Deficit Budgeting

POLICY

Section 1: Pertaining to Departmental/Cost Centre SEAMO Accounts

1. Departments and other cost centres are required to present and adhere to an annual structured balanced budget pertaining to their departmental/cost centre SEAMO accounts.

2. Departmental/cost centre budgets not meeting the above criteria must be reviewed by the SEAMO Resources Committee, and then brought forward to SEAMO Governing Committee prior to approval. Any deficit of a departmental/cost centre SEAMO Account at the end of the fiscal year is the financial responsibility of the department/cost centre unless such deficit has been approved by SEAMO Governors.


Section 2: Pertaining to Departmental/Cost Centre Non-SEAMO Accounts

1. Any deficit within a Department’s/cost centre's non-SEAMO Account at the end of the fiscal year is the financial responsibility of the Department/cost centre, and not of SEAMO.

2. Departments/cost centres that project or develop a deficit in their non-SEAMO Account should report their financial liability to SEAMO Resources Committee for review.