TCDSB Policy Register 

BUDGET RESIDUE ACCOUNTS F.E.03

Policy

Differences between actual and budgeted costs for tendered items shall be transferred to one of the following two accounts:

Budget Residue - Ordinary Expenditure,
Budget Residue - Extraordinary Expenditure.

Regulations:

1. The "budget residue - ordinary expenditures" will be used to fund ordinary expenditure tendered items; "budget residue - extraordinary expenditures" will be used to fund extraordinary tendered items.

2. The net balance in the budget residue accounts for each Curriculum Support Unit will be reported on a monthly basis.

3. a) The available funds in the budget residue accounts will be used to provide funds for tendered costs in excess of budget.

b) If there is a balance after a) above has been cared for, the funds may be utilized for a building and plant item as determined by the respective Deputy Director of Education and incorporated into the revised budget.

c) Subject to a) and b) above, the addition of a new item to the original approved budget shall be funded from the appropriate budget residue account.  

4. a) The budget residue accounts shall not incur deficits to exceed 10% of the total formula allotment.

b) Subject to a) above, any net debit or credit balance in a budget residue account as of the 31 December shall be carried forward to the formula budget of the following year.   

BM p 213, 24 Nov 86; BM, Jun 84; BM p 665, Oct 78; BM p 1944,

Dec 71.