School District 72 (Campbell River) - Financial Planning And Reporting Policy.pdf

This policy outlines the financial management framework for School District 72 (Campbell River), emphasizing accurate record-keeping, efficient fund utilization, and alignment with educational goals. Key points include:

- Record Keeping: The District must maintain detailed records of all revenues and expenditures in accordance with legal guidelines, ensuring auditability and continuous planning support.

- Financial Position: Maintaining a strong financial position is crucial. Reserve funds are to be established for extraordinary needs, equipment replacement, and fixed asset replacement.

- Budget Development: The annual budget process supports the Board's Strategic Plan, with specific strategies outlined in school and department annual plans. This involves consultation with stakeholders and Indigenous rights holders.

- Budget Components: The policy details the roles and responsibilities for budget development (Secretary-Treasurer) and approval (Board), including regular updates on budget processes, timelines, and long-term financial planning.

- Financial Updates: Twice yearly, the Secretary-Treasurer provides a financial update to the Board, outlining budget status, forecasts, and variances. Significant deviations from the approved budget are reported.

- Financial Statement Analysis: Annually, a Financial Statement Discussion and Analysis (FSDA) Report is submitted, explaining financial statements and adhering to relevant policies.

- Significant Changes: Any report recommending substantial financial changes includes a financial analysis and impact statement.

The policy references relevant sections of the School Act and related regulations, with annual monitoring and adoption as of June 21, 2022.