Budget Records

Function

Finances

PIB

RRSDA Number

2023-005

Department

All University Departments (General Records Series)

Description, purpose and use of records

This record series consists of final approved capital and operating budgets at both the university-wide and department levels.

Records include annual budget reports, detailed budget statements, and final approved budgets.

Retention periods

Records	Active Retention	Semi-Active Retention	Total retention	Final disposition
Capital budgets (University-wide level)	CFY + 1 year	6 years	CFY + 7 years	Full Retention by Archives
Operating budgets (University-wide level)	CFY + 1 year	6 years	CFY + 7 years	Full Retention by Archives
Departmental Budgets	CFY + 1 year	6 years	CFY + 7 years	Full Retention by Archives

Active = Active Retention Period, Keep in Office; Semi-Active = Semi-Active Retention period, transfer to University Records Centre; CY = Current calendar year; CFY = Current fiscal year; CS = Current semester; S/O = Superseded or obsolete; OPR = Office of Primary Responsibility; Non-OPR = All other departments

Authorities

These records are created, used, retained and managed in accordance with the following authorities:

Income Tax Act (BC)

Retention rationale

In alignment with the Income Tax Act, records and books of account must be kept for verification purposes until the end of the sixth year after the taxation year to which the records relate. These records have long-term value as they document past budgets and inform future budgeting decisions. Therefore, a total retention period of "FY + 7 years" is sufficient to satisfy the requirements under this Act while also meeting the university's administrative and audit needs for these records.

Retention and filing guidelines

If print copies are created, retain three copies of final approved budgets (capital and operating) for transfer to Archives.

If only digital copies are created, retain one copy of final approved budgets for transfer to Archives.

related RRSDAs

2023-004 Budget Development and Forecasting Records

Status

RRSDA is in force

Approval Date

9 Oct 2024

Last Revised Date