Finance and budget information
News Release 18.06 June 12, 2018 | The Ottawa Catholic School Board has approved a balanced operating budget for the 2018-2019 school year totalling $548.6 million. The budget was developed with input from our stakeholders including the Catholic School Council Parents’ Association (CSPA), the Special Education Advisory Committee (SEAC), employee groups, and the Student Senate. This budget reflects new and significant investments by the province and supports the strategic commitments of the OCSB.
Three divisions of the Finance & Administration
Under the direction of the Superintendent of Finance and Administration, the Finance Department is responsible for the development and administration of policies to allocate human and financial resources to support learning for all students. The Finance Department consists of three (3) operating divisions: Finance and Budget; Accounting; and Payroll.
Finance and Budget
The Finance and Budget division is responsible for the preparation and administration of the annual school board budget, government grants and other revenues, financial statement issuance and government reporting, short and long-term financing (including debenture issues), legal, audit and banking services, and internal audit services. Additionally, this division manages school cafeteria services and the School Generated Funds system, support and reporting.
The Accounting division is responsible for the processing of supplier invoices, payment requisitions, expense reports, and petty cash, as well as accounts receivable, billing, cash receipts and deposits. Accounting also prepares financial statements and government reports, in addition to Federal (GST) and Provincial Sales Tax rebate applications.
The Payroll division is responsible for coordinating all aspects of payroll. Payroll staff ensure the administration of employees’ pension plans, prepares applicable government reports, remits deductions, dues and premiums to external agencies.
Our Board maintains a system of internal controls designed to provide reasonable assurance that assets are safeguarded, transactions are properly authorized and recorded in compliance with legislative and regulatory requirements, and reliable financial information is available on a timely basis for preparation of consolidated financial statements. These statements are audited by an independent external auditor appointed by the Board, who provides their opinion on the Board’s consolidated financial statements.