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Sections > Superintendent Report > Financial Services > Financial Services Report: September 24, 2007
Financial Services Report: September 24, 2007
Published by Karen Roach [Karen Roach] on 09/27/2007 (2594 reads)
Financial Services Report: September 24, 2007
Superintendent's Report - Financial Services -September 24, 2007


SEPTEMBER 24, 2007

Principal′s Meeting 2007:

At the Principal′s institute in Baddeck I presented an executive summary of the 2007/08 Board budget to our school administration. This was a great opportunity to share the challenges that the Board struggled with in the spring, i.e. funding shortfall, cost pressures etc. It also gave them a direct insight on the budget line items that will impact on the day to day operations of the schools.

This was an opportunity as well, to introduce our Coordinator of Finance and Accounting, Sandra Burke, to the audience.

Sandra did a power point presentation on School Based Funds. During the fiscal year ended March 31, 2007, the Board adopted the recommendation of ‘Public Sector Accounting Board PSAB’. As a result the Board was required to recognize School Based Funds which were not previously reported on our consolidated Financial Statement. Sandra highlighted what this means for the Board and the impact that it has on the schools.

Budget 2007/08:

We are in the process of finalizing the 2007/08 budget loads in the SAP finance module. Vacation schedules and distractions caused by the HR/Payroll issues delayed this task.

All budget stakeholders are reminded that June 18, 2007 (the day the Board approved the 2007/08 Board budget) is not the end of the budget process but merely the beginning. Everyone is reminded that we all have an obligation and responsibility to ensure that budget line items are utilized for its intended purpose and that they are not overspent.

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