CVWD adopts an Operating and Capital Improvement Budget on an annual basis. Management
staff will make every effort to stay within the allotted budget for each operating
account and each capital project. Occasionally it may be necessary to transfer allotted
funds between operating accounts or capital projects. These budget transfers may only
be done within one of the three main categories; wages, operating expenses, or capital
projects, not between categories. All budget transfers undergo Finance Review that
ensures funding availability and adherence to policy before final processing. The
authority for approving budget transfers without the use of reserve funds is listed
in the following table:
Amount up to:
Review/Approval Level
$25,000
Department Managers/Directors
$50,000
Assistant General Managers or GM/CEO
$50,000+
Finance Committee and Board of Directors
Budget transfers requiring the use of reserve funds less than fifty thousand dollars
($50,000.00) may be approved by the GM/CEO or an AGM. Budget transfers requiring the
use of reserve funds in excess of fifty thousand dollars ($50,000.00) must be reviewed
by the Finance Committee and approved Board of Directors.
