Budget - Process and Timelines

1. Administration begins drafting the budget in August for the following fiscal year.
2. The draft budget is presented to the YRL Board Executive Committee at a meeting in September. Administration makes any necessary changes. If required, a second YRL Board Executve Committee meeting may be held. The YRL Board Executive Committee recommends approval of the draft budget to the YRL Board.
3. The draft budget is distributed to all Trustees and stakeholders by October 1 of each year. Trustees can take it back to their sending jurisdiction to present for information purposes only.
4. At the last regular meeting of the year, the YRL Board approves the budget for the following fiscal year (January 1 to December 31). Trustees may present any feedback they received from their sending jurisdiction. Under the terms of the System Municipal Agreement and the School Board Participation Agreement, the YRL Board has the responsibility for approving the budget. Consequently, when Trustees vote on the budget, they are acting in their capacity as Trustees of Yellowhead Regional Library.

Audited Financial Statements - Process and Timelines

1. A complete financial audit is performed by a YRL Board appointed auditor in February of each year.
2. At the first YRL Board meeting of the year, the auditor presents the audit to the YRL Board.
3. The YRL Board approves the auditor for the next fiscal year, if required, at the first YRL Board meeting of each year.