The New Westminster school district's controversial business company, which oversees a school in China, has postponed its annual general meeting to ensure last year’s audited financial statements are completed.
The meeting was scheduled for Sept. 23 at 5 p.m. in the library at the New Westminster Secondary School, but has been moved tentatively forward a week to Sept. 30.
Chief executive officer Brent Atkinson said the meeting was changed because the auditors didn't start reviewing the business company's financial statements until three weeks later than they have in previous years. As a result, the auditors asked to have the deadline extended.
"I believe, tentatively, we’re pushing them to try and do it by Sept. 30,” Atkinson said. “I tried to make it a permanent date, but the problem is they’re doing the school board audit and our audit at the same time, right, and they have to complete them both.”
The meeting comes at a time when the district's business company faces an uncertain future in the face of provincial government rules introduced earlier this year meant to tighten regulations around operating offshore schools.
The business company has been profitable in recent years, even managing to pay back the $1 million start-up costs (with interest) the district invested, but the school district isn't budgeting for any revenue from the company this school year because of questions related to the new rules.
Trustee James Janzen, who sits on the business company's board of directors, earlier this year questioned whether the endeavour was worth it for the district.
"There comes a time when you have to decide how much energy you want to put into it, in terms of diminishing returns," Janzen told The Record at the time.
The business company was a controversial endeavour when it launched 10 years ago. Critics said it took time and money away from local students and schools.
The district started the business company after the Liberal government introduced legislation in 2002 that made it possible for school districts to sell the B.C. curriculum overseas.
