Finance and Statistics

Summary Budgeting and Reporting

On June 29, 2005, the Honourable Peter Bjornson, Minister of Education, Citizenship and Youth, advised School Boards of the government’s decision to adopt full summary budgeting and reporting beginning with the 2007/08 government fiscal year.  This commitment meant that the financial plans for all entities identified as meeting the CICA standard for summary statement consolidation will form part of a single government budget and their financial results will be included in the financial statements for the new government reporting entity.  Meeting the CICA standard will require the consolidation of school division financial information.  School divisions will continue to prepare and present budgets and financial statements to their communities.

Government has recognized that achieving the goal of summary budgeting and reporting will present a number of challenges to school divisions.  To assist in determining how to best manage those challenges, a committee (PSAB Committee) has been formed comprised of six school division secretary-treasurers, two school division external auditors, plus representatives from the Office of the Auditor General, the Provincial Comptroller’s Office, MAST and Schools’ Finance Branch.

The first of these challenges was the difference between school divisions’ fiscal year-end of June 30th and the province’s year-end of March 31.  The PSAB Committee decided that it would be in the best interests of school divisions to stay with June 30th.

The most complex challenge facing school divisions is the conversion to Public Sector Accounting Board (PSAB) standards.  The conversion process is currently underway and will be fully implemented for the preparation of school division financial statements for the year ending June 30, 2007.  It was determined that implementation for the 2006/07 school year would allow for smoother implementation of the 2007/08 consolidation requirements for the province.  

The Department will provide school divisions with information and training necessary for the conversion to PSAB over the course of the next 12 months.  In addition to the usual communication channels (letters, meetings, workshops, etc.), this website will be continuously updated regarding the steps and procedures in the conversion as they are developed.