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School year
SY2014/15
Accumulated Surplus, closing balance (June 30 2015) 22.4
Unfunded employee benefits 1.1
Internally appropriated (estimate) (10.0)
Net Accumulated Surplus, closing balance (June 30 2015) 13.5
% of operating expenses 2.8%
Source: VBE’s Amended Budget and Financial Statements
VBE estimates its net accumulated surplus reserve at 2.8% of current year operating expenses, which
remains at the high end of EY’s reasonability spectrum.
The table below summarizes the use of the accumulated surplus for SY2014/15 (as approved by the
Board):
School year SY2014/ 15
Net Accumulated Surplus, closing balance (June 30 2015) est. 13.5
SY2015/16 13.5
SY2016/17 0
Source: VBE’s Amended Budget and Financial Statements
The Board has presently allocated the Net Accumulated Surplus to SY2015/16.
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