Algoma board experiences 2016-17 surplus

NEWS RELEASE
ALGOMA DISTRICT SCHOOL BOARD
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Audit Committee Chair Graham Lidstone and Superintendent of Business Joe Santa Maria updated the board on the 2016-2017 financial statement audit that was completed by auditors KPMG LLP, Chartered Accountants. The Board’s Trustee Audit Committee members and staff were on hand to outline highlights and to respond to trustees’ questions. Committee members consist of trustee members Graham Lidstone (Chair of the Audit Committee), Susan Thayer and Sheryl Evans-Price (vice-chair of the board). Non-trustee member of the committee is Steve Nott.  Ex-officio members are Board Chair Jennifer Sarlo and Director of Education Lucia Reece.

During 2016-17, the board experienced a surplus for financial statement purposes in the amount of $401,138. The board is very pleased that higher than expected enrolment and some greater than expected savings have resulted in financial results to offset increasing costs which allow for the flexibility to continue to improve programming for all students. This would include commitments to increase classroom technology and upgrade wireless infrastructure, capital improvements to learning environments, commitments to french Immersion programs and commitments to math supports in the classroom.     

Following a question and answer session, the board received the audited financial statements for the year ended Aug. 31, 2017. The financial statements will be made available on the board’s website at www.adsb.on.ca.

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