Budget

Budget

The finance committee (Principal, Board Treasurer, Financial Consultant[School Support] and School’s Executive Secretary) draft a budget for each year. The budgeting responsibilities of staff include monitoring expenditure and providing information for forward planning. In drafting the budget, the identified priorities of the school and professional development planning are considered.

Draft:

1) Produce a budget for the coming year based on historical records and known amendments and present it to the Board for approval by the last meeting of the year.

Monitoring:

2) Keep expenditure within budget and report monthly to the Principal and Board on performance against that budget.

* Monitor budget control and cashflow monthly by cross referencing expenditure and income.

* Report expenditure outside the budget to the Board.

Reporting:

3) Ensure all expenditure, and commitment of expenditure, is discussed within the Board’s delegations

* Provide the Board of Trustees with a monthly financial report

* Ensure reports comply with legislation, accounting standards and generally accepted accounting principles

* Ensure draft annual financial statements are presented to the Board prior to 31 March

* Ensure the draft financial statements are provided to the auditor by 31 March

* Present draft or final financial statements at the Annual General Meeting

* Ensure the audited financial statements are provided to the Ministry of Education by 31 May.

Record Keeping:

4) Ensure records of all financial transactions are correct and up to date.

* Oversee the maintenance of the asset register

* Maintain appropriate accounting and purchasing procedures


Responsibilities of the Principal

The Principal will manage this procedure on the Board’s behalf and ensure appropriate systems and procedures are in place to safeguard the school’s assets.