Financial Management (Budgets) Policy

Adopted 17th June 2019 (Reviewed triennially thereafter)
Reviewed: May 2025 
Next review date: July 2028 

Policy Statement
The School Board has overall responsibility for the financial management of the school, but delegates the day-to-day management of the school’s finances and budget to the Principal, who, in association with the Finance Committee, is responsible for recommending an annual operating and capital budget to the School Board within the timelines specified in the governance manual. 

Finance Committee terms of reference.
Budgeting must reflect the annual plan and risk management, and demonstrate a generally acceptable level of foresight.

Purpose
At KingsGate School, the budgeting process, including preparation, communication, oversight, control, and strategic planning, will be managed by the principal and Finance Committee as outlined in the governance manual. This process ensures that all financial activities align with the school's annual plan and risk management strategies and are executed with appropriate foresight to support the institution’s goals and objectives.