New school district policy to mandate financial updates

Nanaimo school trustees want to make sure they hear about the district's financial situation on a regular basis

Nanaimo school trustees want to make sure they hear about the district’s financial situation on a regular basis.

The draft Budgetary Oversight policy and procedure requires that the board, through the business committee, receives a year-end forecast report of its revenues and expenditures following Oct. 31, Jan. 31 and April 30, and also whenever substantive budgetary changes occur due to funding and/or expense changes.

The policy is in response to concerns that there is no annual work plan for the business committee that includes when certain things should be discussed, said trustee Dot Neary, policy committee chairwoman.

“[The draft policy] formalizes the process by which the board is kept up to date on the financial situation,” she said.

The draft policy was approved to be sent out as a notice of motion by trustees on Wednesday evening, which means people are invited to send the district comments on the proposed policy before it is adopted.