Surplus Funds Already Earmarked
Wednesday, December 30, 2015 12:54 PM by
Bluewater Board says $1.9-million in 2014-15 will disappear in this fiscal year.
(Grey Bruce )
The Bluewater District School Board's 2014-15 operating year ended up with a surplus but the money is already spoken for.
Superintendent of Business Services/Treasurer Rob Cummings told a recent meeting of board trustees that the surplus will disappear in 2015-16.
Cummings says projects started last year, will be completed this fiscal year.
He says the surplus was about $1.9-million.
When you take away the surplus, the board finished 2014-15 with pretty well a zero-based budget.
Cummings says looking ahead, the Ministry of Education considers the board's operating position still at a medium-to-high-risk level.
He says with a lean operating budget and increasing infrastructure requirements, addressing new financial pressures will be limited.
The province has urged the board to continue reducing the surplus space in schools as a cost-saving opportunity.