You are here

News: Thursday, September 27th, 2018

District’s audited financial statements approved from 2017-18 school year

The Abbotsford Board of Education has approved the Audited Consolidated Financial Statements for the fiscal year July 1, 2017 to June 30, 2018. The item was passed at the September 18, 2018 public board meeting.

“Last year, we approved a budget that supported funding for key educational initiatives, like early learning, indigenous education and IT and security improvements,” noted Shirley Wilson, Chair for the Abbotsford Board of Education. “We knew that we would have a deficit coming out of the 2017-18 school year, but we are pleased to see it under the projected amount which I believe speaks to our commitment to financial stewardship.” 

The district finished the 2017-18 school year with a total operating deficit of $3.06M, which is below the budget’s projected deficit of $3.7M. This deficit moves the school district’s accumulated surplus from $11.9M to $8.8M. A breakdown of the Abbotsford School District’s key 2017-18 expense categories include:

  • 85.2% spent on instruction
  • 10% spent on the maintenance and operations of the district’s 50 facilities
  • 3% spent on administration
  • 1.8% spent on transportation

“We knew that the education sector and our school district were facing a number of changes as we prepared the 2017-18 budget,” stated Ray Velestuck, Secretary-Treasurer for the Abbotsford School District. “We were required to pull from our accumulated surplus to meet the immediate needs of our district, which included: changes to the Ministry of Education funding model, unplanned enrolment increases, capacity issues, staff shortages and more. We are fortunate to be in a financial situation where we can utilize resources from our accumulated surplus, support the work of our Board’s Strategic Plan and focus on replenishing our resources in the years ahead.”

The budget development process and audit involved various levels of management staff from across the district. Signed copies of the 2017-18 Financial Statements are forwarded to the Ministry of Education and posted on the Abbotsford School District’s website.
 


Media Contact:

Kayla Stuckart, Manager of Communications
Phone: (604) 859 – 4891 ext. 1206
Email: kayla.stuckart@abbyschools.ca