EPSB.ca » Our District » Board Policies & Administrative Regulations » C - District Administration » CVB.AR Guidelines for Carry Forward of Funds for Central and School Decision Units

Guidelines for Carry Forward of Funds for Central and School Decision Units

  • Code: CVB.AR
    Topic: Guidelines for Carry Forward of Funds for Central and School Decision Units
    Issue Date: 07/09/2016
    Effective Date: 06/09/2011
    Review Year: 2023

Objective

To outline the amount of surplus carry forward funds that a Central and School Decision Unit is able to carry forward into the next school year.

Regulation

CENTRAL DECISION UNITS 

  1. Decision Unit (DU) budgets shall be developed and implemented as balanced budgets; established using approved allocations, approved surplus carry forwards and/or required deficit repayments.

  2. Planned spending of prior year surpluses will be added to budget allocations, and deficit repayments will be reduced from current budget allocations.
     
  3. All DU Administrators shall manage their budgets in a fiscally responsible manner and are responsible for accounting for all surpluses and deficits.
     
  4. DU Administrators are responsible for monitoring spending vs. budget variances on a monthly basis.
     
  5. All Decision Units (DU's) shall be carry forward decision units unless specifically identified. Up to 3% of the prior year’s total annual operating budget (Fall Revised Budget) can be carried forward without request by a DU Administrator. DU Administrators may request with justification, to carry forward surplus funds greater than 3% of their prior year fall revised budget.
     
  6. All carry forward surplus requests shall be reviewed by the respective District Support Team member with final approval required from the Superintendent of Schools.
     
  7. All surplus funds over 3% not approved for carry forward shall be returned to general revenues to be used in the best interest of students.

  8. Final reporting on DU surplus and deficits shall be provided to the District Support Team, Superintendent of Schools and the Board by the Chief Financial Officer.
     
  9. DU Administrators shall be required to prepare year end financial surplus/deficit position projections as required.
     
  10. Notwithstanding, the Superintendent of Schools may make exceptions to any of the above guidelines in the best interest of students. 

SCHOOL DECISION UNITS 

  1. School budgets shall be developed and implemented as balanced budgets; established using approved allocations, approved surplus carry forwards and/or required deficit repayments.
     
  2. All school administrators shall manage their school budgets in a fiscally responsible manner and are responsible for accounting for all surpluses and deficits.
     
  3. School administrators are responsible for monitoring spending vs budget variances on a monthly basis.
     
  4. All schools shall be allowed to carry forward surplus funds. Surplus funds not exceeding 3% of the prior year’s total annual operating budget (Fall Revised Budget) can be carried forward without request by a School Administrator. Amounts in excess of 3% require school administration to submit a written explanation to their respective Assistant Superintendent detailing the justification for carrying forward this excess amount.
     
  5. Final approval from the Superintendent of Schools for all surplus requests is required.
     
  6. Final reporting on school surplus/deficits shall be provided to the District Support Team, Superintendent of Schools and the Board by the Chief Financial Officer.

  7. School administrators shall be required to prepare year end financial surplus/deficit position projections, as required. 

  8. Notwithstanding, the Superintendent of Schools may make exceptions to any of the above guidelines in the best interest of students.

References

CO.BP Fiscal Oversight and Accountability