Regulation 3170 Board Reserves

View Document

REGULATION 3170

BOARD RESERVES

1. The Board of Education has determined that its total operating reserves, excluding amounts budgeted for future years’ operations (not beyond the next three fiscal years) and outstanding purchase order commitments should be maintained up to 4.5% of the total operating budget. These reserves will serve the following purposes:

• Provide a source of funds for the Board to meet its ongoing financial obligations.
• Provide resources for new initiatives.
• Provide a source of funds that can be used for extraordinary or emergent expenditures.

2. Individual schools are expected to utilize their funding allocations in the current year and can maintain operating reserves as follows:

• Elementary and Middle Schools – $40,000
• Secondary Schools – $80,000

The limits above do not include purchase orders placed with the Purchasing Department by June 30th.

Where a school anticipates a school project in excess of $10,000, a written request can be made to the Superintendent of Schools or designate for approval to maintain a higher reserve balance.

 

3. The International Student Program, Continuing Education, Distributed Learning, English Language Learning, Aboriginal Nations Education, Student Services (Inclusive Learning, Learning Support and the Learning Team), Facilities Services, Human Resource Services, Financial Services, Information Technology and the Board’s administrative functions may, subject to the approval of the Superintendent of Schools or designate, cumulatively maintain a total operating reserve of between 1.0% and 2.5% of the total operating budget.

4. Any amounts in excess of the operating reserve limits will be included in general operating revenue.

5. A report about the Board Reserves shall be provided to the Board of Education as part of the annual presentation of the audited financial statements in September.

Greater Victoria School District
Approved: 2017

Disclaimer

Google Translate is used as a free tool to enhance the usability of the Greater Victoria School District website. As such, the Greater Victoria School Disctrict is not responsible for Google Translate™.