Financial Accountability


Reporting to the Ministry

Each fiscal year, school boards are required to submit financial information to the Ministry of Education in three reports – the Estimates, the Revised Estimates and the audited Financial Statements.

The Estimates, normally due on June 30 preceding the school year, contain the budget that has been adopted by the board for the upcoming school year. The ministry uses the Estimates to calculate the grant payments for the school year.

The Revised Estimates, normally due in mid-December of the school year, provide the ministry with an in-year update to the board's budget. The ministry uses the revised estimates to adjust the grant payments for the current year and to collect information on key components that are essential to the development of the financial regulation for the next year.

The Financial Statements reflect the final year-end results of the school board operations for the fiscal year then ended. Financial statements, used widely in public reporting, are audited by the board's external auditors. Financial statements are due on November 30 following the fiscal year ending on August 31.

When the reports show that a board is not managing its financial resources within the intent of the Education Act, the ministry implements follow-up action. The ministry may also use a number of compliance measures to bring boards into compliance with the Education Act.

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