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Coquitlam school district analyzing finances

Holdback funds announced by the province last week are less than forecast by the district, but more grants could come in the spring. - SD43
Holdback funds announced by the province last week are less than forecast by the district, but more grants could come in the spring.
— image credit: SD43

School District 43 is in the process of analyzing its financial situation in the wake of provincial holdback grants released last week.

The province announced that school districts would get $60 per student from funds held back at the beginning of the year in case enrollment was higher than forecast. For SD43 that amount is $1.8 million, and while less than the $2.5 million budgeted for 2013/'14, the district has two more opportunities to get more grants when February and May enrollments are calculated.

Ministry of Education, meanwhile, stated in a press release that $17.8 million in holdback funding would be used to fund higher student enrollment in some districts, $31.6 million would be distributed in $60 per student grants and a further $10.2 million is being kept back to address enrollment growth in February and May.

"By holding back this portion of the $4.725 billion total funding committed to K-12 education for 2013-14, the ministry is able to manage unforeseen pressures or swings in student enrollment and ensure all school districts are treated equitably," the ministry stated in a press release.

Secretary Treasurer Mark Ferrari is awaiting other information before producing a second quarter report that shows the district's financial situation, and trustees will be given first glimpse, possibly as early as next week.

"There's a lot of ins and outs that are coming in to play," Ferrari said.

The district is also awaiting the final outcome of a forensic audit to look into how it ended up with a $8 million operating deficit last year. That report is also expected to be released to the public in the new year.

dstrandberg@tricitynews.com

 

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