Financial Highlights of School District No. 27 (Cariboo-Chilcotin) for 2022-2023 Fiscal Year
The financial statements for the School District No. 27 (Cariboo-Chilcotin) for the fiscal year 2022-2023 showcase a positive outlook with increases in accumulated surplus and operating surplus. Efforts to modernize financial records and comply with new accounting standards were highlighted. The district's funding sources, operating revenues, other revenues, and operating expenditures were detailed. Additionally, the implementation of Asset Retirement Obligations standard PS 3280 was addressed, ensuring future liabilities related to hazardous materials are recognized and funded appropriately.
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2022-2023 Financial Statements SEPTEMBER 26, 2023 SCHOOL DISTRICT NO. 27 (CARIBOO-CHILCOTIN)
The Finance team worked hard over the last fiscal to modernize and automate the books and records Implemented a new accounting standard requiring restatement of 2022 Sale of the Poplar Glade property (Note 12) HIGHLIGHTS 2022-2023 Fiscal Year End The Finance team efforts resulted in a smooth audit process and a clean audit report The District fiscal year recorded an increase in the Consolidated Accumulated Surplus of $1.58 million (Statement 1) and an Operating Surplus of $ 2.6 million (Schedule 2) Net Transfer to Invested in Assets from Operating $ 5.1 million (Schedule 2) Yet still leaving an Operating Surplus of $ 4.4 million (Schedule 2) This is a very healthy set of financials SCHOOL DISTRICT NO. 27 (CARIBOO-CHILCOTIN)
Where do we get our funding? 5% 5% 1% 1% Gov Operating Grants Other Rev Other Gov Grants 2022-2023 Operating Revenues $59.7 million Sch 2A 94% 94% SCHOOL DISTRICT NO. 27 (CARIBOO-CHILCOTIN)
Where do we get our funding? 24% 24% 3% 3% 4% 4% LEAs Miscellaneous Revenue Rentals and Leases 2022-2023 Other Revenues $3.6 Million Sch 2A Investments Income 69% 69% SCHOOL DISTRICT NO. 27 (CARIBOO-CHILCOTIN)
2022-2023 Operating Expenditures 15% 15% Salaries Benefits $57.1 Million Sch 2B Services & Supplies 70% SCHOOL DISTRICT NO. 27 (CARIBOO-CHILCOTIN)
Asset Retirement Obligation Note 24 & 25 On July 1, 2022, the School District adopted Canadian Public Sector Accounting Standard PS 3280 -Asset Retirement Obligations (ARO) This new standard requires the recognition, measurement, presentation and disclosure of legal obligations associated with recognizing a liability regarding disposing of hazardous materials when assets are retired Implementing the new standard required restating the 2022 Financial Statements The District engaged a professional abatement firm to quantify the liability The $5.3 million dollar liability will be fully funded by the Ministry as future major capital projects or demolitions occur SCHOOL DISTRICT NO. 27 (CARIBOO-CHILCOTIN)
Surplus and Local Capital Proposed Internal Restrictions outlined for approval in Note 21 Accumulated Surplus - $4,368,241 Security & PA System Upgrades School Roof Repairs Pre-engineering for Marie Sharpe Accessibility improvement for Mile 108 Local Capital - $7,454,360 Building Envelop Improvements at 5 schools White Fleet replacements 2 Mini-busses for Sports/Extra- Curricular Long Range Facility Plan The proposed projects will still leave an Unrestricted Contingency Surplus and a Facility Reserve totaling over $3.2 million SCHOOL DISTRICT NO. 27 (CARIBOO-CHILCOTIN)
Reserve Summary Actual Budget Actual Actual Operating Fund 2023 2023 2022 2021 Restricted -School Based 103,657 300,000 333,396 491,772 Restricted -First Nations 483,810 350,000 439,608 387,320 Restricted - All Other 2,450,000 1,623,004 1,500,000 Unrestricted Surplus 1,330,774 4,509,509 4,509,509 4,042,705 Total Operating Surplus 4,368,241 6,782,513 6,782,513 4,921,797 Special Purpose Funds (Restricted) 15,000 15,000 15,000 15,000 Capital Fund Local Capital (Future Capital Purchases) 7,454,360 2,985,612 2,985,612 3,277,085 Invested in Tangible Capital Assets (Amort) 11,524,210 9,545,000 12,001,722 17,500,198 Total Capital Surplus 18,978,570 12,530,612 14,987,334 20,777,283 Total SD27 Accumulated Surplus 23,361,811 19,328,125 21,784,847 25,714,080 * Unrestricted Spending Other Potential Funding Sources Restricted MECC Capital Fund Addiitions /Removals 806,243 806,243 428,980 - Restricted MECC Capital Fund 2,654,991 2,654,991 1,848,748 1,419,768 SCHOOL DISTRICT NO. 27 (CARIBOO-CHILCOTIN)
Operating Budget Student Supports Instruction Administration Maintenance / Transportation Other Funds Special Purpose Funds Specific Time Frame (1-2 years) Specific Function School Trust Fund Annual Facilities Grant Community Links Capital Budget Buildings Land Improvements Equipment Site Purchases SCHOOL DISTRICT NO. 27 (CARIBOO-CHILCOTIN)
2022/2023 Financial Statements and Notes 2022/2023 Financial Statement Discussion & Analysis 2022/2023 Amended Budget 2022/2023 Snapshot Graphic Reports and Publications (sd27.bc.ca) Supporting Documents SCHOOL DISTRICT NO. 27 (CARIBOO-CHILCOTIN)
Questions / Comments Brenda Hooker, Secretary-Treasurer Brenda.hooker@sd27.bc.ca Paul Wallin, Manager of Finance Paul.wallin@sd27.bc.ca Financial Statement Presentation Financial Statement Presentation Sept 26, 2023 Sept 26, 2023 6:30 p.m. 6:30 p.m. SCHOOL DISTRICT NO. 27 (CARIBOO-CHILCOTIN)
