The Burnaby school district took in more money and spent less in 2014/15 than anticipated, according to audited financial statements presented at a public meeting Tuesday.
The district had predicted a nearly $4.9-million operating shortfall last year, which it planned to cover with accumulated surpluses from years past, but local schools actually ended the year with a more than half-million-dollar surplus.
“I think the news really is we finished the year in a strong position, and we’re sitting well for next year’s budget process,” secretary-treasurer Greg Frank told the NOW.
The nearly $5.4-million difference between the budget approved last February and the final numbers came from higher than expected revenues, including nearly $1 million more than anticipated in provincial grants, $1.1 million more in international student tuition, and about $185,000 extra in rental revenues and investment income.
The district also spent $800,000 less than anticipated on salary and benefits and $500,000 less on energy, thanks to a warm winter and ongoing energy management efforts in the district.
The final numbers show the district carrying forward nearly $10 million in accumulated surpluses, with nearly $6.3 million in restricted accounts and a nearly $3.7-million unrestricted surplus.
The district’s financial statements are scrutinized annually by a third-party auditor. PricewaterhouseCoopers issued this year’s audit report.
International students add up
The Burnaby school district took in $1.1 million more than expected in international student tuition fees last year.
Sixty-four more international students attended local schools than the district predicted, according to audit financial statements presented to the school board Tuesday, boosting the international student population to 1,052.
“This line is growing at a fairly significant pace,” assistant secretary-treasurer Roy Uyeno said of revenue from international tuition fees in recent years.
International student fees totalled more than $16.3 million last year – nearly five times what they were 11 years ago.
