Celebrating Excellence - Meadowridge School

Report from the Finance Committee
Structure
The Chair of this Committee is Mrs. Kelly Fry. The other members of the Committee
are Treasurer Mr. Mike Jahraus, Governor Mr. Bruce Johnston, and Mr. Mike
Schutz has joined as a member at large, approved by the Board of Governors.
Administration is represented by the Business Manager Mr. Don Hincks and
Controller Ms. Julie Bournival.
Functions
The role of the Finance Committee is to provide advice and oversight of the budget and strategic financial plan prepared by
Administration for the Treasurer and the Board of Governors. The Committee is concerned with the long-term benefit to the
school in all financial matters, including property acquisition. They are also responsible for drafting financial policies for Board
consideration and approval.
Accomplishments
In collaboration with the Administration and the Board of
Governors, the Committee has participated in the following:
The Finance Committee was pleased to see the transition
of the banking and financing to the Bank of Montreal as
approved in last summer’s extra-ordinary general meeting.
As a result of the move there has been substantial interest
savings particularly due to the low interest rates on the
variable components of our current debt structure.
The Finance Committee, in conjunction with other board
members and staff members, worked to quantify the cost
of implementing the goals and objectives as outlined in
the strategic plan.
The Finance Committee, with the administration, has
continued to monitor the school’s cash reserves for the
Meadowridge Education Investment Deposit Funds and
for major facility improvements or maintenance.
Our financial comparatives continue to be among the best
in the country and are helping us to establish financial
stability. During the year the Committee and the Board
reviewed comparative financial data from independent
schools across Canada provided as part of an annual
survey done by CAIS.
Revenues were in excess of expenses again this past fiscal
year, despite lower than expected fundraising. A higher
than projected student count generated revenue in excess
of budgeted amounts.
The Finance Committee, in consultation with the Board
and Administration, approved a 7% tuition increase to
cover most of the school’s operating costs and keep pace
with the increase in teaching salaries.
Goals
Now that we have completed the 5 year Financial Plan,
we will be working with Administration to determine
how we will be able to fund the implementation of the
high priority objectives.
We will continue to work with the Business Manager
and the Administration to develop improved reporting
to assist the Board and Committee members.
We will provide ongoing support and recommendations
in conjunction with the Facilities Committee with regards
to the acquisition of neighbouring land and properties.
We will offer solutions to hedge the school from rising
costs and inflation through investments and additional
revenue sources.
We will continue to prepare policy recommendations
regarding the ongoing financial requirements including
cash reserves, signing authorizations, approvals for
variance levels, etc.
We will provide an ongoing review with the Administration
regarding the current accounting software and the
school’s insurance coverage and risk procedures.
Mrs. Kelly Fry
Chair of the Finance Committee
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