Municipal Contributions: FIN 114

FINANCE: 100

Municipal Contributions: FIN 114

Adoption Date: October 25, 1999

Revised: April 2, 2007

Scope

This policy is designed to cover contributions from the two supporting Municipal Units contained within the boundaries of the Cape Breton-Victoria Regional School Board i.e., Cape Breton Regional Municipality and the Municipality of the County of Victoria.  This procedure conforms with Section 3.(O), 73, 74, 76 of the Education Act governing municipal contributions to School Boards.

Purpose                      

To ensure that payments of municipal contributions are received on a monthly basis in accordance with statute.

Policy Statement        

It is the policy of the Cape Breton-Victoria Regional School Board that Municipal contributions are billed and received on a monthly basis in accordance with the Education Act.

Cross Reference

Authorization             

This policy has been authorized by the Board under motions number....

Responsibility            

It is the responsibility of the Director of Finance to ensure that this policy is implemented.

Implementation

Procedures                            

1.         The Municipal Units are required to make monthly instalments equal to one twelfth (1/12) of each Municipal Unit's share of the approved School Board budget.  Each unit's share is calculated by multiplying the assessment by the basic Education Tax rate.

2.         Billings to the Municipal Units will be billed monthly.  Invoices (copy attached) are issued on the first (1st) of each month to be paid on or before the fifteenth (15th) of said month.

3.         In the interim period between the end of the fiscal year and the approval of the succeeding years budget by the Municipal Units, monthly invoices are still issued and due on the basis of the previous years allocation.

4.         When the current Board budget is approved by the units a retroactive adjustment is made on the next invoice to bring each unit up to a current basis.

5.         Interest will be charged on all overdue payments at the prevailing interest rate charged by the Board's banker.

Related Guidelines                

Education Act

Associated Forms

Policy Review            

This policy will be reviewed by the Director of Finance within three years from the authorization date.

Distribution                            

School Principals

Coordinators

Directors

Supervisors

Managers

All Policy Manual Holders

FIN 114a