Number: 3.21

Title: Operating Budget

Effective date: May 2009

Re-approved date: June 2014

Supersedes: 3.21

Dated: August 2003

Purpose

To define the basis and content of the Operating Budget.

Policy

1. The Operating Budget shall contain the following revenue items:

a) FIS Primary School Revenue

b) FIS Elementary School - Revenue

c) FIS Upper School - Revenue

d) FISW Revenue

e) General - Revenue

f) Auxiliary Services - Revenue

g) Gifts and Donations - Revenue

2. The Operating Budget shall contain the following expense items:

a) FIS Primary School - Expenses

b FIS Elementary School - Expenses

c) FIS Upper School - Expenses

d) FISW Expenses

e) Physical Facilities - Expenses

f) Central Services - Expenses

g) Auxiliary Services - Expenses

h) Operation Reserves

i) Capital Allocation - Expenses

3. As a matter of policy, the Operating Budget shall balance expected revenues and expected expenses.

4. Formulation of the Operating Budget shall include anticipated inflationary increases in the costs of goods and services and changes in salaries of school employees.

5. A contingency account shall be administered by the Head of School. All allocations from the contingency account shall be reported to the Finance Committee immediately following the allocation.

6. The contingency account shall not be allocated to faculty salaries, administrative salaries or to any item related to salaries and benefits of employees of the school.