NLLS Policies

STATEMENT OF POLICY AND PROCEDURE

Section: Finance | Chapter: General | Page(s): 1

Subject: BUDGET | Sec 3, 1G

Reviewed: 2021/03/30 | Revised: 2021/05/29 | Effective: 2017/05/13

1. The budget shall be consistent with Northern Lights Library System’s Plan of Service and the Board’s priorities.
2. NLLS shall present a three (3) year projected budget that follows the three (3) year Plan of Service.
3. The budget will direct funds to the building unrestricted funds, furniture/equipment unrestricted funds, various IT unrestricted funds, and/or vehicle unrestricted funds as deemed necessary.
4. The budget is prepared by the Executive Director, Finance Officer and other department managers.
5. First draft of budget to be reviewed by the Treasurer.
6. Proposed Budget presented to the Executive Committee in the last quarter of the year preceding the budget year.
7. The final draft of the budget is presented at a meeting of the Board by administration no later than November 30 in the year preceding the budget year. By approving the budget, the Board assumes responsibility for ensuring that the required revenue is forthcoming.
8. Budget estimates shall be sent to all participating councils, member library boards and school authorities after the approval of the Board.
9. The budget may be revised from time-to-time by the Executive Committee and submitted to the next Board meeting for approval.
10. The Executive Director has the flexibility to move operational funds as required between budget lines, if it falls within the overall approved budget of each section.
11. The Executive Director will note these reallocations with the monthly financials reporting.
12. Budget Process Timeline: