Board Approves 2023-2024 Audited Financial Statements

At the Public Board Meeting on Tuesday, November 26, The Board of Trustees approved the Audited Financial Statements as presented. 

Here is a comprehensive summary of the 2023-24 Audited Financial Statements: 

The 2023-24 year-end is completed and the audited financial statements have been reviewed by the audit committee and approved by the board of trustees.  MNP, the Board's auditor, issued an unqualified opinion on the statements which indicated the statements fairly report the financial position of the division.  

For the 2023-24 fiscal year ended August 31, 2024, the division had an operating deficit of $367,000 which was greater than the $166,000 deficit forecasted in the budget.

At the end of the 2023-24 fiscal year, the division’s accumulated operating surplus was $1,881,000 including school generated funds. Of this amount, $576,000 is in the unrestricted reserve.

Total division revenues were $38.8 million dollars in 2023-24 compared to $37.2 million in 2022-23. The increase of $1.6 million is related to an increase in enrollment, additional grants announced and greater investment revenue from higher rates.

Total division expenditures were $39.1 million in 2023-24 compared to $36.6 million in 2022-23. This increase of $2.5 million is a function of an increase in certificated and non-certificated staffing, transportation expenses, contracted services provided under Learning Services and a greater amount of expenses at the school level.

For additional information please see the division's Audited Financial Statements for the Year Ended August 31, 2024.