Policy

Policy 4100 - Internal Controls, Expenditure Management & Expenditure Reimbursement

1. PURPOSE

1.1.

In accordance with the School Act, the Secretary-Treasurer is the chief financial officer and as such, is responsible, along with all senior management, for establishing, monitoring and maintaining a risk-based system of internal control over financial management to provide reasonable assurance that:

a)	public resources are used prudently and in an economical manner;
b)	financial management processes are effective and efficient; and
c)	relevant legislation, regulations and financial management policy instruments are being complied with.

1.2.

The Secretary-Treasurer is also responsible for ensuring that prompt corrective action is taken when control weaknesses and material unmitigated risks are identified.

1.3.

As part of an effective internal control environment, a robust expenditure management system is necessary to ensure that financial assets are appropriately managed and safeguarded

2. DEFINITIONS

2.1.	Senior management classification include director level and above.

3. POLICY

3.1.	Expenditures must be approved through the district’s budget development process as per Policy – 4203 Budget Development.
3.2.	Budget approved expenditures and related reimbursements must be managed in accordance with Procedure 4100.1 – Internal Controls, Expenditure Management & Expenditure Reimbursement.
3.3.	In exceptional circumstances, an expenditure not approved through the district’s budget process, per 3.1 above, may be considered and requires a business case per Procedure 4100.1 – Internal Controls, Expenditure Management & Expenditure Reimbursements. In all cases, written authorization is required by both the Superintendent and Secretary- Treasurer. Any expenditures so approved will be reported to the Board of Education in a timely manner.

4. REFERENCES AND RELATED DOCUMENTS

4.1.	Financial Planning and Reporting Policy, Ministry of Education and Childcare
4.2.	Accumulated Operating Surplus Policy, Ministry of Education and Childcare
4.3.	Province of BC’s “Core Policy and Procedure Manual”
4.4.	School Act, section 23 (2), School Act Regulation 7 (1) (a)
4.5.	Policy 4203 Budget Development
4.6.	Procedure 4100.1 – Internal Controls, Expenditure Management & Expenditure Reimbursements

5. AUTHORITY AND RESPONSIBILITY

5.1.	Secretary-Treasurer
5.2.	Finance Director

6. HISTORY

Approved:

2024-03-13