Financial Planning in West Vancouver Schools
Financial planning process in West Vancouver Schools involves establishing budgets, allocating funding, developing strategic plans, and monitoring performance to support education delivery. The process includes collaboration among various stakeholders and follows a structured finance cycle for budget estimation, feedback, and reporting.
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Presentation Transcript
BUDGET 101 Financial planning in West Vancouver Schools
K K- -12 BUSINESS HIERARCHY 12 BUSINESS HIERARCHY CABINET & TREASURY BOARD CABINET & TREASURY BOARD Establishes Provincial Budget & Ministry Allocations MINISTRY OF EDUCATION MINISTRY OF EDUCATION Allocates funding to districts using an enrollment-based allocation model WEST VANCOUVER BOARD OF EDUCATION WEST VANCOUVER BOARD OF EDUCATION Develops a Strategic Plan Approves Budgets to support their strategy and put it into action in the classroom WVS DISTRICT LEADERSHIP TEAM WVS DISTRICT LEADERSHIP TEAM Develops budgets based on the Strategic Plan, stakeholder consultation, and funding constraints Allocates funding to schools & programs; monitors performance SCHOOLS SCHOOLS Deliver education in accordance with the Strategic Plan and budgetary constraints
Teamwork in WVS Teamwork in WVS TRUSTEES Develop strategic plan Approve Budgets SUPERINTENDENT Guides strategic plan development Implements strategic plan ADMINISTRATORS Work with teachers to implement strategic plan in classrooms DIRECTORS OF INSTRUCTION Guide schools in implementation of strategic plan SECRETARY- TREASURER Designs budgets to support strategic plan
Finance Cycle & Reporting Finance Cycle & Reporting APR - JUNE Preliminary Budget Estimation, Feedback, Analysis & Reporting FEB Present & File Amended Annual Budget; File Enrolment Estimates for the following year s Preliminary Budget JUNE Present & file Preliminary Annual Budget NOV JAN SEPT OCT Amended funding notification based on actual enrolment; Estimate amended expenses based on actual costs School Starts / Report Actual Enrolment / Report Actual Salary
Where does our funding come from? 2% 1% 10% MOE & Other Ministry International Programs of Choice Miscellaneous 87%
How do we allocate our funding? WVS Budget 12% Salaries & Benefits Services & Supplies 88%
What is the Trustees Role in the Budget Process? To review the deployment of resources within the context of the Board s Strategic Plan 1. Does the budget reflect the Strategic Plan? 2. Is the budget supporting the best educational practices? 3. Are resources being deployed efficiently? 4. Are contingencies sufficient to safeguard West Vancouver Schools in the future?
How do the schools fit into the budget? WVS is not a decentralized system funds are held at the District level and allocated out to the schools Principals are responsible for their budgets; they have autonomy over spending within their budget constraints Facilities costs may be borne by the District or the school, depending upon their nature Schools also have their own funds, raised through donations and PAC fundraising activities
How does Facilities fit into the budget? Funds to support Facilities operations, including salaries, services, supplies and utilities costs, are allocated at the District level from the Operating Grant Support for larger capital projects flows via Special Purpose Funds: the Annual Facilities Grant (AFG), the School Enhancement (SEP), Carbon Neutral (CNCP), and Playground Programs The Director of Facilities administrates both the operating grant and special purpose facilities budgets, with reference to WVS s Long Range Facilities Plan, the Board s strategic plan, and industry best practices for facilities maintenance
How do PACs fit in? PACs are separate and distinct legal entities from West Vancouver Schools They maintain their own budgets and bank accounts, and perform their own bookkeeping. PAC activities support their schools and PAC activities support their schools and provide essential support for expenses not covered by MOE provide essential support for expenses not covered by MOE funding. funding. Tax-receipted PAC donations are held in trust accounts at the District level; spent at PACs discretion, within CRA guidelines
Challenges for Fiscal 2022-23 Funding & Revenue: - Status-quo per student funding - Reduced local enrolment - Reduced International enrolment - Cost pressures in the current year Expenses: - unfunded legislation providing sick leave for casual employees - Rising inflation - Stagnant capital funding - No MOE support for technology - Rising utility costs - Rising carbon tax - Unfunded exempt staff salary lifts
