The Bruce Grey Catholic School Board has ended the fiscal year in the red.
A 2009 financial audit of the Catholic Board’s books shows an 856 thousand dollar deficit.
But as BDO Dunwoody Accountant Dennis Kraemer explains this is more of a cash flow problem than an actual shortfall.
He says the deficit was created by spending 5.3 million dollars on capital projects.
The province will later reimburse the School Board for these costs.
4.2 million was spent directly on additions to Owen Sound St. Mary’s High School and St. Peter’s and Paul School in Durham.
Once these projects are complete — the province will refund the Catholic Board to offset the deficit and the School Board will be in the black again.
In the meantime Kraemer says the Bruce Grey Catholic School Board is in great fiscal shape.
He says the Catholic Board is using their debenture debt to pick up additional funding through the government — which he calls a smart move.
The reserve fund is also sitting at a healthy 3.5 million dollars.
This will jump to 3.6 million by the time the province reimburses the board for the school addition projects.