Greg MacPherson, secretary treasurer with the catholic school division, is seen in this NEWS file photo from earlier this year.--NEWS FILE PHOTO
news@medicinehatnews.com
Trustees approved the Medicine Hat Catholic Board of Education audited financial statements for the 2023-24 school year during its public meeting Tuesday, showing a $280,000 increase in cash balance from the previous year.
Twenty-one pages of notes from the financial statement were presented to trustees that included the division’s statement of financial position highlighting an increase in financial assets that has a current balance of more than $4.9 million.
In 2024, the total of the school division’s financial assets balance out to more than $6.29 million.
Trustees heard the division’s financial assets, money owed to the division, includes a federal GST rebate as well as funding owed by Alberta Infrastructure for costs the division has incurred that will be reimbursed for the purchase of modular learning spaces at St. John Paul II School.
The division’s liabilities show the accounts payable balance has decreased more than $500,000 this year to $3.11 million. The decrease was attributed to property tax revenues and funding recalculations.
The division is also reporting a balance of more than $1.86 million in unexpected contributions that have spending restrictions placed upon them and are used to fund specific program costs.
The presentation highlights the division’s ability to pay off its debt. Trustees heard its net financial asset value is more than $280,000, the amount the division could use to pay outstanding amounts and still have enough resources.
Trustees also heard about any financial assets the division owns that can be converted to cash, including buildings, equipment and vehicles.
The presentation also showcased the division’s working capital “per student” that accounts for all financial assets, and deduction would represent $105 per student, meaning the division is in a good financial position despite seeing that value decrease over the last couple years.
Secretary treasurer Greg MacPherson describes the audited financial statements as clean.
“So we are in a very good position that these financial statements present the financial position of the division.”
