Surrey Schools posts $33M surplus for 2024-25, boosting reserves, despite first enrollment decline in 25+ years and previous program cuts.
Surrey Schools Posts $33M Surplus, Strengthens Reserves
Financial Turnaround Highlights 2024-25 Year
Surrey Schools announced a $33-million surplus for the 2024-2025 school year, despite earlier program cuts totaling $16 million. The surplus includes $12 million in unrestricted reserves, which will help replenish the district’s rainy day fund, officials said.
Planned Allocation of Surplus Funds
According to a Surrey Schools release, $16 million of the surplus will fund the replacement of the district’s enterprise resource planning system, while $5 million will be directed to other restricted reserves. The remaining $12 million will replenish unrestricted reserves, maintaining the recommended one to three per cent of the district’s $1.2-billion budget.
Budget Context and Mandates
Surrey Board of Education chair Gary Tymoschuk clarified that the $33-million surplus stems from the previous school year, while the current 2025-26 budget still anticipates a $16-million deficit. He emphasized that provincial regulations require districts to end each year with reserves of one to three per cent of their operating budget.
Board Comments on Fiscal Management
Vice-chair Terry Allen, who chairs the board’s finance committee, called the surplus “an improved financial picture” for Surrey Schools. He said the district is now better equipped to manage unexpected expenses and continue prioritizing student needs. Allen acknowledged the previous year’s difficult cuts to transportation, Grade 7 band, and inclusive education support positions were necessary to address the $16-million deficit amid inflationary pressures.
Impact on Programs and Staffing
Despite the surplus, Tymoschuk confirmed that the funds will not restore previously cut programs or positions. He noted that each budget cycle is separate, and the district must plan for potential financial headwinds, including provincial deficits and declining revenue.
Enrollment Decline and Demographic Trends
The district also reported a decline of 350 students from kindergarten through Grade 12 compared to last year, marking the first decrease (excluding COVID-19 years) in over 25 years. Surrey Schools’ total student population, including online, adult education, and specialty programs, currently exceeds 85,600. Tymoschuk attributed part of the decline to federal reductions in immigration targets, forecasting slower growth in coming years.
Ongoing Priorities Amid Challenges
Tymoschuk stressed that Surrey Schools remains the largest district in the province, requiring ongoing maintenance and upgrades. “Nobody likes cuts. We don’t like cuts. But the reality is, the funds aren’t there, the expenses are increasing, so something has to be done to balance the budget,” he said.
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