The Prairie South School Division (PSSD) was close to its targets for revenues and expenses during the first three months of its calendar year, according to a first-quarter financial report.
Similar to all school divisions, PSSD’s calendar year starts on Sept. 1 and ends on Aug. 31 of the following year. Its budget for the 2019-20 year indicates its revenues are projected to be $84.8 million and its expenses to be $87.9 million, leaving a deficit of $3.05 million that will be covered by an accumulated surplus of $76.8 million.
During the first quarter of its year, PSSD took in 24.29 per cent — or $20.6 million — of its projected revenues, while it spent 27.92 per cent — or $24.5 million — of its projected expenses, Stephen Robitaille, chief financial officer, told board trustees during the Jan. 7 board meeting.
The receipt of grant revenues was behind schedule since $595,000 in grant funding for a new joint-use school had not been received by the end of the quarter, while funding for preventative maintenance and renewal (PMR) would not be received until June.
Expenses were “very, very close to being 100-per-cent accurate” for the first quarter projections, Robitaille continued. Administration costs were higher than expected since the first quarter numbers reflected the full payment for annual software licences. Salaries were also higher than expected, but that is because associate schools are able to hire above a formula that dictates how many teachers a school should have.
After Robitaille’s presentation, board trustees voted to receive and file the report.
The next PSSD board meeting is Tuesday, Feb. 4 at 1 p.m.
