Last Updated: Friday - 09/24/2010
Week of December 3, 2007
Edmonton Catholic Schools posts $10.6M operating surplus
By WCR Staff
The Edmonton Catholic Schools board of trustees has posted a $10.6 million operating surplus for the 2006-07 school year. After putting some of that money aside for future projects and to pay the cost of maintaining current assets, the surplus comes in at $5.4 million.
The school board still has a $6.3 million debt on its books. Already $2.4 million of this year's surplus has gone towards paying off that debt. Another $3.3 million has yet to be allocated.
An $8.7-million deficit was discovered in December 2005 and created a public stir when it was reported in January 2006. The deficit resulted from overruns in construction projects as well as higher than expected salary costs.
The budget committee will decide in December what to do with last year's remaining $3.3 million surplus and how much, if any, to put towards the debt.
The school board spent $212.2 million on salaries and benefits in 2006-07, which was lower than anticipated and contributed towards the surplus. The school board had total revenues of $291.8 million and total expenditures of $281.2 million.
Cindy Olsen, school board chair, said in a statement released Nov. 27, "The 2006/07 audited financial statements show that our district is in a stronger position. "We must thank the schools and departments for being prudent with funds as that allowed additional dollars for student learning."