School District 47’s annual statement of financial information (SOFI) has been released, providing a comprehensive picture of the district’s finances.
At the Powell River Board of Education meeting on December 20, secretary-treasurer Steve Hopkins outlined the SOFI report, which provided figures for the fiscal year ended June 30, 2022.
“It’s a legislative requirement and it’s a lengthy report,” said Hopkins. “About 80 per cent of it includes financial statements that you’ve already reviewed and have adopted.”
Trustee Jaclyn Miller asked about staff expenses that were outlined in the schedule of remuneration and expenses. She asked if those figures were travel expenses.
Hopkins said much of it is, and would reflect mileage, items such as ferry fares, plus reimbursement of other expenses.
“We’re landlocked and everything we do requires a ferry or an airplane,” said Hopkins.
Chairperson Dale Lawson asked what was being purchased at Amazon, which amounted to $130,287. Hopkins said items such as books and school supplies were being purchased.
The total for suppliers where payments exceed $25,000 was $22,966,742, with an additional $4,991,236 being spent on suppliers where the amount was $25,000 or less. The consolidated total for suppliers was $27,857.978.
Remuneration for elected officials in the SOFI report was $90,200, with expenses of $7,053.
There were 129 employees whose remuneration exceeded $75,000. The total of that remuneration was $12,560,635, with expenses of $149,418. For employees earning $75,000 or less, the remuneration was $12,097,901, with expenses of $89,700.
Factoring in the remuneration for employees and elected officials, along with the employer portion of unemployment insurance and Canada Pension Plan, at $1,371,549, the consolidated total for remuneration is $26,120,285. The consolidated total for expenses was $246,171.
The SOFI report’s budget figures show school district revenue at $42,745,219 and expenses of $43,644,219, for a deficit of $899,186. Amortization of capital assets amounted to $1,854,799, leaving a surplus of $955,613.
The tangible capital assets as of June 30, 2022, were $79,956,791, with total amortization of $33,082,536. The useful lives of tangible capital assets are 40 years for buildings, 10 years for furniture and equipment, 10 years for vehicles and five years for computer hardware and software.
The audit of the school district’s financial picture was conducted by the accounting firm MNP LLP.
