On April 26, the Board of Education for School District 10 passed the annual budget bylaw for the 2016/17 fiscal year in the amount of $8,985,530.
The total budget bylaw amount is made up of operating expenses of $7,822,158, special purpose funds expenses and capital asset purchases of $625,050 and amortization of $538,322.
The operating budget includes revenues of $7.2 million with expenses of $7.8 million. The difference of $644,271 is a budgeted appropriation from the $1.8 million operating surplus that the school district reported in its June 30, 2015 financial statements.
Budgeted operating grants from the Ministry of Education have decreased from the 2015/16 amended budget of $7.2 million to $7 million in the 2016/17 budget. The budgeted operating grant is based on 438 Full-Time Equivalent students (FTEs) in the 2016/17 budget compared to FTEs in the 2015/16 budget. The decrease in the budgeted operating grant is mainly due to the annual decrease in funding protection as the Ministry of Education has reduced the operating grant by 1.5 per cent each year commencing in the 2014/15 fiscal year.
Total budgeted operating expenses decreased by $122,000 from the 2015/16 amended budget to the 2016/17 annual budget. Total budgeted operating expenses in the 2016/17 budget were $7.8 million. This is composed of salaries and benefits of $6.3 million and services and supplies of $1.5 million. Budgeted salaries and benefits decreased by $134,000 from the 2015/16 amended budget. On July 1, based on their union contracts, teachers will receive a 1 per cent salary increase and CUPE staff, a 0.5 per cent increase. Principals and vice principals received a 2 per cent increase on July 1 2015 and January 1 2016 with no further increase expected in the 2016/17 fiscal year. Exempt salaries have been frozen since 2009. Budgeted operating services and supplies expense increased slightly by $12,000 from the 2015/16 amended budget. This is mainly due to increased expenses from the Ministry of Education to support shared services initiatives relating to employee practises liability program and next generation network costs.