School District 50 has approved its 2024–25 audited financial statements, accepting them as presented at its September board meeting. The year ended June 30, 2025 closed with a modest surplus and significant investment in facilities.
The district recorded a $320,254 surplus on $18.43 million in revenue and $18.11 million in expenses. Revenue rose from the prior year on provincial operating grants, Local Education Agreement funding and higher other revenue. Expenses also climbed, led by operations and maintenance and district administration.
Cash at year end was $5.07 million. Accumulated surplus increased to $8.85 million. The operating fund finished at $1.66 million, including $381,839 internally restricted for school budgets and targeted initiatives, and $1.28 million as an unrestricted contingency. The district transferred $552,634 from operating to local capital.
Capital dominated the year. SD50 purchased $9.05 million in tangible capital assets and recognized $1.83 million in amortization. Capital revenue received totalled $8.44 million. The net book value of tangible capital assets rose to $54.21 million, mainly in buildings and equipment. Deferred capital revenue increased to $48.73 million. An asset retirement obligation for hazardous materials remains booked at $733,956.
Special purpose funds, including Classroom Enhancement, Student and Family Affordability, CommunityLINK and Seamless Day, balanced to zero as required. The district reported Early Leavers Fund amounts of $120,336, split $102,286 to Old Massett and $18,050 to Skidegate. Pension contributions paid were $923,120 to the teachers’ and municipal plans.
By function, instruction remained the largest cost centre. Operating salaries and benefits were $10.17 million, with services and supplies at $2.66 million. Operations and maintenance expenses reached $2.42 million, transportation and housing $0.48 million, and district administration $1.36 million.
