Interim Secretary-Treasurer Bruce Hunt presented to the Board the financial statements to November 30, and the Statement of Financial Information (SOFI) Report at the Board of Education meeting at the District Education Support Centre (DESC) on Tuesday, Dec. 18.
The SOFI report, which includes the district’s audited financial statements, a schedule of anyone who makes more than $75,000 (including wages, taxable benefits and expenses), and of any supplier of goods and services for amounts over $25,000. Hunt clarified that this schedule includes every organization that the District has issued a payment of over $25,000, which includes both the employee and employer contributions to pension and health plans.
Consistent with recommendations from the Watson Report and the Ministry of Education, that quarterly financial updates should be presented to the Board, Hunt also gave a financial update for the period of July to the end of November.
He noted the district is running a little under budget on the operating side, which is a good thing. He noted on the capital side more of the budget was spent, but that is to be expected because often work is done over the summer. For the special purpose funds, he said the amount spent was in the expected range, roughly 30 per cent in three months. “That’s what you’d expect.”
Earlier in the meeting, Superintendent Peter Jory noted that this was Hunt’s final board meeting as he would be stepping back into retirement. He thanked him for his excellent work and told the Board that Hunt would be available in an advisory capacity for the onboarding process as new Secretary-Treasurer Alanna Cameron arrives.
Trustees also thanked Hunt for stepping out of retirement and filling in. “Thank you for all you’ve done. You got us through a tight spot,” said Trustee Marty Gibbons.