School board surplus seen as ‘a good sign’
School District 57 released its financial statements at its first meeting this week, announcing an accumulated operating surplus of $46 million.
This adds up to more than $3 million from the previous year.
“It can be a deceiving number with revenue in and expenses going out but this is a good sign,” said School Board Chair, Tim Bennett.
“It shows that being in this position, we have recognized the importance that all schools are running efficiently and effectively, we are ensuring the best education for students and also that we are making good business decisions.”
School District Superintendent Marilyn Marquis-Forster says that a surplus may seem more convoluted than it appears.
“It can be complicated though. Sometimes there are preplanned projects already in place and with that, numbers can be deceptive,” she says.
“Overall, we are happy with our finances. But we do take public dollars seriously and the way they in which they are allocated.”
But according to MarquisForster, this does bring about questions that need addressing.
“Are we ensuring services are utilized quickly enough? We want to ensure taxpayers’ money is spent in a timely way,” she says. “We currently do have a process that looks at surplus dollars.”
But as of June, 2018, a new government initiative will be in place asking all school districts in the province to implement a policy focused on budget monitoring and reporting, accumulated operating surpluses, and establishing perimeters for auditing.
“It really is a balance,” Marquis-Forster said. “We have to think carefully about our financial health.”