The Board of Education adopts the Annual Budget and Annual Budget Bylaw by June 30th each year to provide spending authority for the next fiscal year. Boards of Education can choose their own timing for this budget, as long as it is adopted before the start of the new fiscal year.
Operating grants will be recalculated in the Fall, after September 30th enrolment is confirmed. A Board of Education may amend its annual budget at that time. Under the School Act, the Minister may order that a Board of Education must amend its annual budget and send a certified copy of the amended budget bylaw to the Minister within 60 days of the order.
Boards are required to prepare a balanced budget where Board operating fund revenues plus any appropriated surpluses fully fund the following:
- annual operating expenses
- interfund transfers for capital acquisitions, local capital or other purposes
- planned reduction of unfunded liability for employee future benefits and vacation pay
- any planned reduction of prior years’ deficits