Financial Management (Budgets)


Adopted 17th June 2019

The next review date is May 2023


Policy Statement

The BOT has overall responsibility for the financial management of the school but delegates the day-to-day management of the school’s finance and budget to the Principal, who, in association with the Finance Committee, is responsible for recommending an annual operating and capital budget to the BOT within the timelines specified in the Finance Committee terms of reference.

Budgeting must reflect the annual plan, risk management and show a generally acceptable level of foresight.


Procedural Guidelines

The budget should:

Reflect and promote the results sought by the BOT as defined in the Charter.


Budget Preparation:

The Principal and Finance Committee will prepare a draft budget in October of each year. A conservative forecast of available funds to budget will be produced by the Principal and the Chair of the Finance Committee based on student roll projections, the special character donations and a MOE calculation of income generated. The draft budget will be closely aligned to any strategic decisions outlined in the BOT’s strategic charter and annual plan. Moreover, all foreseeable operational costs will be included to ensure that these areas are well resourced.


Budget Communication

The draft budget is presented to the Finance Committee for their consideration and approval before the November BOT meeting. Once approved, the budget is presented at the November meeting for BOT ratification. Once ratified, the final budget will be shared with the various budget holders who will then begin the process of spending.


Budget Oversight and Control

The oversight of all budgets rests with the Principal and Administrator. Various budget holders will report to the budget overseers in their area of responsibility but the responsibility and accountability to oversee these budgets rests with the budget overseers.


The budget will close in on 1st December each year. Budget holders will endeavour to keep within their allocated budgets and present to the Principal any requests for further spending in advance.


Strategic Planning and Resourcing

The Principal, in consultation with the Senior Leadership Team will annually present a request of extraordinary one off expenses or special projects for the Finance Committee’s consideration. At certain stages of the year, the Finance Committee can recommend to the BOT for a release of funds as and when finances permit.

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