June 20th, 2013
Director’s Update
Waterloo Region District School Board – Special Committee of the Whole Budget Meeting
On June 12, 2013 at 7:00pm, the WRDSB held a Special Committee of the Whole Meeting. The agenda and reports for this meeting are available on the Board’s website by clicking here.
There were no delegations at this evening’s meeting.
AGENDA
Reports
2013-14 Budget Recommendations & Appendices (For Approval)
The purpose of the report is to seek approval for the 2013-2014 balanced budget as well as preparation for the next steps for the 2014-2015 budget.
Trustees voted to approve the following recommendations:
That the Waterloo Region District School Board approve the budget as presented in the report “2013-2014 Budget Recommendations,” dated June 19, 2013 – with revenues of $660,468,554 and expenses of $654,121,327 with the difference of $6,347,227 attributed as follows:
Excess of Revenue over Expenditures: $6,347,227
LESS:
As required by Ministry of Education budget compliance regulations, this budget includes the following appropriations of accumulated surplus:
Increase/ (Decrease) in Unavailable for Compliance – Accumulated Surplus
| PSAB Adjustment for Retirement Gratuities: | 5,922,653 |
| PSAB Adjustment for Interest Accrual: | 31,932 |
| Revenues recognized for Land: | 4,945.892 |
| $10,900,477 |
SUB-TOTAL – Deficit for Compliance Purposes before additional appropriations: ($4,553,250)
LESS:
The following appropriations of Accumulated Surplus–Available for Compliance are included:
Increase/ (Decrease) in Unappropriated – Accumulated Surplus
| To fund one-time initiatives | (2,055,000) |
| From committed capital projects for annual amortization expense | 152,223 |
| ($1,902,777) |
Increase/ (Decrease) in Internally Appropriated – Accumulated Surplus
| In-Year Committed Capital Projects | |
|
710,000 |
|
(152,223) |
| To be offset in future years by Sinking Fund Interest earned | (24,045) |
| $533,732 |
• 2013/2014 Operating Deficit (3,184,205)
Difference after appropriation of Accumulated Surplus $0
And,
That the Waterloo Region District School Board direct staff to continue the system fiscal review to study programs and services and organization structure, for the purpose of identifying additional efficiencies and savings that can be achieved in order to ensure the Board continues to attain and demonstrate fiscal stability and responsibility; and
That the progress of the review be reported periodically throughout the year to the Board; and
That the review target for 2014-2015 be set at a minimum of $4.6M ongoing, sustainable savings.
Adjournment
The meeting adjourned at 8:31pm
