The Rocky View Schools (RVS) board of trustees went through a financial update at its Jan. 25 meeting, addressing adjustments in their fall budget resulting in a $550,000 surplus.
Overall savings in the fall added up to $2.8 million, but this was offset by a $1.5 million increase for teacher leave costs, according to Steve Thomas, director of finance for Rocky View Schools.
Thomas said the main challenge they needed to build into the budget was the cost of teacher leaves.
“Year to date, the substitute cost component of leave represents about $1.4 million and that’s about 31 per cent of our budget,” Thomas said. “Compared to last year, it was 33 per cent compared to 31 per cent [today], so we’re trending slightly below but along the same mark in the first three months of the year.”
He added that the long term replacement of teachers who are not returning currently sits at $972,000, which is 49 per cent of its budget.
“With 50 per cent of our long term cost used, it’s pretty safe to say we will be in around the $2 million mark again in the current year,” he said.
On the revenue front, the fall budget was increased by $1 million, bringing revenues from $315.2 million to $316.2 million.
While RVS received $730,000 less for instructional revenue due to lower student enrolment than anticipated, revenue increased by $265,000 due to English as Additional Language (EAL) enrolment, $1.188 million due to the increase supplemental growth grant, $202,000 due to unused mental health grant funding from last year, and $75,000 in additional fees and and funds.
Savings in the fall included $1 million for funds allocated to hiring teachers but weren’t needed due to lower than projected enrolment, $85,000 in school carry forwards, $.5 million in learning department adjustments, $0.5 million in increased labour chargebacks, and $270,000 in reduced staffing overtime cost and discretionary spending.
Compared to last year, RVS’ spending is trending lower than last year at this time, Thomas said.
