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The 2007/08 Budget represents total expenditures of $76,974,009. The Board's budget for 2006/07 was $74,791,319. This budget represents a 2.92% increase in total expenditures over 2006/07 approved budget. The Budget is compliant with all Ministry expenditure guidelines and enveloping requirements.
Total Operating Expenditures increased by $2.009 million 3.01%, Capital Expenditures increased by $0.173 million or 2.15%. The Salary & Benefits budget represents $56.071 million or 81.56% of the Operating Budget in 2007/08 and is comparable to the 2006/07 budget. PRIMARY CLASS SIZE:The 4th year of implementing Reduction Primary Class Size 20:1 is included in this budget. In 2007/08 the Board has budgeted approximately $1.75 million for this initiative. This represents an increase of approximately $400,000 for the hiring of additional Primary classroom teachers. With this investment, the Board will have achieved the government's target of 90% of Primary Classes (JK-3) at a student to teacher ratio of 20:1 or less and 100% of the Primary Classes at 23:1 or less.
Additionally, in the Board's Capital budget approximately 220 new pupil spaces to accommodate PCS are being funded. This represents approximately $3.3 million dollars in total capital expenditure ($243,000 annual debt service funding over 25 years). STUDENT PROGRAM SUPPORT:Included in the budget are the following new, expanded and Government and Board program initiatives and supports for students.
ENROLLMENT:In 2007/08 total Board enrolments are projected at 8,060.50 Full Time Equivalent (FTE) Students. Elementary panel enrolment is projected to decrease by approximately 153 FTE or about 2.69% (5,543 FTE registered for September 2007). In the Secondary panel, enrolments are projected to increase slightly from current enrolment levels of 2,470.0 to 2,517.50 FTE (approximately 47 FTE, 1.9% ). This enrolment pattern is consistent with enrolments across the Province. The impact of declining enrolment affets the Board's ability to offset overhead costs in operating the Board. Funding to offset a portion of the loss in garnt is provided through the declining enrolment grant. In 2007/08 the Board is estimating that this will generate approximately $15,000. SURPLUS:At August 31, 2006, the Board had eliminated the prior years' deficit of $1.141 million and had accumulated a Reserve for Working Funds in the amount of $775,000. This Budget does not require the use of any of the Working Fund Reserves to balance the budget. No provision has been made within the 2007/08 budget to provide for additional contributions to the Working Fund Reserve. ON-GOING / FUTURE BUDGET CHALLENGES:
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