School District Financial Reporting
The ministry requires school boards to account fully for how they manage and spend the government's education funding.
School District Financial Reporting provides school boards with a financial reporting framework. It also works with all boards to provide them with instructions and direction on budgeting, accounting and the reporting of the funds they receive from both the ministry and other sources.
The federal government is responsible for funding the education of First Nations on-reserve students. School boards with First Nations on-reserve students receive federal funds through various mechanisms. School District Financial Reporting manages the reconciliation of this funding.
School District Financial Reporting monitors school board accountability.
Goals and Objectives
- Ensure boards of education and CSF are meeting their legislated and government policy-based financial responsibilities (e.g. submitting school district budgets on time; submitting audited financial statements on time; proper adoption of bylaws)
- Ensure school district budgetary information and financial information are available, comparable and audited
Major Program Activities
- Work with school districts to monitor how their funding allocation is budgeted and spent
- Coordinating, monitoring and analyzing board of education budgets, financial statements and other financial reporting
- Updating budgeting, accounting and reporting policies and instructions for school districts
- Updating of budgeting and accounting reference material to improve board of education accountability
- Providing external auditors of school districts materials to enhance the understanding of school district accounting policies
- Consolidating school district financial statements into public accounts
- Implementing financial accountability recommendations
- Analyzing special purpose funds and other financial activities for program branches
- Ensuring collection of federal revenues from aboriginal cost sharing agreements
- Primary contact for issues relating to the inclusion of school districts in the Government Reporting Entity
Reference and Resources
School District Financial Reporting Timelines
- January 2019 – July 2020 (PDF) (February 2019)
Employee Future Benefits
- Liabilities for Employee Future Benefits (PDF) (April 2019)
- Revenue and Expenditure Tables
The British Columbia School District Revenue and Expenditure Information contains financial information over a multi-year period.
Accounting and Reporting Guidelines
- Treasury Board Directive - Restricted Contributions (PDF) (November 2011)
- Letter from Treasury Board - Adoption of Public Sector Accounting Standards (PDF) (September 2010)
- Treasury Board Directive - Accounting Standards (PDF) (August 2010)
- Treasury Board Regulation - Accounting Standards (PDF) (August 2010)
- Accounting Practices Order (PDF) (February 2009) (Amended December 2014)
- Operating Fund Account Descriptions (PDF) (May 2006)
- Chartered Professional Accountants Canada (CPA)