The Board of Trustees of St. Paul Education Regional Division No. 1 has approved the 2015/16 audited financial statements along with an update to its 2016-17 budget.
The audited financial statements for the 2015-16 school year show a deficit of $412,387 on $57,789,876 in expenses, compared to the previous year's $301,560 surplus. Total annual operational spending per student is $14,290 which works out to about $72 per day, demonstrating the excellent value that is provided by public education.
Due to a better than anticipated enrolment and unexpected insurance rebate, the fall budget update for the 2016-17 school year has improved and is now projecting a deficit of $200,085 which will be offset by reserves.
Board Chairperson, Heather Starosielski stated that while the goal is always to live within its means, there are always areas that could use additional help.
Trustees will be reviewing reserve balances with an eye towards identified priorities but cautioned that, when allocating reserve funds, one needs to consider sustainability. Given the ups and down of our economy, the Division is mindful of using these funds to support sustainable and stable budgeting that is less affected by economic cycles. The board is also aware of the increased potential for enrolment uncertainty and additional unknowns such as the impact of the new carbon levy and ongoing teacher contract negotiations.
The updated annual education plan and complete financial statements are available on the St. Paul Education website.
For more information
4313-48 Avenue
St. Paul Alberta
Canada T0A 3A3
www.stpauleducation.ab.ca
