of Education. 
  6. Capital Reserves shall be utilized to ensure future planning for capital expenditures.
  7. Transfer of funds between Allocated Areas cannot occur without a pre-authorized motion of the Board.
  8. Budget development and planning should gather input from the appropriate budget centre manager, including an assessment of risk coverage.
  9. Budget figures should be based on the previous year’s actual expenditures as opposed to across the board increases based on a set percentage rate. In-year reallocation of budgeted funds towards capital expenditures needs to be presented for approval by the Board.
  10. Budget revenues received and allocated should be spent in the areas for which they have been applied. (ie. Inclusive Education, First Nations, Metis and Inuit (FNMI), Infrastructure Maintenance Reserves, Capital Projects, etc.)
  11. Accumulated Surplus/Deficits must be identified in budget submissions to the Board. These may be in the form of “Notes” on the document.