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3.4.2 Budget timeline
1) The Initial Preliminary Projection is developed approximately eight months prior to the start of
the school year, around October to December.
2) The second document; the Base Budget is approved by the Board in February prior to the
school year start.
3) The Preliminary Budget must be approved by the Board and submitted to MEd by June 30
(although it is generally approved by April 30 to accommodate contractual requirements).
4) The Amended Budget is approved by the Board and submitted to MEd prior to Feb 28 of the
current school year.
As such, VBE updates the budgets for each school year over a period of approximately 16 months.
Note in SY2015/16 the Preliminary Budget period was extended to June 2015 to accommodate this
Review. The chart below illustrates the timing of these projections and budgets 3:
Chart 3.2 – VBE Budget Process
VBE Budget Process
School Year
O
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D
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a
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p
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M
a
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J
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A
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g
S
e
p
O
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N
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School
Year
Budget
process
Initial
Preliminary
Projection
Base
Budget
Prelim
Budget
2015/16
Prelim
Budget
extended
to June
2015
Amended (Final)
Budget
(*) Contractual requirements dictate the April 30th budget dead-line
School
Year
Starts
Source: VBE Management and budget documents
Although the internal budgeting process starts in October the year before the start of the school year,
the external process with stakeholders only starts in April, a month prior to the release of the
Preliminary Budget. A 16 month period of budgeting is protracted and allows for substantial deviation
in the assumptions throughout this period.
3 The timing of the 2015/2016 budget process has been extended to consider this report. As such, the
Preliminary Budget is expected to be approved on 29 June 2015.
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