ASSOCIATION GENERAL MEETING

There will be a general meeting in the theatre (The Balfour) at the Drouin Campus on Thursday 14 November from

7.30 until about 9.30 pm, followed by supper. Our guest speaker will be Michelle Dempsey and other highlights of

the evening will include the annual Board elections, a report about the CEN ITEC Conference, acknowledgement

of departing senior staff members and the presentation of some information about parent partnership.

All parents/guardians and staff members are warmly invited to attend. Please endeavour to read through the

meeting agenda and other documents that have been distributed for your information. If you can’t attend and wish

to record an apology, and/or would like to appoint someone as your proxy voter (in the case of full members only),

please contact Caroline Weatherhead (cweatherhead@chairo.vic.edu.au) at the Drouin Campus.

GENERAL MEETING GUEST SPEAKER

Michelle Dempsey has had a long-term involvement in Christian education. She

has taught all ages and served as a Deputy Principal and Principal. Michelle is

passionate about Christian education, and about seeing teachers and students

finding God in their learning. She takes great delight in schools exploring new

ways to claim the Lordship of Christ in the sphere of education. Michelle is a

daughter of the King, wife to Mic (apparently ‘the loveliest man in the world’)

and mum to two beautiful kids, Max and Meg. She currently serves as CEO of

Christian Education National and in her spare time loves to cook and entertain.

ASSOCIATION MEMBERSHIP

All parents/guardians and staff members are members of the Association and therefore invited to attend general

meetings. Full members in particular are expected to attend in order to contribute to the governance of the school

and exercise their right to vote. Current Chairo parents who are Christians and fully supportive of our Articles of

Faith, and who have been associate members for six months or more, are invited to apply to become full members.

ANNUAL BOARD ELECTIONS

We are blessed to have excellent volunteer Board members who devote many hours to serving Chairo. Jeff Calway

is concluding his time on the Board, while Louise Hood has accepted renomination for a further three years. Justin

Groenewaldt and Brian Tucker have also been nominated for three-year terms. Please read the profile information

provided and pray for these willing volunteers. There are currently only six Chairo parents serving on the Board,

with twelve being the maximum allowed.

Jeff Calway Simon Matthews

Board Chairman Executive Principal

Chairo Christian School ABN 12 451 824 370

WARRAGUL DISTRICT PARENT CONTROLLED CHRISTIAN SCHOOL ASSOCIATION INC. Reg. No. A5753

~ GENERAL MEETING AGENDA ~

Thursday 14 November 2019, 7:30pm, Drouin Campus Page 1 of 1

Thursday 14 November 2019, 7.30 pm

The Balfour, Drouin Campus

(entry/parking via Entry 3 off Balfour Road)

1. Welcome

2. Devotion & Prayer

3. Student Item/s

4. General Resolutions

4.1 Recommendation: That the agenda as distributed be adopted.

4.2 Recommendation: That the apologies received be accepted.

4.3 Recommendation: That Ian Gawler & Leigh Angus be appointed as Board election scrutineers.

5. Special Presentations

5.1 CEN ITEC Conference

5.2 Departing staff members

6. Financial Matters

6.1 Financial report for 2019

6.2 Budget for 2020

7. Board Election

7.1 Current Board composition

• Jeff Calway, Louise Hood Term expiring 31/12/19

• Robert Bruce Term expiring 31/12/20

• Mark Cutchie, Melissa Rumble, Marcus van Heijst Term expiring 21/12/21

7.2 Board nominations

• Justin Groenewaldt (three-year term) Nominated by Kerrie Jackson

• Louise Hood (three-year term) Nominated by Helen Neumann

• Brian Tucker (three-year term) Nominated by Mark Cutchie

7.3 Election ballot

8. Guest Speaker (Michelle Dempsey, CEN CEO)

9. Special Report

9.1 Partnership at Chairo

10. Board Election Results

10.1 Declaration of election results

10.2 Prayer for new Board members

11. Closing Prayer

~~ Fellowship over supper in the Bray Gallery to follow ~~

Board NomiNee Profiles November 2019

There are currently six elected members serving on the Board. However, that includes Jeff Calway, who is serving his tenth consecutive year (the maximum permitted) and will therefore not be continuing next year.

The election of all three of this year’s nominees (two new nominations and one re-nomination) would increase the size of the Board to eight elected members, plus the Executive Principal and Business Manager.

