Our Annual Budget Planning Process outlines the steps involved, who is responsible for each step, and when each step takes place.

Goal

The Board approves an annual budget for the upcoming fiscal year before the fiscal year begins on July 1.

Considerations

Thoughtful decision-making is essential at every step of the Budget Planning Process. Ensure Budget Considerations are included in the Annual Budget Planning Process.

Timeline

April

April 15th: Complete Q3 Quarterly Review

Ace Financial Officers (CEO, Treasurer, Assistant Treasurer) gather information from completed quarterly review of Q3 (January 1 to March 31) and determine what other information is needed to create first draft of budget

April 30th: Complete information gathering

Ace Financial Officers meet with Finance Advisory Committee and update Ace Financial Risk Register and complete gathering of information for inputs to drafting the budget.

May

May 1st: Create first draft of budget

Using information gathered, Treasurer collaborates with Assistant Treasurer and CEO to create the first draft of the budget to submit to Finance Advisory Committee for review and revisions.

May 15th: Submit a budget

After revisions, Officers submit the final draft of the budget to Board for review and approval.

June

by June 30th: Board approves the budget

Budget Revisions and Quarterly Amendments

The originally approved annual budget should be retained as the baseline for financial accountability and comparison.

The budget should be reviewed and amended quarterly to reflect actual results, updated revenue expectations, seasonal trends, changes in organizational priorities, and identified cost savings. Each amendment should be documented with its effective date and rationale.