Rainbow District School Board records surplus at August 31, 2016

Rainbow District School Board recorded a surplus for the school year ending August 31, 2016. Trustees reviewed and approved the Financial Statements at the regular meeting of the Board on Tuesday, December 13, 2016.

As a result, the Board has added $1.4 million to its accumulated reserves. These funds may be accessed to help the Board balance its budget while it continues to align expenses with revenues.

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

With the 2015-2016 Financial Statements now complete, Rainbow District School Board has been able to assess the actual impact of the first year of the Ministry of Education’s School Board Efficiency and Modernization Strategy. The Board experienced a reduction of $1.5 million in revenue because of changes in grants.

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.