March 20, 1997
(Education)
Government Places New School
Boards in Sound Financial Position by Paying Off
$ 24 Million in Debt
The Government of Newfoundland and Labrador recognizes the many financial requirements of the province's 10 new school boards as they continue to organize their districts. Government has decided to place the new school boards on a solid financial footing by providing $24 million in the current fiscal year to pay off both the capital and operating debts of former school boards.
The former 27 school boards which ceased operations December 31, 1996, had accumulated close to $20 million in capital related debt and $4.2 million in operating deficits. The Minister of Education, Roger Grimes, says eliminating the financial debt for school boards gives them a fresh start and enables them to provide additional resources where they count most, at the classroom level. He said any investment in the students of Newfoundland and Labrador is an investment in the future economic well being of this province.
"It is critical for the 10 new school districts to have their finances in order as they map out the future," said Mr. Grimes. "By taking this action government is ensuring that boards can concentrate on the important issues related to school and classroom development. The new school boards have been advised that they will not be permitted to incur operating deficits in the future and this requirement will be strictly monitored and enforced."
Contact Carl Cooper, (709) 729-5040.
| 1997 03 20 | 6:35 p.m. |
|
|
|
All material copyright the Government of Newfoundland and Labrador. No unauthorized copying or redeployment permitted. The Government assumes no responsibility for the accuracy of any material deployed on an unauthorized server. Disclaimer/Copyright/Privacy Statement |
