Sask Rivers School Board Confirms Audited Financial Reports

A financial audit of the Saskatchewan Rivers School Division shows an operating loss of over $5 million in 2021, a significant increase from a loss of over $500,000 the year before.

Chief Financial Officer Jerold Pidvorochnski updated the division’s financial position at the Board’s regular meeting on Monday, giving a presentation on the audited financial statements for the fiscal year ending August 31.

The schools division has about $78 million in reserves, which education director Robert Bratvold said will be enough to make up for an operating loss for the fiscal year. Despite concerns about losses, Bratvold said the division is in a positive position when it comes to financial reporting.

“It’s a good piece of work and despite the challenges we have with funding and things like that, we’re in a strong financial position,” he said. It is reassuring to be able to grasp the overall picture.”

Bratvold added that audited finance is a worthwhile exercise each year.

“This is a big problem for the system,” he explained. “The auditors said good things about the team led by Jerrold and the work we do to ensure it is accurate, authentic and complete, so that was great.

This audit is against last year’s financial statements and is part of starting the process for the next budget.

“Our fiscal year ends August 31st, so we knew it would take a few months to finalize all the accounts and start the budgeting process. It’s already started, but we plan to start in earnest after Christmas.”

MNP conducted an audit of the department. The results will be sent to the Ministry of Education for final approval before being released in December. Figures are included as part of the division’s annual report.

The Board of Directors annually contracts an external auditor to review the division’s financial controls and records.

Bratvold said there are some challenges the team should avoid this year.

“There are some new accounting rules regarding some future liabilities, but they are being dealt with,” he explained.

In the report, Pidborochinski said he expected some adjustments as the ministry revisits the audit, but nothing major.

During a closed session of the conference, representatives from the MNP’s audit firm and representatives from the State Audit Office reported on the annual audit.

The operating loss for 2022 was $5,434,607, up from $584,334, according to audited statements.

Both local and state auditors have indicated that the Saskatchewan River financial institution is doing well. With strong evidence of effective and proper financial management and accounting, MNP issued a “clean audit” to the department.

Both auditors commended Pidvorochnski and the finance team for a year of careful work and collaborative work with auditors during the audit process.
Total income decreased from $110,550,339 to $108,651,411. Total costs increased from $111,048,178 in 2021 to $114,085,018 in 2022.

Accumulated surplus at the end of the fiscal year was approximately $78 million, down slightly from just over $83 million in 2021.

michael.oleksyn@paherald.sk.ca