Campbell River’s School District 72 were assured its books are balanced at its latest board meeting on Tuesday, Sept. 28.
Graham Roberts of accounting firm MNP LLP informed board members the district has a combined deficit of $1,554,122 as of the board’s year end, June 30, 2021.
Revenues for the district were up by around $2 million, as federal and provincial Safe Return to Schools funding of $2.5 million was offset by a decrease of around $500,ooo in international student tuition.
Expenses came in under budget at a touch over $75,000,000.
The district had projected an appropriated operating fund deficit of $3,237,745 and the year-end statements show it came in under that projection with a final deficit of $1,260,023.
Roberts explained the district’s operational surplus and internal restricted surplus amounts to four days of coverage for operational expenses should the district encounter funding interruptions.
The auditor also noted the district received a clean audit report; meaning that there were no procedural changes required in the district’s finance department.
Following recommendation from Trustee Joyce McMann on behalf of the board’s audit committee, the board voted to adopt the financial statements.
The financial statements will be available on the district website at www.sd72.bc.ca/pages/publications.aspx