The Finance Committee held its last meeting of the school year in the evening of May 18, 2022. The evening’s agenda included budget update for the committee to approve forwarding to the Board and proposals for consideration in the 2022-2023 budget, a financial update and business development update.

Watch the full meeting.

The trustee members of the committee and representatives of the District’s formal stakeholder groups first heard a presentation of the draft annual budget for the 2022-2023 school year. As a public sector entity, the Board is required to pass a balanced budget annually by June 30 in accordance with the Public Sector Accounting Board principles.

As required under legislation, the Board is required to pass a balance budget. With a projected deficit of more than $10.6 million, the draft 2022-2023 annual budget will utilize funds from the unrestricted operating surplus (accumulated from prior years) to balance the budget. This results in a remaining unrestricted operating surplus of approximately $496,000. The committee was advised that continued use of prior years’ surpluses to balance the budget is not sustainable and that the Board should take steps to address the structural deficit. 

Following details of the draft budget, several budget proposals were discussed. The committee was reminded that any additional items to be added require savings to be found elsewhere within the draft budget. These include ongoing funding of a Health and Safety Manager, additional school-based staff, and one-time funding for Anti-Racism In-Service Training and Library Support for Schools. Details regarding these proposals are provided in the agenda package or via the recording of the meeting.

Trustee committee members forwarded the proposal regarding funding of school library resources to the Board with their endorsement. The remaining proposals proceed to the Board without recommendations by committee members. Those proposals will be further refined ahead of the Board meeting scheduled for May 30, 2022. Trustee members also supported the recommendation regarding use of surplus funds to balance the 2022-2023 annual budget and the draft budget bylaw be forwarded to the Bord, as the details and amounts specified are expected to remain consistent.

 Following the discussions about the draft budget and proposals, the committee provided an update about development funds raised. This included funds obtained through donations, grants and sponsorships. The committee was informed that nearly $620,000 was obtained to support food security and poverty reduction initiatives, approximately $66,000 was obtained for student technology supports and nearly $45,000 was received for secondary student scholarships.

Due to timing constraints, the financial update identified on the meeting’s agenda could not be accommodated. In addition to the report included in the agenda package, stakeholder representatives and trustees in attendance were advised that staff area available to address any follow up questions they may have.

To keep up to date with all of the District’s committee and Board meetings, see the calendar for meeting dates, agendas and livestream links. All recordings of past meetings are housed on the District’s YouTube channel.