Responsible Financial Management
Engineers and Geoscientists British Columbia’s budget process aligns fully with the association’s three-year strategic plan. This enables long-term planning with minor adjustments as required.
Our budget is created within clear guidelines set by Council and in compliance with the association's Sustainable Financial Management Policy. On an annual basis, following scrutiny and revision by the Executive Committee of Council, it is brought forward for examination and approval by Council.
On April 24, 2018, Council approved the 2018/2019 operating and capital budget. The budget was prepared in accordance with Council-approved budget guidelines and reviewed by the Executive Committee prior to being presented to Council. This is year two of the three-year budget approved on April 28, 2017.
The budget includes a $35 fee increase effective January 1, 2019. This accounts for a number of increases to the organization’s costs, including a necessary catch up with inflation, as well as the new employer health payroll tax that will replace MSP. These two items account for approximately half of the necessary increase. The remainder of the increase accounts for various changes to the association’s costs, including enhancements to critical business functions such as business continuity, security, and privacy compliance; and to support new initiatives included in our strategic plan, such as encouraging the participation of women in our professions through the 30 by 30 program.
Financial information and audited financial statements for each fiscal year are presented in the Annual Report, which is published each September. Council also publishes the total annual budget broken out by department in generally accepted accounting principles, available below.
Engineers and Geoscientists BC operates under a total compensation philosophy in order to attract, retain, and engage a highly competent staff team. The term total compensation refers to an approach that recognizes not only salary, but also the plans, programs, benefits, and perquisites that are available to an employee of Engineers and Geoscientists BC. The salaries are administered in conjunction with a performance management system that rewards employees on the basis of merit and performance rather than time in role.
Under the Staff Total Compensation Policy, defined salary ranges are established for each position level. Each level is assigned a salary in which “fully competent” corresponds to the 50th percentile. The 50th percentile is established by a review conducted by an independent consultant of similar regulatory organizations. These reviews usually consider data from 10–15 comparable organizations as well as national salary databases. This enables a salary range to be established around each position that considers varied performance, from entry level to the highest achievements.
The Engineers and Geoscientists BC Executive Committee is responsible for setting and reviewing the salary of the CEO, and for recommending changes to the Compensation Policy for Council approval. The CEO is responsible for setting, reviewing, and adjusting all other staff salaries in accordance with the policy, which includes:
- Conducting an annual review, through an external consultant, to identify adjustments that would realign Engineers and Geoscientists BC salary ranges with prevailing market conditions and cost of living adjustments.
- Conducting a triennial review (or more frequently if required), through an external consultant, to recommend range adjustments and ensure that the compensation policy continues to reflect best practices.
- Reporting the results of these reviews and any actions taken by the CEO to the Executive Committee, and
- Providing the Executive Committee with an annual report from the CEO that demonstrates compliance with the Compensation Policy.