The Hastings Prince Edward District School Board is in the final year of a four year financial recovery plan and they are on track for a half a million dollar surplus.
Superintendent of Business Services Nick Pfeiffer presented a report during a virtual Committee of the Whole meeting on Monday night providing the board with an estimate of the board’s current financial position.
Pfeiffer says they are tracking very close to this year’s planned budget and they have seen some unplanned savings.
There was a reduction of $1.2 million in absence replacement costs primarily related to the COVID-19 school closures, a reduction of $3.1 million in teacher salary and benefit costs primarily related to strike days and a reduction of $75,000 in staff costs due to unfilled vacancies.
The Pupil Foundation grant was reduced by $3.7 million related to $2.8 million in savings in teacher costs due to strike days and reduction of $0.9 million in attrition protection funding due to teacher retirements and voluntary leaves.
There was a reduction in revenue of $135,000 related to rentals and continuing education fees and an increase of $113,000 in other operating costs related to communications and strategic planning.
The total surplus estimate is $530,666.
Since September 2016, the HPEDSB has sent a financial report on a monthly basis to the Ministry of Education.
An estimate at the start of the year projected a surplus of $80,665.
