Policy 6.3.1 Budget Process

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POLICY – 6.3.1 Budget Process Page 1 of 6 
 
Policy: 6.3.1 
Approved By: Trust Council 
Approval Date: 2001-06-15 
Amendment 
Date(s):  
2001-09-14; 2005-12-09; 
2014-06-19; 2026-06-17 
Policy Holder: Director of Financial and 
Employee Services 
 
BUDGET PROCESS 
Purpose 
The budgeting process is a major decision-making process for Islands Trust activities. Once the process 
is completed, the budget plan is the legal framework for revenue collection and spending. The purpose of 
this policy is to provide a framework for the planning, preparation, presentation, and approval of the 
annual budget bylaw and financial plan to ensure overall effectiveness and clarity for Trust Council’s 
budget discussions and decision making. 
A. Definitions 
n/a 
B. Policy  
1. The Budget Process 
1.1 The treasurer, on behalf of Trust Council, is responsible for designing and 
implementing the annual budget process; 
1.2 The process for developing the annual budget will be approved by Trust Council each 
year; and 
1.3 The budget process will include the following components: 
1.3.1 Timeframe for developing the budget; 
1.3.2 Strategy for consultation with all interested and affected parties; 
1.3.3 Opportunities for identifying program priorities. 
2. Planning the Budget 
2.1 Interested and affected parties to the budget process are set out in Appendix A 
and include local trust committees, island municipalities, Islands Trust 
Conservancy Board, staff, and the public.  
2.2 A budget process timetable (similar to sample attached in Appendix B) is 
presented for approval to Trust Council in September of each year. 
2.3 Budget Principles and Assumptions are approved by Trust Council by December 
of each year. 

POLICY – 6.3.1 Budget Process Page 2 of 6 
3. Preparation of the Budget 
3.1 Immediately after a new fiscal year begins, the Director of Financial and Employee 
Services begins making plans for the budget that will be considered by Trust 
Council for the subsequent fiscal year. 
3.2 Each line of the Detailed Budget is reviewed on a needs-basis by the responsible 
budget manager, giving consideration to previous years’ spending and future work 
programs and services (including Trust Council’s Strategic Plan initiatives).   
3.3 Local trust committees are asked to provide their project needs and review their 
local trust committee expense budgets, passing any resolutions required to 
adopt/modify their budget proposals. 
3.4 Directors review their respective committee work programs to ensure work plan 
activities are appropriately funded. 
3.5 The Islands Trust Conservancy Board will be consulted directly, at the beginning 
of, and throughout, the budget process with respect to Board requirements, 
programs and administrative services. Appointed trustees of the Islands Trust 
Conservancy Board shall be given the opportunity to attend Financial Planning 
Committee and Trust Council meetings with observer status. 
3.6 As provided for in Islands Trust Council Poli

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