BRF - Budget 2021/22 Overview and Highlights

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Islands Trust Briefing Page 1 
 
 
 
 
BRIEFING 
 
 
To: Trust Council  For the Meeting of: December 3, 2020 
     
From: Financial Planning Committee  Date Prepared: November 13, 2020 
     
SUBJECT:
  
Budget 2021/22 Overview and Highlights 
 
 
PURPOSE:  
To provide Trust Council with the first draft of the fiscal 2021/22 budget for review and comment.  
BACKGROUND:  
The Budget Assumptions and Principles (BAP) for the fiscal 2021/22 budget cycle were reviewed by Trust 
Council at their September 2020 meeting with no requested changes to the planned budget approach. The 
document contained an overview of the standard annual areas of importance, but did not contemplate the 
ongoing impact of the COVID-19 pandemic on next fiscal operations. However, it is expected that the 
pandemic will extend beyond March 31, 2021 and that even once health guidelines have relaxed to more 
customary levels, certain operational practices adopted during the pandemic will continue in some capacity 
(such as electronic meetings, more virtual training opportunities for staff and trustees, and a more remote 
workforce). Islands Trust management has incorporated the following assumptions into the draft 2021/22 
budget to estimate the ongoing impact of COVID-19 on operations: 
 Assumption that Trust Council and Council Committees meetings will continue to be held almost 
exclusively electronically. Budgets have been adjusted downwards to reflect this. Should TC, Committees 
pass resolutions for alternative plans, budget amounts will be adjusted accordingly. 
 Assumption that staff will continue to attend LTC meetings electronically, even when in-person meetings 
resume. Travel and staff overtime budgets have been reduced to reflect this. 
 Assumption that Training will occur at levels similar to actual historical norms, with more training being 
received via virtual means resulting in reduced travel for training. Budgets have been adjusted 
downwards accordingly.  
 An ongoing more remote workforce is being contemplated by management but has not yet been 
incorporated into the draft budget. If the small rented units in the Victoria office location are 
relinquished as a result of this discussion, savings will be realized and applied to the budget.  
 
Since Trust Council’s meeting in September, all business units in Islands Trust have provided their 
departmental budgets and funding requests, Council Committees have made resolutions and provided 
business cases requesting funding for planned projects, and finance staff have prepared estimates for Trust-
wide expenses. This information has been collated into the draft budget 2021/22. Islands Trust Chief 
Administrative Officer has reviewed this draft budget in detail. Upon final review and recommendations by 
FPC, the final recommended draft budget will be forwarded to Trust Council for their December meeting. 
 
  
 
 
 
 

Islands Trust Briefing Page 2 
DRAFT 2021/22 BUDGET HIGHLIGHTS: 
 
Comparisons to Previous F

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