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Sections > Superintendent Report > Financial Services > Financial Services Report: October, 2008
Financial Services Report: October, 2008
Published by Karen Roach [Karen Roach] on 10/28/2008 (2079 reads)
Financial Services Report: October, 2008


DIRECTOR OF FINANCE
OCTOBER 27, 2008

Accounting Department
Employee Canada Savings Bonds: It′s that time of the year again and the new issue of Canada Savings Bonds for 2008/09 are available. Our staff are in the process of registering new applicants and allowing current contributors to add or change their contribution level. The rate of return on the new issue is 2%. The total cumulative annual amount of contribution is approximately 1.3 million.
School Based Budgets:

School based budgets for 2008/09 i.e. library, guidance, music, physical education, special education and regular classroom consumable supplies and materials have been allocated to the respective schools in SAP.

YTD actuals have been reported on and submitted to the respective schools in early October.

Accounts Payable
Managing Cash Flow: Due to diminishing cash flow, the Accounts Payable Department has been directed to limit the Accounts Payable cheque runs from twice a week, Tuesday and Thursday, to once a week on Thursday. We are ensuring that all our bills are paid when due and our Accounts Receivable Department is aggressively pursuing funds that are owing to us on a regular basis.
Payroll Department
Payroll Items:

Most of our new hires for the 2008/09 school year are now on our bi-weekly payroll in SAP. All license changes and salary increments due as at August 1, 2008 have all been processed and awarded to the respective employees.

Service awards for our 2007/08 retirees have all been awarded as well.


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