June 28, 2022—Board members for Hastings and Prince Edward District School Board approved a budget of $222.1 million for the 2022-2023 school year.
This budget has revenues of $221.6 million, expenses of $222.1 million and a projected in-year deficit for compliance purposes of $1.7 million. School boards are required to have balanced budgets. Because planned expenses exceed revenues, the budget was balanced by using surplus funds.
“Passing a balanced budget is one of the most important aspects of the Board’s work. Although it was challenging work, we remained laser-focused on allocating the funding to where it needs to be, which is to support student learning and well-being. As a public education provider that welcomes all students, Hastings and Prince Edward District School Board continues to re-engage and reimagine learning together. Thank you to the staff who developed the drafts for Board members to review, debate and approve,” said Shannon Binder, Chair of the Board.
The main factors impacting the 2022-2023 budget are the tightening of core Grants for Student Needs funding, plus additional restraints, which include the reduction of temporary funding streams related to COVID-19 and labour agreements, the current inflationary environment, and compliance with class size regulations and collective agreement obligations.
Education funding is intended to mirror cost structures; however, school boards have flexibility in their actual expenditures to enable response to and support for local circumstances and priorities. There are restrictions on how school boards may use their funding allocation, which include that budgets must be generally balanced, certain components of funding must be spent in a specified manner, and provincial regulations and ministry memoranda must be complied with.
The deficit is compliant with Ministry of Education direction and the Education Act, whereby a school board may incur an in-year deficit up to 1% of the school board’s operating revenue. The budget deficit represents approximately 0.87% of the operating allocation and will reduce the accumulated surplus to $10.5 million.
For more information, please contact Kerry Donnell, Communications and Privacy Manager, 613-966-1170, extension 62354, or 613-847-0696, or [email protected]