Be it resolved:

BCCPAC urge the Ministry of Education to make an amendment 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 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 should within 90 days of substantial completion of a capital project,  should prepare a comparative of the actual amount spent to the projects budgeted amount and to the feasibility study or proposal if applicable.

Rational for motion:

The current policies under the School Act only require boards of educations to look at the financial information twice a year and this can result in over spending and weak internal controls. This lack of monthly financial reporting is how our district overspent and resulted in an 8.3 Million dollar deficit at the end of the 2008/2009 fiscal year with a further 5.3 Million dollar deficit for the 2009/2010 fiscal year.. The motion reflects a new policy approved by Langley Board of Education for updating this districts financial reporting and we would like a similar policy for all districts in the Province.

Carried November 2010