Changes are being made to how Holy Trinity Catholic School Division presents its quarterly fiscal accountability reports to better reflect unexpected grants or revenues it receives throughout the year.
Trustees heard during their recent board meeting that the finance department has modified the report to separate the school division’s operating budget and capital budget. Curt Van Parys, chief financial officer, explained that this makes it easier to read the reports and simplifies them.
“During the course of the fiscal year, the school division likely will receive grants (or) funding for items that were not contained in the approved budget,” he said.
For example, during the 2020-21 school year, the Ministry of Education provided the division with roughly $1.14 million in COVID-19 funding for such purchases as cleaning supplies. Without any amendments to the budget, he pointed out, information within the fiscal accountability reports could lead — or could have led — readers to an incorrect or incomplete judgment about the school division’s actual financial position.
Should Holy Trinity receive unbudgeted funding or grants, the budget would be amended to include them, Van Parys said. If this occurs, he would bring forward amendments to help align the accountability reports with the budget.
“It would give a better picture of where we are at the end of the quarter … ,” he added. “We would be better served with this change. We can do it, and if it doesn’t work, we can change it.”
Another change being made to the fiscal accountability reports is how they are colour-coded. The column with the actual numbers for the operating budget will be outlined in blue and the actual numbers for the capital budget will be outlined in beige.
The next Holy Trinity board meeting is Monday, Sept. 20.
