Each year, the Board must prepare an annual budget, consult with the community on budget decisions, and adopt a balanced operating budget in a timely manner.  The Board's budget bylaw must be adopted on or before June 30, 2009 for the 2009/10 fiscal year.

At the Public Board Meeting on May 26, 2009, the Board of Education unanimously approved the Annual Operating Budget Bylaw for the fiscal year 2009/10.  As the 2009/10 fiscal year progresses, spending is monitored and the Board may make adjustments as needed and may amend its annual budget.

Section 113 of the School Act provides the authority for a Board to amend its Annual Budget Bylaw.  The Amended Budget is the final budget for the 2009/10 fiscal year and includes numerous budget variations that have taken place since the adoption of the 2009/10 Preliminary Budget on May 26, 2009.

Amended Annual Budget 2009/10

In the Amended Budget, the Board has decreased its revenue budget by $11,136 since the adoption of the Preliminary Budget in May, 2009.  This decrease is mainly due to the adjustment of the Provincial Operating Grant ($6,520), lower interest rate revenues ($380,000), and various changes in Provincial Grants, such as the cancellation of the Literacy Grant ($54,900) and receipt of Trades Apprenticeship funding ($120,000).  In addition, the Surplus of $36,550 from the year ended June 30, 2009 has been applied to this year's revenue. 

Expenditures have correspondingly decreased by $11,136.  Salaries have decreased by $59,651, after making adjustments for staffing changes.  Benefits have increased by $420,966 to reflect higher benefit costs this fiscal year.  The offsetting $372,450 decrease in expenses is a result of the reallocation of expense budgets from the Services and Supplies category.