BUDGET COMMITTEE POLICY

The Cambridge Minor Baseball Association Board of Directors is responsible for overseeing the budget and finances of the Association and for ensuring that the Association operates within a responsible, sustainable financial framework and plan.

 

In keeping with this responsibility, Cambridge Minor Baseball Association conducts a budget planning process each year as part of it’s annual financial planning process.

 

The Association operates under a budget that is required to be flexible in responding to unforeseen events, including possible reductions in anticipated cash flow and therefore must be regularly monitored and reviewed.

 

 

PURPOSE

The purpose of this policy is to set out the process for creating, monitoring, and reviewing the annual budget for Cambridge Minor Baseball Association.

 

RESPONSIBILITIES

The Executive Directors in cooperation with the Board of Directors of Cambridge Minor Baseball Association has the ultimate responsibility for overseeing the budget of the Association and for ensuring that CMBA operates within a reasonable sustainable plan.

 

It is the responsibility of the treasurer to prepare all budgets and review budgets in consultation with the Budget Committee.

 

THE COMMITTEE

 

The Budget Committee will consist of:

-President

-Executive Vice President

-Treasurer

-Secretary

-A minimum of 2 other board members who possess some business/financial background/acuity

 

PROCEDURES

BUDGET PREPERATION

In March of each year, the Budget Committee will have an initial meeting in preparation for creating the budget as part of the Annual Business plan for the following financial year. This will include an initial review of the following items:

-Anticipated operational costs

-Any payroll considerations

-Estimated income

-Areas of budgetary responsibility

 

BUDGET SUBMISSIONS

Following the initial meeting of the budget committee in identifying the areas of budgetary responsibility, each Director will be required to submit their projections to the best of their ability based on the current budgetary items as well as any anticipated items for the upcoming financial year.

 

BUDGET CREATION

Once received, the Budget Committee will meet in May to create the budget. This will take into consideration all the above items and any items submitted by each area of budgetary responsibility.

 

The budget committee will then be responsible for taking into consideration any increases in operating expenses, inflation, cost increases, etc.

 

The Budget Committee will then be responsible for planning and estimating membership fees for the upcoming season.

 

Based on all of the above, the Budget Committee will be responsible for creating a budget draft that will be presentable to the board at a Regular Board Meeting to be approved.

 

PRESENTATION OF THE BUDGET

The draft budget will be presented to the Board at the July meeting of the Directors of the Board for review and approval.

 

The approved budget will be presented at the Annual General Meeting of the Members in October for informational purposes.