District ends school year with a $2-million surplus

Things continue to look good for the once-financially challenged New Westminster school district.

District staff presented trustees with the 2015-2016 audited financial statements at the school board meeting this week. Overall, the district closed out the last school year with a $2-million surplus – $1.5 million more than staff had budgeted in the 2016 amended budget – thanks to additional revenue in nearly all categories, including provincial grants, tuition, rentals and leases, investment income and amortization of deferred capital revenue.

Expenses increased slightly but not enough to make a dent in the district’s revenue.

For a district that used to be known for its financial woes, the boost in its surplus was welcome news.

“We’re a long way away from where we were,” New Westminster superintendent Pat Duncan told staff and trustees.

“We’re in good financial shape, and students are the beneficiaries.”

Trustee Kelly Slade-Kerr echoed Duncan’s sentiments, adding the recent statement is great news for the district. She was especially pleased with the healthy contingency the district has in its coffers.

“I cannot express how pleased I am as a trustee,” she told staff.