Budget and Finances information

As per the Local Constitution, the duties of the Executive include developing an annual budget for presentation to the Local Annual Meeting.(7.1.7) It is the Local Annual Meeting that approves the budget for the next fiscal year.(8.2.2) The fiscal year for the ETFO-Toronto Occasional Teachers’ Local shall be the period from July 1 of one calendar year to June 30 of the succeeding calendar year.(13.4.1)

Any unbudgeted expenditure between $500 and $999 shall be approved by the Executive prior to the expenditure. ( Unbudgeted expenditure shall be defined as any expenditure not categorized within an existing budget line or a categorized expenditure that results in a sum total that exceeds the budget for that line) (13.5.1) Unbudgeted expenditures between $1000 and $25 000 require Executive approval by recorded vote prior to the expenditure. The recorded vote(s) will be reported at the next General Meeting. The total of Executive-approved unbudgeted expenditures shall not exceed $25 000 per fiscal year.(13.5.2) Unbudgeted expenditures greater than $25 000 requires approval by membership vote at a General Meeting prior to the expenditure. (13.5.3) Notice of the exact motion must be published to advise the membership when a major expenditure will be tabled at the next General Meeting.(13.5.3.1) Notwithstanding 8.1.1, a General Meeting, at which a motion on an unbudgeted expenditure greater than $25 000 will be tabled, shall require quorum of 75% of the members present at the time the meeting is called to order. Quorum cannot be less than 50 members. Should quorum be lost, the motion cannot be tabled.