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A balanced budget promises stability at New Westminster Schools
September 30, 2016 - New Westminster Schools is heading for a period of stability for educators and students following the district staff report of end-of-year financial audited statements to trustees this week. The audited statements show a $650,000 operating surplus for the 2015-2016 school year. The total budgeted for 2015-16 was nearly $70 million.
The district ended the year with a budget surplus of about $250,000 more than the $400,000 originally planned, District Secretary-Treasurer Kevin Lorenz said. The $250,000 surplus has been reinvested in the preliminary operating budget for the 2016/17 year.
“We estimated conservatively and budgeted to break even,” said Lorenz. The $400,00 surplus provides enough contingency funding to ensure a period of stability.
The Secretary-Treasurer explained that operating and capital costs are consolidated in the financial statements. As a result, a $1.4 million additional surplus is related to capital projects and represents an increase in the value of buildings associated with various capital improvements.
Auditors KPMG conducted the independent audit and provided their report to the board on September 27, 2016.