Number: 3.24
Title: Capital Budget
Effective date: May 2009
Re-pproved date: June 2014
Supersedes: 3.24
Dated: May 2002
Purpose
To define the basis and content of the Capital Budget.
Policy
1. The Capital Budget shall be a statement of Capital Expenses required in the fiscal year.
2. Each fiscal year, in accordance with the Budget timetable, the Administration shall provide guidelines to the school as a basis to prepare the Capital Budget. Subsequently the Administration shall prepare the Capital Budget considering the projects proposed by the school and the financial guidelines given.
3. The Board shall approve both the size and structure of the Capital Budget in accordance with the budget timetable.
4. The annual depreciation shall be established by computing the following formula for buildings and equipment owned and operated by the school for educational purposes or in support of the school's operation and totalling the results of the formula for all such buildings and equipment:
R/L where
R is the historic cost value of each building and each equipment
L is the estimated useful life (in years) for each such building and each such equipment
5. The Board shall aim to spend the equivalent of depreciation annually on capital renewal, renovation and replacement, funding fully by the expense item "Capital Allocation".