PRINCIPLES OF SCHOOL FINANCE
COMPETENCIES
- Apply economic and financial theory
- Recognize and forecast all sources of revenue
- Interpret the provincial funding model and analyze the impact of change
- Explore alternative and innovative revenue sources
- Identify and evaluate all expenditures
- Recognize and analyze significant social, demographic and economic changes that impact financial planning
BUDGETING AND FINANCIAL PLANNING
COMPETENCIES
- Use multiple approaches to determine enrolment and personnel projections
- Forecast anticipated revenues and expenditures by program
- Apply legal requirements for budget adoption
- Recognize and explain external influences
- Maximize available resources
- Through various methods, identify and apply budget analysis, and control
- Communicate budget principles, priorities, revenue sources and expenditure plan to stakeholders
- Develop a methodology to monitor and communicate financial health
ACCOUNTING, AUDITING AND FINANCIAL REPORTING
COMPETENCIES
- Establish and verify compliance with finance-related legal and contractual provisions
- Communicate the relationship between programs, revenues and appropriations of the school district to the stakeholders
- Prepare, analyze and report financial statements and supporting discussion documents to the board throughout the fiscal year.
- Prepare a corrective action plan from the information conveyed in the annual audit report to improve financial tracking and reporting and internal controls and guide the implementation of the plan.
- Adhere to the accounting standards – setting governing body and prepare financial statements in accordance with the most current standards as issued by such body.
- Report the financial status of the district to the appropriate provincial agency in the appropriate regulatory format, which may be on a generally accepted accounting basis or on a customized/regulated basis of reporting.
CASH MANAGEMENT INVESTMENTS, AND DEBT MANAGEMENT
COMPETENCIES
- Develop specifications and select financial institutions, advisors etc. as required
- Ensure appropriate level of cash resources to meet current financial obligations
- Comply with and understand the legal constraints for cash collection and disbursement
- Apply cash flow forecasting to meet future obligations
- Develop/recommend investment policies to include objectives such as maximizing investment income and preserving investment principle
- Understand the risk of various investments options and debt financing instruments
- Analyze internal transfers and loans
- Investigate opportunities for leasing or partnership opportunities to maximize cash resources
TECHNOLOGY FOR SCHOOL FINANCE OPERATIONS
COMPETENCIES
- Keep current with technology application and programs
- Assess technology needs related to available financial resources
- Ensure technology applications meet the financial planning and reporting requirements of the district
- Ensure that a disaster recovery plan is in place for accounting and business operation data