GOVERNANCE POLICY: EL-3  Financial Planning

 POLICY TYPE: Executive Limitations
 DATE APPROVED: April 16, 2010

Budgeting for any fiscal period or the remaining part of any fiscal period shall not deviate materially from Council-stated Ends priorities in allocation of resources, risk fiscal jeopardy nor fail to be derived from a multi-year plan.

Accordingly, the Registrar shall not cause or allow budgeting which:

1.  Contains too little detail to enable reasonably accurate projection of revenues and expenses, separation of capital and operational items, cash flow, and subsequent audit trails.

2.  Fails to disclose planning assumptions. 

3.  Plans the expenditure in any fiscal year of more funds than are conservatively projected to be received in that period.

4.  Fails to provide adequate funds for the Council’s direct use during the year, such as costs of fiscal audit, Council development, Council and committee meetings, and Council legal fees.

5.  Endangers the fiscal soundness of future years or ignores the building of organizational capability sufficient to achieve ends in future years.