Joint Budget Committee of Executive Council

Mandate

Executive Council Bylaws VIII.4(a)

(a)    Joint Budget Committee of the Executive Council.
i.    There shall be a Joint Budget Committee of the Executive Council which, pursuant to the Constitution and Canons of The Episcopal Church, shall, with the Chair and Vice-Chair and the Council, develop an Episcopal Church Budget consistent with the resolutions of the General Convention, for each budgetary period, which budgetary period shall be equal to the three-year period beginning the January 1 following the adjournment of the most recent meeting of the General Convention and ending with the December 31st following the adjournment of the next regular meeting of the General Convention.
ii.    The Chair of the Joint Budget Committee shall be jointly nominated by the Chair and Vice Chair and appointed by Council. The members of the Joint Budget Committee shall be jointly nominated by the Chair and Vice-Chair and appointed by Council, and shall include:
-    one member of each Executive Council Joint Standing Committee;
-    at least five and not more than seven other individuals who may or may not be members of Council, including individuals with financial and budgetary expertise; and
-    The Treasurer of the Society and Executive Officer of the General Convention shall be members ex officio.
Further, the membership shall represent the diverse voices of the Church and a balance of the Church’s orders consistent with the historic polity of the Church.
The members shall serve a term beginning at the first regular meeting of Council following the regular meeting of the General Convention or immediately following their appointment, whichever comes later, and
 
continuing through December 31 following the adjournment of the next regular meeting of the General Convention or until a successor is appointed, and may serve two consecutive terms, after which a full interval between regular meetings of the General Convention must elapse before being eligible for reappointment.
(b)    In the development of The Episcopal Church Budget, pursuant to the Constitution and Canons of The Episcopal Church, the Joint Budget Committee shall first receive a draft budget from the Chief Financial Officer which shall set forth projected revenue and proposed expenses for the three-year budgetary period.
(c)    Upon receipt of this draft budget, the Budget Committee may solicit input from Interim Bodies, Executive Council Joint Standing Committees, and other interested parties, and shall further establish a timeline for preparation of The Episcopal Church Budget that shall include time for meeting and consultation with the Chief Financial Officer and other Society staff.
(d)    The Joint Budget Committee shall approve a proposed Episcopal Church Budget at least thirty (30) days prior to the last regularly scheduled Council meeting prior to each regular meeting of the General Convention and shall submit the proposed Episcopal Church Budget for acceptance by the Council and subsequent submission to the Secretary of the General Convention. The Council shall have the opportunity to request clarification or modification of the proposed Episcopal Church Budget, and shall approve the proposed Episcopal Church Budget at its last regularly scheduled meeting prior to the meeting of the General Convention and shall submit the approved budget to the Secretary of the General Convention.
(e)    Following the completion of each regular meeting of the General Convention and at least thirty (30) days prior to the first regularly scheduled Council meeting, the Budget Committee shall consider all resolutions approved by the General Convention with budgetary impact and shall make adjustments to The Episcopal Church Budget for consideration by Council pursuant to the Constitution and Canons of The Episcopal Church.
(f)    At least thirty (30) days prior to a Council meeting in the final quarter of each fiscal year, the Chief Financial Officer shall submit the Episcopal Church annual budget for the next fiscal year to the Joint Budget Committee for its review and comment. Each such annual budget shall be developed with reference to the Episcopal Church Budget approved at the previous General Convention. The Joint Budget Committee shall submit it with its comments to the Joint Standing Committee on Finance at least ten
 
(10) days prior to scheduled Council meeting in the final quarter of each fiscal year
(g)    During the course of each fiscal year, the Chief Financial Officer shall provide quarterly reports of revenue and expenditures compared to the annual budget with an explanation of any material variances to the Joint Standing Committee on Finance. The Joint Standing Committee on Finance, on behalf of the Council, shall have oversight of the Society’s financial performance compared to the budget.