DSBN Reports $2.4 Million Surplus for 2023-2024 School Year, Reflecting Strong Financial Management
The District School Board of Niagara (DSBN) has announced an impressive $2.4 million operating surplus for the 2023-2024 school year, showcasing its commitment to financial responsibility while providing high-quality education. This surplus highlights the board’s dedication to ensuring a balanced budget and investing in innovative programs for students and staff.
During the November 19 Board Meeting, Stacy Veld, Associate Director of Education, Corporate Services & Treasurer, presented an update on the board’s financial standing. Veld shared the key outcomes from the November 18 Audit Committee meeting, which included the year-end financial report for 2023-2024. The report compares actual revenue and expenses to the projections made earlier in the year.
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One of the key drivers behind this surplus was an increase in enrolment and additional government funding. The board’s revenue rose by $82.6 million, pushing the total to $660.5 million, up from the original projection of $577.9 million. However, expenses also saw a significant increase, from $584.5 million to $658.1 million. This rise in expenses, totaling $73.5 million, was partly attributed to a $53.8 million increase in salaries and wages. This increase came about as a result of Bill 124 and retrospective payments due to the Collective Agreement with employee groups, which were funded by the Ministry of Education.
Veld expressed pride in the board’s financial management, emphasizing DSBN’s ability to adapt and thrive in a growth-oriented environment. “As a growth board, we are proud of the work that’s been done to ensure financial responsibility,” she stated. “DSBN has been able to consistently enhance what we offer students and staff while reliably investing in future needs. We remain committed to making decisions that are good for everyone.”
The surplus not only reflects the DSBN's careful financial planning but also its ongoing commitment to enhancing educational programs, providing resources to students, and investing in the professional growth of its staff. With a strong focus on sustainability, the board continues to meet the challenges of a growing student body while ensuring that the educational experience remains innovative and engaging.
So, the District School Board of Niagara’s $2.4 million surplus is a testament to its solid financial stewardship, enabling it to provide the best possible education for its students while staying ahead of future challenges. This surplus represents a positive outcome, benefitting the board's continued growth and the quality of its educational offerings.
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