Secretary-Treasurer Lorcan O’Melinn provided a 2006/07 fiscal year-end projection. Prior to Christmas, the Ministry announced its funding allocations and for the first time in four years, the district did not receive any enrolment reserve (holdback) funding. This has resulted in a projected deficit of $965,000. Staff will be bringing back to the Board, proposals to address the projected deficit.
Mr. Janzen reported that the 2006/07 Preliminary Budget was based on a budgeted surplus of $1.23M. In June the Board approved increasing it by $225,000 to $1,458,000 to address potential Bill 33 costs. As at June 30, 2006 a surplus of $1.723M was recorded. This leaves an unrestricted surplus of $265,000 as at June 30, 2006 compared to $20,000 last year. The District has no additional contingency to address cost pressures that may arise in 2006/07 at this time
The secretary treasurer reported on the fiscal year end projection based on actual expenditures as at the end of May 2006. The projection indicates a surplus of $1.449 M that is $216,000 higher than the amount included in the 2006/07 Preliminary Budget and includes the reduction in funding of $104,000 due to the Special Education audit. He said that school districts are waiting on the ministry announcement of the provincial redistribution of funds, which will offset some of the reduction.
The secretary treasurer reviewed the fiscal year end projection based on actual expenditures as at the end of April 2006. He said that the projection indicates a surplus of $1.379M, up from $1.233M at the end of March. The forecasted surplus of $1.379M factors in the Special Education enrolment audit which resulted in a funding decrease of $104,000. The slight increase in surplus will be used to help address the new cost pressures: Substitute teacher costs and Bill 33 class size composition costs.
The secretary treasurer said that approximately $1.233M of the forecasted surplus will be carried forward to balance the 2006/07 budget as approved by the Board in April. The 2006/07 budget assumes receiving $1.360M from the enrolment reserve.
The secretary treasurer reported on the fiscal forecast based on actual expenditures to the end of March, 2006. He advised that the estimated surplus continues to be in the range of $1.2M to $1.3M, which is consistent with the forecast provided last month. This range encompasses the $1.233M surplus included in the 2006/07 preliminary budget.
The secretary treasurer reported on the 2005/06 fiscal forecast based on actual expenditures to January 31, 2006. He said that this fiscal forecast is consistent with the amended annual budget which will be presented to the Ministry of Education.
The fiscal forecast includes the funding information received to date, including approximately $4.1M in one-time grants. The surplus is due to the following main factors:
The increase in revenue will result in an estimated range of $1.1M to $1.25M surplus.
Lorcan O’Melinn, Secretary Treasurer provided trustees with a 2005/06 Fiscal Year End Projection indicating a surplus range of $475,000 to $675,000 based on expenditures until the end of December. The secretary-treasurer noted for trustees that the Ministry grants of $3M have not been factored into this projection, because if they are not spent, they must be returned to the Ministry.