The Southeast Cornerstone Public School Division released the Annual Financial Report for 2016-2017 yesterday at the regular meeting of the Division's Board of Education.
"Our fiscal year ended August 31st and we just finished putting together our financial statements, reviewed by auditors and approved by auditors. We were successful in obtaining a lower budgeted deficit," explained Shelley Toth, Chief Financial Officer, Southeast Cornerstone Public School Division.
"We had originally budgeted a $5.6 million deficit and we came in with a $1.9 million deficit."
The revenues for the year were $102.6 million and expenses of $104.5 million.
Toth said that the Budget managers worked hard at finding ways to reduce costs.
"We reduced where possible, we looked for efficiencies, we reduced un-necessary travel as directed by the government."
There were lower than budgeted wage increases and the School Division were able to combine roles.
"Here at our school division office, our transportation manager retired and we were able to combine the roles of facilities and transportation together and its working quite well."
It was a real strong effort across the division to save the money," Toth added.
The Division has also tried to cut the costs without affecting the classrooms.
"All the changes we've made have not resulted in any changes at the classroom level."
The deficit comes out of the surplus which the Division has available to them. Due to the deficit, the 'Accumulated Surplus from Operations', for the end of the year is just under $145 million. The surplus for the previous year was just under $147 million. The total surplus includes $126 million in tangible capital assets such as the building, buses and equipment.