Fiscal Responsibility [G.FR]

Trustees attend to governance actions and allocate fiscal resources in alignment with the Division’s Enduring Priorities, and in accordance with all statutory, regulatory and disclosure requirements.

Exploring the Context

The Education Act legislates that “33(1) A board, as a partner in education, has the responsibility to: 

(i) ensure effective stewardship of the Board’s resources.”

To this end, Parkland School Division’s Board Policy 2: Role of the Board outlines governance actions and fiscal responsibility as areas ongoing areas for Board review. 

The Board:

  1. Acts in accordance with all statutory requirements;
  2. Monitors, evaluates and reports Division financial performance to all stakeholders;
  3. Ratifies memoranda of agreements with bargaining units;
  4. Approves transfers to and from operating and capital reserves; and
  5. Approves fees annually.

Alternative Context: Ongoing Pandemic

As an enduring priority, the process of resource stewardship will be significantly impacted by an ongoing pandemic. As we attend to this Element, we will see the Board of Trustees attend effectively to challenging financial realities with prudent decisions that align to the Division’s Vision, Mission and Values.  

Avenues for Development

  • The Board continuously monitors the Division’s financial health and provides for an annual independent financial audit.
     
  • The Board reviews financial reports and attends to financial planning in alignment with the Vision and Mission and the Board’s enduring priorities.

Milestones

As we attend to this Element, we continue to perceive that Parkland School Division commits to resource stewardship in a manner that is transparent and well-considered.

Measures

  • The 2020-2021 Financial Audit demonstrates fiscal health and responsibility. 
     
  • Public stakeholders involved in the audit process report favorably on the process and outcome of the audit.
     
  • Trustees self-evaluate their commitment to attend to prudent review of:
    • Financial measures (quarterly); and
    • The Division’s Capital Plan.
       
  • Trustees self-evaluate to indicate a year-over-year increase in their individual professional competency to understand, review and plan for the Division’s fiscal health.