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Sections > Superintendent Report > Financial Services > Financial Services Report: June 16, 2008
Financial Services Report: June 16, 2008
Published by Karen Roach [Karen Roach] on 06/18/2008 (2619 reads)
Financial Services Report: June 16, 2008
Superintendent's Report - Financial Services -June 16, 2008

DIRECTOR OF FINANCE

JUNE 16, 2008

2008-09 Budget: Budget deliberations are continuing at Senior Staff level. While there are meaningful ideas and tremendous cooperation, the task of continuing cost reduction without impacting on services is getting more and more difficult.
We are expecting an announcement this week relative to some kind of recognition for energy cost pressures. While this will be welcomed news, the Board must realize that we reduced our energy cost to last years actuals as part of our efforts to solve the 2.6 million shortfall.
In order for us to bring our energy cost pressures to the agreed upon level (as agreed by the CFO′s) (the May 1st cost per liter) , we would need to increase our energy cost pressure by $500,000.
Therefore in whatever form this funding is advanced to us the first $500,000 will be used to offset this increase in cost to the status quo budget.
2007-08 Actuals: We will be ready to review the draft of the Financial Statements with the Audit Committee on Thursday, June 19, 2008. The presentation of the final draft will be presented to the full Board on June 23, 2008. We are expecting a small deficit of less than $100,000.


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