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Board Meetings

Financial Report


December 18, 2007




2006/07 Financial Year End Report


Bluewater District School Board had a deficit of $116,855 for the year ending August 31, 2007.  This amount represents a very small variance from the original budget.

Overall, the Board’s grant revenue from the Ministry of Education decreased by $1.5M from the original estimates.  This reduction is comprised of a $1.1 M decrease in the Teacher Qualification and Experience Grant due to a change in qualification of staff from the budget planning stage and a decrease to the Declining Enrolment Grant since the decline was not as great as anticipated. Other grant components increased as a result of an increase in students.  Details can be found on the 2006/07 Grant Summary.

Enrolment in the elementary panel was up over projections by 133.75 ADE (Average Daily Enrolment) and secondary by 90.16 ADE.  
Revenues, other than grant revenue, increased substantially over the initial budget. These revenues were comprised primarily of special purpose grants.  These grants are usually revenue and expense neutral.

The capital grant revenue from the Ministry decreased due to the reduction in interest costs related to Good Places to Learn funding (GPTL).  The original projection was based on funding  for Phase I and II GPTL through Banker’s Acceptance.  The Ministry provided long term financing through the Ontario Financing Authority in Nov 2006, thereby reducing the need for this type of financing.

An analysis of expenditures is included in this package.  As mentioned above, many of the expenditure lines are impacted by the Special Project Grants and hence have higher expenditures than budget.  


Specific Comments

Classroom teachers were increased by 23.1 FTE due to the higher than anticipated enrolment.  The lighthouse project generated $772,000 of revenue.

Supply teacher costs continue to be a challenge for us.  On a positive note, the over budget amount, when external revenue is considered, is only $268,723 compared to $730,336 in 05/06.

Classroom computer costs were over budget primarily due to our consolidation of debt for the Technology Master Plan.

Texts, supplies, resources have $445,340 in external revenue.  The balance of the over expenditure relates to supplies/services, capital and fees.

Professional/Para Professional, Staff Development and Coordinators and Consultants have significant external revenue so they are all within budget.

The School Office envelope included the budget for the last pay equity payment.  In addition, there was an over expenditure of $60,000 for temporary office staff.

Transportation was under budget due to non payment for snow days and the contribution from our Student Success Program for out of boundary and tech centre transportation.

Plant operations and maintenance included revenue from the Best Start Projects at Beaver Valley CS and Alexandra PS.

Continuing Education has external revenue of $616,370, Ministry grant revenue of $102,837, and $147,000 from the Community Use funding.  (Provided by Ministry of Education)

Administration includes Governance and Supervisory Officers.  Trustees received an increase in their honorarium, due to an increase in funding from the Ministry.  This announcement occurred after the budget was passed.  Interest costs were $141,361 over budget due to a previous year end cut-off error.  This budget also included $500,000 for the school support centre.  







Submitted to:
Bluewater District School Board
18 December 2007
For more information please contact
Brenda Booth,
Superintendent of Business and Treasurer

        


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