ST. PAUL S ROMAN CATHOLIC SEPARATE SCHOOL DIVISION No. 20. TREASURER S REPORT ANNUAL MEETING OF ELECTORS Twelve Month Period Ending August 31, 2013

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1 ST. PAUL S ROMAN CATHOLIC SEPARATE SCHOOL DIVISION No. 20 TREASURER S REPORT ANNUAL MEETING OF ELECTORS Twelve Month Period Ending August 31, 2013

2 INTRODUCTION GREATER SASKATOON CATHOLIC SCHOOLS BOARD OF EDUCATION AUDITED FINANCIAL STATEMENT I am pleased to present the Audited Financial Statement on the financial operations of the school division for the fiscal period that ended August 31, 2013 and to comment on the overall financial position of Greater Saskatoon Catholic Schools. ACCOUNTING POLICIES The financial statements have been prepared in accordance with generally accepted accounting principles for local governments, as recommended by the Public Sector Accounting Board (PSAB) of the Canadian Institute of Chartered Accountants (CICA). The financial statements are prepared using the accrual basis of accounting. The accrual basis of accounting recognizes revenues as they are earned and measurable; expenses are recognized as they are incurred and measurable as a result of the receipt of goods or services and the creation of a legal obligation to pay. Expenses also include the amortization of tangible capital assets. The budget was developed to align with the Board of Education strategic direction and the revenue allocated by the provincial funding distribution model. The approved budget by the Board of Education is used to manage program spending within the guidelines of the funding distribution model. Given differences between the funding model and generally accepted accounting principles established by PSAB, the budget figures presented have been adjusted to conform to the basis of accounting used to prepare the consolidated financial statements. FINANCIAL SUMMARY The school division ended the year with a consolidated surplus of $20,286,485 which was realized on revenues of $187,546,597 and expenditures of $167,260,112. Actual revenue was over budgeted revenue by $16,120,236. The major factors contributing to the overall budget variance were in increases in department grants of $16,440,630, other revenue of $71,652, tuition and related fees of $503,698, and complementary services of $17,440, with decreases in tax revenue of $626,597 and school based funds of $286,587. P a g e 2

3 Revenue Actual expenditure was over budgeted expenditure by $9,820,876. The major factors contributing to the overall budget variance were in increases in plant operations and maintenance of $9,279,529, instruction of $1,136,083, complementary services of $333,651, tuition and related fees of $49,980, administration of $32,876, and interest and bank charges of $25,007, with decreases in transportation of $600,059, school based funds of $389,653, and governance of $46,538. Expenses RECOMMENDATION: That the Financial Statements and Treasurer s Report for the fiscal year ended August 31, 2013 be approved as presented. P a g e 3

4 Summary of Revenue and Expenditures with Budget to Actual Comparison for the Fiscal Year September 1, 2012 to August 31, 2013 RECOMMENDATION: That the Financial Statements and Treasurer s Report for the fiscal year ended August 31, 2013 be approved as presented. P a g e 4

5 OPERATING REVENUE Property Taxation Total tax revenue was under budget by $626,597. The variance occurred as a result of the application of the provincial mill rate and property reassessment less discounts, cancellations and appeals. Grants Grants were over budget by $16,440,630. The main reasons for the variance were in the increase in operating grants of $4,779,684 and the change in the accounting standards which resulted in an increase in capital grants of $11,660,946. School Based Funds Revenue School based funds revenue was under budget by $286,587. The main reason for the variance was in the level of revenue generated through school based activities. Complementary Services Revenue Complementary services revenue was over budget by $17,440. The main reason for the variance was in additional grants approved for educational programs throughout the year. Tuition Fees and Other Revenue Tuition fee revenue was over budget by $503,698. The main reason for the variance was the change in the provincial funding formula resulting in the redundancy of existing tuition agreements Other Revenue Other fee revenue was over budget by $71,652. The main reason for the variance was the increase in reimbursements and other revenue of $227,424, and decrease in rentals of $85,237, and interest and dividends of $70,535. OPERATING EXPENDITURE P a g e 5

6 Governance Governance expenditure was under budget by $46,538 as a result of the increase of elections of $18,644, and the decrease in other governance expense of $39,237, convention expense of $21,506, advisory committee expense $2,823, and board members indemnity of $1,616. Administration Total administration expenditure was over budget by $32,876. The main factors contributing to the variance resulted from the increase in building operating expense of $121,792, amortization of $77,988, and non-capital equipment of $86, and the decrease in supplies and services of $69,938, communication expense of $58,325, salaries and benefits of $36,178, travel of $2,150, and professional development of $399. Instructional Services Total instructional services expenditure was over budget by $1,136,083 as a result of the increase in program support salaries and benefits of $797,118, amortization of $528,128, instructional aids of $411,324, supplies and services of $257,826, student related expense of $50,638, and non-capital equipment of $37,478, and the decrease in instructional salaries and benefits of $377,498, professional development of $343,404, communication of $193,654, and travel of $31,873. Plant Operations and Maintenance Total expenditure for plant operations and maintenance was over budget by $9,279,529 as a result of the increase in building operating expense of $9,098,942, amortization of $282,883, non-capital equipment of $77,457, travel of $4,147, and communications of $316, and the decrease in plant salaries and benefits of $172,057, supplies and services of $8,925, and professional development of $3,234. Pupil Transportation This category of expenditure was under budget by $600,059. The main factor causing the variance was the decrease in contracted transportation of $106,471, the reclassification of $493,588 to Complementary Services for pre-kindergarten transportation, and decrease in salaries and benefits of $2,140. Tuition and Related Expense P a g e 6

7 Total expenditure was over budget by $49,980. The main reason for the variance was the need for special needs pre-kindergarten programming exceeded expectations. Complementary Services Total expenditure was over budget by $333,651. The main reason for the variance was as a result of the increase in contracted transportation and allowances $493,588, student related expense of $2,752, and travel of $194, and the decrease in salaries and benefits of $137,984, supplies and services of $14,001, amortization of $4,245, instructional aids of $3,309, and professional development of $3,344. School Based Funds Total expenditure was under budget by $389,653. The main reason for the variance was in the level of fundraising expense generated through school based activities. Interest and Bank Charges This category of expenditure was over budget by $25,007. The main factor causing the variance was the increase in current interest and bank charges. For additional information Visit us on-line: Call us: us: jlloyd@gscs.sk.ca P a g e 7