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Budget Policy & Procedure: FIN 105

BUDGET POLICY AND PROCEDURE

 

FINANCE: 100

Budget Policy & Procedure: FIN 105

Adoption Date: October 25, 1999

Revised: April 2, 2007

 

Scope 

This policy and administrative procedure applies to all the administrative staff of the Cape Breton-Victoria Regional School Board.

 

Purpose                      

To establish the methods to be employed for the preparation, review and approval of the Cape Breton-Victoria Regional School Board budget.

 

Policy Statement        

It is the policy of the Cape Breton-Victoria Regional School Board to prepare an annual budget outlining the Board's expenditure priorities in relation to the estimated revenues available to the Board from all sources for the upcoming fiscal year.   The two main uses of the budget are:  1)  internal resource allocation (planning) and 2) for control.

 

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 the Budget Procedure is implemented.

 

Implementation                     

The procedure will be implemented by the budget team which will be comprised of the following personnel:

-Superintendent

-Directors

-Coordinator of Finance and Accounting

-Board Chair

Other Human Resources of the Board will be called upon as necessary to deliver the services required by members of the budget team.

 

Procedures                            

General

Areas to be addressed in defining the budget procedure are as follows:

l.   Preparation-Preliminary Budget

2.  Budget Versus Actuals

3.  Budget Review and Approval

4.  Time Frame

5.  Distribution

 

1.         Preparation-Preliminary Budget

The major budget cost centres together with those responsible for determining the human and other resources necessary will be as follows:

1.1     Cost Centre 
Responsibility
1.1.1 Regional Board Management Superintendent
  Director of Human Resources
  Director of Finance
  Director of Operations
  Director of Programs and Student Services
  Coordinator of Finance and Accounting (Resource)
   
1.1.2 Board Governance Director of Finance
   
1.1.3 Instructional and School Services Superintendent
  Director of Programs and Student Services
  Director of Human Resources
  Coordinator of Finance and Accounting (Resource)
   
1.1.4 Student Support  Superintendent
  Director of Programs and Student Services
  Director of Human Resources
  Coordinator of Finance and Accounting (Resource)
   
1.1.5 School Management & Support  Superintendent
  Director of Programs and Student Services
  Director of Human Resources
  Coordinator of Finance and Accounting (Resource)
   
1.1.6  Property Services  Superintendent
  Director of Operations
  Director of Finance
  Director of Human Resources
  Coordinator of Finance and Accounting (Resource)
   
1.1.7  Pupil Transportation Superintendent
  Director of Operations
  Director of Finance
  Director of Human Resources
  Coordinator of Finance and Accounting (Resource)
   
1.1.8 Adult and Community Schools Superintendent
  Director of Finance
  Director of Human Resources
  Director of Programs and Student Services
  Coordinator of Finance and Accounting (Resource)
   
1.1.9 Other Programs  Superintendent
  Director of Finance
  Director of Human Resources
  Director of Programs and Student Services
  Coordinator of Finance and Accounting (Resource)

1.2        The costing of the goods and services requested in each cost centre will be completed by Finance and reviewed with those persons responsible for their respective area.   When all cost centres have been finalized the master budget will be compiled from all expenditures submitted.

1.3        Provincial revenues will be determined from the Board Profile Sheet sent by the Minister of Education.  The basic education tax (municipal appropriation) is also indicated on the profile sheet and is based on uniform assessment.  Other revenues may include income from federal agencies and Board initiated revenue.

 

2.         Budget Versus Actuals

2.1        The detailed expenditures and revenues of the previous fiscal year are compared with the preliminary estimated detailed expenditures and revenues of the budget year.  This comparative schedule of budget and actual figures is prepared by Finance in the first part of May and provides a variance indicating the increase or decrease in each category.

2.2        Any significant variation between budget and actual expenditures/revenues are documented and explained.   The preliminary budget is again reviewed with the budget team to determine if any adjustments should be made as a result of these variations.

 

3.         Budget Review and Approval

3.1        As indicated above, an in-depth review of the budget is conducted by the budget team in view of the actual expenditures and revenues from the previous year.  Once this is completed the budget is presented to the Management Committee of the School Board for their review, discussion and recommendation.

3.2       The budget and the Management Committee's recommendations are brought to the Regional School Board for review.  When the School Board has accepted the Statement of Estimated Expenditures and Revenues, copies are sent to the two participating Municipal Units for their council's final approval.

 

4.         Time Frame

4.1        Preparation-Preliminary Budget

            Budget preparation for a given fiscal year April 1 through March 31 will commence in January of the preceding fiscal year.  Most staff  changes in payroll have been experienced by this time and an accurate calculation on salaries can be done.   Subject to receipt of the provincial funding, the Revenue section will also be completed.

4.2        Budget Versus Actuals

            With the close of the fiscal year in March, our examination of the year-end actual expenditures and revenues with the preliminary budget will take place in early May.

          4.3        Budget Review and Approval

            The Management Committee will review the draft budget.   A budget study session by the full School Board will be held as soon as possible after the Management review. Budget data and revisions may be requested from the budget team prior to Board approval.  Subject to Board approval, the budget is submitted to the Municipal Units.

 

5.         Budget Distribution 

Upon approval, a complete copy of the final budget will be distributed as follows.

  • Department of Education - Halifax, Nova Scotia (Director, Public Education Grants and Finance-also Department of Education budget form).
  • Regional Education Officer (also Department of Education budget form).
  • Municipal Units:
  1. Cape Breton Regional Municipality
  2. Municipality of the County of Victoria
  • School Board Members
  • Superintendent
  • Directors
  • Coordinator of Finance and Accounting
  • Coordinator of School Services

                                            

Related Guidelines    

Education Act

Regulations Under the Education Act

Report of the Education Funding Review Work Group

Regional Board Financial Handbook

Employee Contracts

Hogg Formula Report

 

Associated Forms

 

             

Policy Review            

It is the responsibility of the Director of Finance to review within three years of authorization date.

 

Distribution                

Policy Manual Holders.


CB-VRSB

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