Updating Financial Reporting Policies
That BCCPAC urge the Ministry of Education to make an amendment under Part 8 Division 2 to the School Act to update the requirements of school districts in the area of financial reporting from only requiring an annual report (audited financial statements) and an annual budget (an estimate of the district’s debt service or deficit for the next fiscal year) to also require monthly financial reporting be completed by management and to be provided to each district’s board of education. The monthly financial reporting shall at a minimum reflect the following:
- The current month actual to budgeted expenditures and revenues
- The current year to date actual to budgeted comparatives of expenditures and revenues
- The prior year to date actual and in future years compared to the prior year to date budget
In addition to the monthly reporting, management will within 90 days of completion of a substantial capital project prepare a comparative income statement of the budgeted and actual expenditures of the project.
This information should be made available at a public board meeting on a quarterly basis as to the status of the projected budget to date as compared to the annual budget.