Policy
The Board has the responsibility under the School Act to make certain that funds are expended in accordance with plans expressed through the Board’s operating and capital budgets. The Board is also held responsible under the School Act for implementing approved accounting practices and for properly controlling and monitoring expenditures.
The Board considers the annual operating budget to be a statement of the operational plans for the School District, expressed in financial terms. Once the budget is approved, a system of fiscal control must be in place to govern the administration of the budget and the receipt and expenditure of funds. The Board’s funds shall be accounted for in a manner consistent with recognized Generally Accepted Accounting Practices (GAAP) for school districts.
The Superintendent shall establish procedures that clearly delegate authority to expend funds within each budget account, establish accountability for those expenditures, and outline methods of control. The control process shall assure that expenditures are in accordance with the budgeted plan or the approved amended plan. Adequate, accurate, and timely financial information must be provided to all who hold responsibility for expenditures in order to support the control process.
The Board shall have full access to financial information as required and shall be provided with a financial report, at least quarterly, that provides information on expenditures to date by budgetary category and projections for the balance of the budget year.
Administrative Procedures
Accounting Practices
The Secretary-Treasurer shall implement and maintain a system of accounting for Board funds that is consistent with Generally Accepted Accounting Practices and conforms with the requirements of the School Act. Board accounts and transactions shall be audited annually by an auditor appointed by the Board.
Financial Controls
The Superintendent may delegate authority and accountability for a budget account to a designated budget officer. No budget officer who is delegated authority and accountability by the Superintendent for an account shall expend funds beyond the budget for that account without the written authorization of the Superintendent.
Annual Financial Statements
In accordance with the School Act, the Secretary-Treasurer shall prepare and submit for Board approval prior to September 30th of each year, financial statements for the preceding school year. Once approved by the Board, a copy of the financial statements together with the auditor’s report shall be forwarded to the Minister of Education no later than September 30th. The approved financial statements shall be published and made available to the public prior to December 31st of each year.
In accordance with the Financial Information Act, the Secretary-Treasurer shall prepare a Statement of Financial Information for the previous fiscal year. This information shall be available to the public for inspection or purchase by the dates indicated in the Financial Information Act.
