Date: January 30, 2020
Responsible Administrator: Associate Superintendent Corporate Services
The creation of reserves through the regular budget process is prudent fiscal practice for:
- the purchase, replacement or upgrading of assets; and
- to stabilize the ongoing operational needs of a site.
Site budgeting and planning processes will include all pertinent information regarding their reserves.
1. Operating Designated Reserves
1.1 This fund must have a specific purpose clearly defined in the site plan and annual budget.
1.2 The purpose of the fund must be to acquire an appropriate product or service that could not normally be funded within the allocations for a single year.
1.3 The annual allocation to the fund must be consistent with the overall effective operation of the site and shall not be detrimental to the site’s programs/operation for a single year.
1.4 Where appropriate, sites must have funds and approved evergreening plans for technology, furniture and equipment, band/music and instructional resources.
1.5 School/department shall be accountable to monitor their sites finances. Site budget administrator shall provide explanation for surplus/deficit greater than 5%.
1.6 Annual school’s operating fund surplus/deficit shall be carried over into the next fiscal year.
1.7 School’s operating fund deficit shall be repaid within the next two fiscal years. Annual Department’s operating fund surplus/deficit shall be rolled into the Division’s general revenue.
1.8 Any reallocation of these funds will require the written approval of the Superintendent.
Board Policy: 405 Budget Development and Transparency
Administrative Procedures IV. Business Administration (Budget Preparation)