Municipal Contributions: FIN 114
Adoption Date: October 25, 1999
Revised: April 2, 2007
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.
To ensure that payments of municipal contributions are received on a monthly basis in accordance with statute.
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.
This policy has been authorized by the Board under motions number....
It is the responsibility of the Director of Finance to ensure that this policy is implemented.
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.
This policy will be reviewed by the Director of Finance within three years from the authorization date.
All Policy Manual Holders
To charge your account for the mandatory municipal contribution for 1997/98 based on the 1997/98 budget of the Cape Breton-Victoria Regional School Board.
Total Contribution for the Year $ ________________
Amount due for the month of $ ______________
NOTE-INVOICE TO BE PAID BY ____________________________________