Budgeting

Policy

Hockey Saskatchewan recognizes that the annual operating and capital budgets are the primary tools used to achieve its goals by planning and monitoring the use of its available financial resources.

Hockey Saskatchewan has adopted a policy to follow generally accepted principles and practices of budgeting and to have its operating and capital budgets approved annually by the Board of Directors.

Hockey Saskatchewan operates on a fiscal year from May 1 to April 30.

Procedures

1. Development and Approval

• The General Manager works with Hockey Saskatchewan staff to draft operating and capital budgets based on the objectives for the upcoming year as identified in the Strategic Plan.
• Preliminary budgets are presented to the Finance/Audit Committee for review and discussion.
• Finalized operating and capital budgets are presented to the Board of Directors for review and approval prior to the beginning of the next fiscal year.

2. Operating within Approved Budgets

• The General Manager, and those people with authority delegated by the General Manager, have the authority to spend within the approved operating and capital budgets.

3. Board Monitoring

• The operating and capital budgets will be used to monitor the financial activities of Hockey Saskatchewan by comparison to monthly financial reports. These reports allow the Board to assess Hockey Saskatchewan’s overall financial status.
• Monitoring points will include:
  • Monthly Report, which includes:
    1. Monthly year-to-date status (to include statement of Financial Position/Balance Sheet and statement of Revenue and Expenses/Profit and Loss).
    2. Previous years year-to-date stats for the same month.
    3. Year-to-date budget variance.

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