Business Administration AP 500: Fiscal Management

Background

The Division recognizes that its primary purpose is to provide the best possible education for the children in its care within the limits of established curriculum and the financial resources available. It, therefore, directs that a long-term financial plan (based on approved planning factors) be developed for the District, that the plan be reviewed and updated at least annually, and that annual District budgets be governed by considerations derived from the Three Year Education Strategic Plan.

Procedures

1. The District's financial plan will:
   1. Reflect the mission, goals, objectives, and priorities of the District and the Province;
   2. Achieve an immediate short-term and long-term balanced condition with regard to revenues and expenditures;
   3. Provide for realistic annual student population growth targets by sector recognizing local employment conditions;
   4. Secure funds relative to need on the basis of District goals and priorities.
   5. Ensure that the annual budget considers the realities of revenues, expenditures, and impacts on the District.
   6. Protect the longer-term economic future of the District through:
      1. The development of balanced budgets;
      2. The prudent management of District business affairs; and
      3. The commitment of time and other resources to systems' improvements.
   7. Ensure the application of accepted accounting principles at the District and school levels.
      
      
2. The following statements are intended to serve as a guide for District decisions relative to the District's long term financial goals and in support of the fiscal management procedures:
   1. Establish procedures which will control per-student costs while continuing to improve services provided to the public and the quality of education provided to students;
   2. Review programs on an annual basis in terms of obsolescence and duplication relative to student interest in accordance with the District's mission, goals and objectives. Program expansion and contraction to be limited by the annual District budget;
   3. An accumulated surplus position is to be maintained at the level required in the Funding Manual;
   4. Support the Capital Plan for growth and expansion on the basis of local, provincial and national indicators. Ensure short term capital requirements are included in the Capital and Finance Plan; and
   5. Help ensure that all property and buildings are used efficiently, by including the following in the long range facilities plan:
      
      1. When building utilization is maintained at a minimum system level of 85% provincial funding is maximized on future building construction needs;
      2. Generate interest from surplus funds in order to assist with balancing annual budgets, and develop administrative procedures for cash management system in order to ensure maximum yield on investments of available cash.