8001 Annual Operating Budget

POLICY NO.:                8001                             DATE APPROVED:       1999-12-08

SUBJECT:                    Annual Operating Budget

Policy

Significant adjustment and/or new programs shall be reviewed by the Board prior to the commitment of funds.  Priorities within the existing financial framework will be discussed by the Board.  A significant adjustment is defined as the transfer of allocated funds from one general appropriation category to another, an anticipated over-expenditure of funds, or a re-allocation of the use of funds from the intent of the original budget.

Timelines

Committee of the Whole (November)Budget Committee Meeting dates determined by the Committee   of the Whole (Year 1/ Amended Annual Budget from Ministry)
Board Meeting in FebruaryRequest three readings of By-Law  – Year 1 Budget (Final)If not three readings, request Special Board Meeting for 3rd   reading
End of FebruarySubmission of Amended Annual Budget(Year 1)
Committee of the Whole (March)Budget Committee Meeting dates determined by the Committee   of the Whole (Preliminary/Year 2 Budget)
Beginning of AprilDecision on referendum, to meet legislative requirement of   at least two weeks prior to referendum being held (Note:  date determined by Ministry each year)
Early to mid-AprilReferendum particulars must be advertised once each week   for two weeks
Mid-AprilReferendum vote – date determined each year by Ministry
Board Meeting in JuneRequest three readings of Annual Budget/Year 2 BudgetIf not three readings, request Special Board Meeting for 3rd   reading