BSC 2010 Annual Report.pdf - Brunswick Secondary College

Financial Performanceand PositionBrunswick Secondary CollegeFinancial Performance – Operating StatementSummary for the year ending 31st December,2010Financial Position as at 31st December, 2010Revenue 2010 Actual Funds Available 2010 ActualDepartmental Grants $960,054 High Yield Investment Account $357,221Commonwealth Government Grants $157,604 Official Account $48,859State Government Grants $0 Other Bank Accounts( listed individually)Other $214,736 Building Fund $297Locally Raised Funds $609,827 Library Fund $809Total Operating Revenue $1,942,221 At Call Investments - MECU $521,474ExpenditureSalaries and Allowances $260,064Bank Charges $3,494 Total Funds Available $928,659Consumables $224,138Books and Publications $8,202 Financial Commitments 2010 ActualCommunication Costs $34,168 School Operating Reserve $254,776Furniture and Equipment $254,904 Assets or Equipment Replacement ‹12 months $68,968Utilities $65,627 Capital – Building/Grounds including SMS ‹ 12 $306,358Property Services $420,188 monthsTravel and Subsistence $40,352 Maintenance – Building/Grounds including $15,000Motor Vehicle Expenses $6766SMS ‹ 12 monthsAdministration $48,354 Beneficiary/Memorial Accounts $Health and Personal Development $1,816 Co-operative Bank Account $Professional Development $22,460 Revenue Receipted in Advance $47,020Trading and Fundraising $14,567 School based programs $18,448Support/Service $38,246 Region/Network/Cluster Funds $Miscellaneous $336,530 Provision Accounts $50,000Total Operating Expenditure $1,773,786 Repayable to DEECD $Other Recurrent Expenditure (Accounts Payable) $Net Operating Surplus/-Deficit $168,435 Assets or Equipment Replacement › 12 $148,089Capital Expenditure $624,535Please note that the above amounts do not include anycredit revenue or expenditure allocated or spent by theschool through its Student Resource PackageCapital – Building/Grounds including SMS › 12monthsMaintenance - Building/Grounds includingSMS › 12 months$20,000Total Financial Commitments $928,659$Financial performance and position commentaryIn 2010 Brunswick Secondary College managed its finances in line with DEECD processes and guidelines. There was a clearsegregation of duties to ensure that prudent checks and balances were in place with regard to budgeting, receipting and expenditureof funds. The School Council exercised responsibility for overseeing the program and the receipt of timely reports .Income for 2010was approximately 8% less than in 2009. This is primarily due to NSSCF funding provided in 2009 not being available in 2010 anda reduction in overseas paying students. Expenditure on property services accounted for 24% and self funded camps & excursionsaccounted for 15% of total 2010 expenditure. The amounts of funds available to commence the new school year has reduced,largely due to an increase in capital expenditure. The Financial commitments increased due to an ongoing requirement to maintainbuildings, grounds and other assets. During 2010, staff development has been supported to a very high level in the firm belief thatimproved teaching will directly lead to continued improvement in student achievement. Locally raised funds accounts for more than31% of the 2010 income. This continued support allows the school to maintain and improve facilities, grounds and resources. Theschool maintains DEECD recommendation to have an operating reserve. The school is involved in the Master Plan stage of BuildingFutures. The $500,000 invested in the High Yield Account is set aside for retractable seating and other furniture and furnishings forthe planned redevelopment of the Performing Arts /Gym area. Appropriate amounts have been expended on student learning withpleasing student achievement noted across the school.