Business Plan And Budget Template Page 27
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50Budget
Budget Structure
The budget of The Law Society includes three operating funds and a capital budget:
•
The General Fund, which covers the general operating costs of the regulatory function
and other work of the Law Society;
•
The Assurance Fund, which covers the costs of compensating clients and others who
are the victims of trust defalcations occurring prior to July 1, 2014 (claims for trust
defalcations occurring after July 1, 2014 are covered under the new Trust Safety
Insurance program in ALIA/ALIEX); and
•
The Viscount Bennett Fund, a donated sum, the income from which funds scholarships
for law students in graduate programs.
•
The Capital Budget is required to fund investments in assets with an economic life over
one year including business technology items, leasehold improvements and furniture.
In discussing the budget structure, we refer to:
•
Budget 2015, which means the fiscal year beginning January 1, 2015 and ending
December 31, 2015;
•
Budget 2014, which means the fiscal year beginning January 1, 2014 and ending at
December 31, 2014; and
•
Forecast 2014, which is our forecast of the actual revenue and actual spending for the
fiscal year beginning January 1, 2014 and ending December 31, 2014 based on actual
results to June 30, 2014 plus management’s current estimate of anticipated results from
July 1, 2014 to December 31, 2014.
Summary budgets for the consolidated General and Assurance fund, the Viscount Bennett fund
and capital spending are provided in the following pages.
The business plan and budget for the indemnity program (ALIA and ALIEX) is not included in
this document. That plan is presented to and approved by the Advisory Board of the indemnity
program. The Insurance and Trust Safety Insurance levies will be approved by the Advisory
Board in the spring of 2015 in advance of the insurance policy year that commences on July 1,
2015.
Proposed 2015 Business Plan & Budget
Page 27 of 50
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