Chris Puglia
Northern News Services

Yellowknife (Sep 13/02) - Cutting expenses and extra cash is helping the public school board get back on its financial feet.

Audited financial statements for the 2001/2002 school year show the Yellowknife Education District No. 1 board's accumulated deficit was cut nearly 50 per cent to $644,480 from $1.12 million.

"Our financial position has substantially improved," said Dan Schofield, division chair.

John Laratta of Mackay and Partners, which performed the audit, said the board recorded a $460,741 surplus.

That's a significant improvement over last year's $1.38 million deficit.

The surplus is attributed to special government funding for utilities, higher enrolment, profitable investments, additional government funding for school programs and an money from the Smart Communities initiative.

The board also spent 20 per cent less on administration this year, which was offset by an increase in funding for teachers and school programs.

"As a district, if we are going to over spend, that's a good place to over spend. We're not over spending in wasteful areas," said Schofield.

"We invested in teachers and school programs and reduced spending in other areas I think that's very proactive."

Board accountant Laratta added that although the surplus looks impressive on paper, it doesn't even equal the division's annual pay roll.

"We have to stay the course to maintain that financial health," said Laratta. He recommended that a three- to five-year fiscal plan be drafted by the board to ensure responsible fiscal management.

"It's nice to have that cushion, but we have a ways to go," said Laratta.