Rainbow District School Board records surplus at August 31, 2015

Rainbow District School Board recorded an annual operating surplus of $4.4 million for the school year ending August 31, 2015.

Trustees reviewed and approved the Financial Statements for the 2014-2015 school year at the regular meeting of the Board on Tuesday, December 15, 2015.

The surplus is due to increased enrolment over projections, savings achieved in the budget during the school year, and an updated actuarial evaluation of benefit costs.

The surplus will be reinvested.

A total of $500,000 will be allocated to student-focused initiatives, $2 million to the efficiencies and modernization reserve for the consolidation of educational support services, and $900,000 to reduce the amortization of the retirement gratuity liability.

The remaining $990,000 will be added to the accumulated surplus reserve.

Financial statements are available here.

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Media Contact:

Nicole Charette, Senior Advisor,
Corporate Communications and Strategic Planning,
Rainbow District School Board, 705-674-3171, ext. 7217.