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Policy The Principal has delegated authority from the Board of Trustees to financially manage the school to best achieve the goals of the Strategic Plan. Implementation of Policy The Principal in carrying out this authority will: i. prepare an annual budget for both operating and capital expenditure before the start of the budget year to be approved by the Board of Trustees no later than the end of Term 1 of the budget year; ii. aim to break even after depreciation each year to maintain the assets of the school and have contingency plans identified in case income from International Students is materially below budget for more than two terms in a row; iii. refer all non-budgeted expenditure to the Board of Trustees for approval, or in a case of urgent necessity the Chairman may make such approval on behalf of the Board provided that it is reported to the Board at the next meeting; iv. report to the Board of Trustees at each ordinary meeting actual expenditure and income against budget and prior year and account for exceptions; v. ensure working capital (defined as current assets less current liabilities) is not less than one term’s anticipated expenditure (NOTE – for the purpose of this policy one term’s anticipated expenditure is defined as 25% of Total Budget Operating Expenditure less depreciation and less centrally resourced teachers’ salaries), or that the minimum cash balance through the year is at least $100,000; vi. comply with all relevant legislative financial management and reporting requirements to generally accepted accounting principles applicable to schools in New Zealand; and vii. follow recognised good accounting practice for day-to-day operations including receivables and payables, cash flow, auditing and budgetary control. Purpose NAG 4 According to legislation on financial and property matters, each Board of Trustees is also required in particular to: i. allocate funds to reflect the school's priorities as stated in the charter; ii. monitor and control school expenditure, and ensure that annual accounts are prepared and audited as required by the Public Finance Act 1989 and the Education Act 1989; and iii. comply with the negotiated conditions of any current asset management agreement, and implement a maintenance programme to ensure that the school's buildings and facilities provide a safe, healthy learning environment for students. This Policy complies with the requirements of NAG 4 and the relevant sections of the Education Act 1969, the Public Finance Act 1989 and the Crown Entities Act 2005. Review - Recommendation from external audit - Finance Sub-Committee - 2013 |
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