The Finance Committee exercises its review and accountability role throughout the year. The committee reviews both short-term and long-term budget plans and reports on spending and revenue in relation to the approved budget.
The committee also oversees the annual external audit, which includes the preparation of audited financial statements using best practices in non-profit financial reporting.
The committee adheres to financial principles that ensure mandated services are appropriately funded and that fees are maintained at appropriate levels so that the College’s financial stability is assured through maintenance of reserve levels.
For 2011 the College operating budget was set at $33,784,000 with an anticipated deficit of $1,934,000. The final deficit was $359,000, reflecting savings in many areas of College operations
The College is financed primarily by members’ fees. At the end of 2011 the College had 234,416 members in good standing, an increase of 4,294 over 2010. There has been some moderation in growth over the last couple of years as fewer certified teachers have gained employment in the profession.
The Finance Committee has recommended and Council has approved the 2011 operating deficit of $359,000 and the associated 2011 audited financial statements.