The School District operates on a school year and financial year that starts July 1 and ends June 30.
An “Annual Budget” (Preliminary Budget) is prepared in the spring preceding each school year based on estimates and projected factors for the upcoming year. At that time student populations and government and other grants are based on estimates and projections. The Annual Budget must be approved by the Board and filed with the Ministry of Education by June 30.
An “Amended Annual Budget” (Final Budget) is prepared each fall/winter based on known and projected factors for the balance of the year. At that time student populations are known, and government grants recalculated based solely on September 30 student demographics. The Amended Annual Budget must be approved by the Board and filed with the Ministry of Education by the end of February.
“Annual Financial Statements” are prepared each summer to reflect the actual financial results of the school year just concluded, as well as the financial position of the Board on June 30. The statements are audited by an independent auditor and must be approved by the Board and filed with the Ministry of Education by September 30 following the end of the school year.