Policy

Policy 4000 - Fiscal Responsibility

1. PURPOSE

1.1.

The Surrey Board of Education is responsible for providing the best possible educational experience to its students in a fiscally responsible and transparent manner through financial leading practices, prudent use of taxpayer funds, and in accordance with relevant government and legislative requirements.

2. POLICY

2.1.	In accordance with the School Act, the Secretary-Treasurer is the Chief Financial Officer and is responsible for presenting the financial plan of operation to the Board of Education.
2.2.	The annual budget and a three-year financial plan shall serve as the financial plan of operation for the district as covered in Policy 4203 – Budget Development.
2.3.	In accordance with the Ministry of Education and Child Care’s Accumulated Operating Surplus Policy, the Board of Education must prepare a balanced annual budget.
2.4.	To support effective planning, that includes risk mitigation strategies, the Board of Education will maintain a reasonable amount of unrestricted operating surplus in accordance with Policy 4010 – Management of Operating and Capital Funds.
2.5.	Financial results will be audited, on an annual basis, in accordance with Canadian Generally Accepted Accounting Standards.

3. REFERENCES AND RELATED DOCUMENTS

3.1.	Financial Planning and Reporting Policy, Ministry of Education and Child Care
3.2.	Accumulated Operating Surplus Policy, Ministry of Education and Child Care
3.3.	School Act, section 23 (2), School Act Regulation 7 (1) (a)

4. AUTHORITY AND RESPONSIBILITY

4.1.	Secretary-Treasurer
4.2.	Finance Director

5. HISTORY

Approved:

2024-03-13