A spending plan for the district’s local capital fund was approved by Official Trustee Mike McKay at the Board of Education meeting on September 11 at the DESC. “This is a good, thoughtful allocation of resources. I appreciate the work that went into this,” he commented when approving the plan.
Interim Secretary-Treasurer Bruce Hunt explained that local capital is used to purchase items such as furniture, equipment, computers and vehicles.
As at June 30, 2018, the balance in the Local Capital surplus fund was $585,150. Commitments remaining at June 30, 2018 were $316,842 (work at South Canoe over the summer). On July 31, 2018, the sale of the Shuswap Middle School property on Okanagan Ave. was completed, and the district received $889,262 in net proceeds. All of these proceeds have gone into Local Capital.
For the 2018-19 year it was proposed, and approved by McKay, that $400,000 go to the Information Technology plan (a multi-year plan that maintains and replaces technology in the district), $180,000 to transportation, $30,000 to custodial, $20,000 to grounds and $40,000 to the Secretary-Treasurer for emergent district needs.
This will leave an unallocated balance of $1,157,570 in local capital.