Public school board in surplus position

News Release

Rainy River District School Board continues to invest in Students while remaining financially responsible.
At the January 4, 2011 Board Meeting, The Rainy River District School Board released their Audited Financial Statements, which were independently audited by external auditors BDO Canada LLP. The audit reflects the financial position of the board as of August 31, 2010. The audited financial statements reflect a positive financial position showing a surplus of $1.9 Million which represents about 4% of the total budget. The surplus was invested into the Board’s reserve fund, which can then be used for the future needs of the Board.
“The Rainy River District School Board is very proud of the responsible financial management and good judgment shown by our administration and staff. This focus ensures that we have the funds available to undertake key projects such as constructing new school facilities, improving our technical infrastructure, and providing cutting edge technology in the classroom,” said Laura Mills, Superintendent of Business, Rainy River District School Board. “The Board does many things, but at the end of the day, all of these projects are undertaken and developed with the end goal of providing the best possible public education system for students in the Rainy River District. Simply stated, every budgetary decision we make is done with our students, and future students as first priority, and this focus directs all of the financial decisions the Board makes.”
The audited financial statements were completed in compliance with legislation, and in accordance with generally accepted accounting principles (GAAP) established by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants. The Rainy River District School Board maintains a system of internal controls designed to provide assurance that assets are safeguarded and ensure that transactions are properly authorized and recorded in compliance with legislative and regulatory requirements.