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POLICY P 080 FIN
TITLE: RESERVES
Date Authorized: 26 April 1999
Last Revised: 20 May 2025 (Tier 1 Minor Housekeeping Edits)
Last Reviewed: 26 April 1999
COMMITMENT TO INDIGENOUS RIGHTS, HUMAN RIGHTS, AND EQUITY
The Board recognizes its responsibility to ensure that OCDSB policies and procedures promote and
protect Indigenous, equity, and human rights and to seek to address and eliminate racism and
structural and systemic barriers for students, staff, and community.
1.0 RATIONALE
To ensure that the Board meets the requirement under the Education Act to adopt a balanced
annual budget, and manages its resources prudently through the appropriate establishment
and use of reserves.
2.0 DEFINITIONS
Please refer to Appendix A for a full list of definitions used in this policy.
3.0 GUIDING PRINCIPLES
3.1 In addition to adopting a balanced annual budget, the Board commits to dealing with
long-range planning issues requiring multi-year fiscal plans. The Board's facilities and
equipment have a useful life of more than one year and require ongoing expenditures to
maintain and enhance their instructional use.
4.0 SPECIFIC DIRECTIVES
4.1 The Board shall use the annual budget to accumulate sufficient funds to deal with its
multi-year facilities and equipment, fleet and insurance needs. Any funds budgeted for
these purposes that are not expended in the current fiscal year shall be placed in the
Working Fund Reserve for use in future years.
4.2 The Board may, from time to time, by Board resolution, establish additional Reserve
funds for other purposes.
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4.3 Any budget surplus at the end of a fiscal period shall be transferred automatically to the
Working Fund Reserve. The Board shall determine the use of such Reserves in its
subsequent budgets.
5.0 APPENDICES
Appendix A: Policy Definitions
6.0 REFERENCES
The Education Act 1998, ss. 242, 243, 257.30, 257.31, 257.33
OCDSB Policy P 007 FIN - Signing Authority and Spending Controls
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APPENDIX A: POLICY DEFINITIONS
In this policy,
Board means the Board of Trustees.
District means the Ottawa-Carleton District School Board.
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