The Budgetary Cycle - Mid-Year & Year-End Reports

Description:
In addition to the regular reporting of expenditures and variance, the mid-year and year-end reports contain more than just financial information. Programs are required to report on progress on Program Work Plans and the Capital Plan. Program Directors present these semiannual reports to Chief and Council outlining financial and program status.

Purpose:
These mid-year reports outline progress in various Band programs. The presentations by Program Directors in an opportunity for them to defend their actions and be directly accountable to the Chief and Council. As well, the mid-year report provides valuable information for the second phase of Appropriations (if applicable). Chief and Council may need to readjust Appropriations and Program Work Plans to programs for the second half of the year if programs and services have not met their goals, or have overspent during the first half of the fiscal year.

The mid-year and year-end reports are public reports available to community members. The year-end reports form part of the community Annual Report and become an accountability function of the government.

Process:
Under the guidance of the Band Manager, the Program Directors and Financial Controller combine the data produced in the Expenditure and Variance Reports with the plans and objectives outlined in the Program Work Plans and the Capital Plan.

  1. Expenditure and Variance Reports are finalized for the mid-year (usually September 30) or the fiscal year-end as applicable.

  2. Program Directors prepare status reports detailing program delivery and the achievement of program objectives as outlined in their Program Work Plans and the Capital Plan.

  3. The program status reports and the Expenditure and Variance Reports are combined into a Mid-Year or Year-End Report for Band Council. The report should show clearly what program objectives have been met for the funds that have been spent.

  4. The mid-year report is produced and distributed to Chief and Council. The Band Manager and Program Directors attend a regular or special Council meetings to present the Mid-Year or Year-End Reports. Chief and Council have the opportunity to ask questions and provide feedback to the Directors about the financial status of the program.

  5. Action steps to follow up on the report may be identified for each program.

  6. Reports are made public. In the case of the Year-End Report it will become part of the Annual Report.

Timing:
The Mid-Year review should take place by the end of October based on data up to and including September 30. The year-end review should take place by May 15, based on the data up to and including April 30. It is not necessary to wait until the Audit is complete to prepare and present the Year-End Reports.