District School Board of Niagara (DSBN) announced a $2.4 million operating surplus for the 2023-2024 school year, reflecting the Board's proficiency in maintaining a consistently strong and sustainable budget while providing students with high-quality, innovative programs and opportunities.
During the November 19 Board Meeting, Stacy Veld, Associate Director of Education, Corporate Services & Treasurer, presented highlights of the November 18 Audit Committee meeting, including the 2023-2024 Year End Financial Report. This report represents a comparison of year-to-date actual revenue and expenses.
Veld reported that enrolment increases and government funding contributed to a $82.6 million gain in revenue, with the budget rising to $660.5 million from the originally projected $577.9 million. Expenses also grew from $584.5 million to $658.1 million. The increase of $73.5 million is due in part to a $53.8 million salary and wages increase - a result of Bill 124 and Collective Agreement retrospective payments made to all employee groups, as well as corresponding funding from the Ministry of Education.
"As a growth board, we are proud of the work that's been done to ensure financial responsibility," said Veld. "DSBN has been able to consistently enhance what we offer students and staff as well as reliably invest in future needs. We remain committed to making decisions that are good for everyone."
For more information
191 Carlton Street
St. Catharines Ontario
Canada L2R 7P4
www.dsbn.org/