Our Statement of Rules provides for up to twelve elected Board members, so there is no need to choose between nominees. The election process at the general meeting is therefore more accurately described as one of approval rather than actual election. Nominees require the approval of at least 75% of the full members voting at the meeting to be elected.

Each nominee has been interviewed by the Board and it has been resolved that their nomination be approved for inclusion on the general meeting agenda. The various rights, duties and responsibilities of Board members have been outlined and the nominees have agreed to abide by all policies of the Association.

JustiN GroeNewaldtChurch: CityLife Church Family: Wife Elise; Joshua and Kristin (Year 11)

We emigrated to Australia from South Africa in 2001 and in recent years have enjoyed living and working on our small farm near Drouin. I have a Law Degree and Master of Commerce, and I have worked in human resources for many years. Currently, I oversee the People and Franchise Systems function for Australia’s largest physiotherapy group, Back in Motion Health Group, and prior to that I served as Chairo’s HR Manager for three-and-a-half years.

I committed my life to the Lord when I was fifteen and over the years God has always demonstrated his faithfulness in challenging times and through his many blessings. He has truly been my Rock and my Redeemer, and each day I seek guidance through prayer and his Word. For many years, Elise and I have served through life group leadership and coaching of life group leaders, which has given us opportunities to exercise our gifts of hospitality. Additionally, I previously worked for a year at CityLife Church in a pastoral role.

Chairo has played an important role in the lives of our children, largely due to the love shown to them by their teachers and other school community members. The school has been a great blessing to us as a family and I feel that nominating for service on the Board is one way of contributing to the impact that Chairo can have in the lives of future students. I also feel that God has called me to step up and serve in this way and it is important that I display my obedience. I trust that through service on the Board, I will be a blessing to the school community.

I believe that I will be able to apply my professional qualifications and experience in human resources and business, as well as my ministry experience, to serving on the Board. I feel that I have an understanding of how large organisations function, having worked as a member of leadership teams for many years now. I also have a good understanding of the challenges facing Chairo and Christian education, and I believe that I am well-positioned to apply this understanding at a governance level.

louise HoodChurch: Drouin Presbyterian Church Family: Husband Karl; Emily, Miriam, Rachel and Alistair (Year 11)

I grew up in Melbourne and worked as a medical secretary in hospitals for a number of years before having children. We lived in Brisbane for twelve months before moving to Gippsland twenty-one years ago. Since then, I have worked part-time for Karl at home as secretary and bookkeeper (and now sheep farmer!), enjoying the freedom that this has given me to be involved at church and school.

I have attended church since birth, but I became a Christian at the age of ten when my CRE teacher explained the gospel to me at an after-school club. I wish I had the benefit of a Christian education, where I could have learnt that God is part of all of life from a young age. Nevertheless, I have grown in my faith and knowledge of God since then, attending Baptist and Presbyterian churches, where I’ve been challenged and fed by God’s word. Over the years, I have been active in various ways at church, mostly in children’s ministry and hospitality. I still delight in teaching Sunday school each week.

Because Chairo is a parent-controlled Christian school, it requires Christian parents to put their hand up to fulfil that governance responsibility. I am thankful for the work of the pioneering families and want to make sure that Chairo continues with the vision that it started with. I strongly believe that the Board needs to ensure that the Christian foundations of the school are maintained, set the direction of the school’s future development, and choose and oversee the executive staff members of the school.

I am very thankful for the opportunity that we’ve had to send our children to a Christian school and I’m therefore glad to give back to Chairo and serve God in this way. I have served on the Board for six years now, taking part in various committees and panels, and being Board Secretary for some years. I have a love for and knowledge of the school, having been involved across campuses from Kinder through to Year 12, and a strong desire to see Christian education flourish in this area to the glory of God.

BriaN tuckerChurch: Community Church Warragul Family: Wife Jenny; Kate (Year 11), Gillian (Year 10) and Ruth (Year 8)

I was born in Johannesburg, South Africa. My father died when I was ten and my mother raised four children by herself. Her personal courage and Christian faith were an inspiration to me through those times. I graduated from university with a BSc Mechanical Engineering and then entered the South African Army, from which I emerged after two years with the rank of 1st Lieutenant. I then worked as an engineer on power stations and other electrical utility construction projects before becoming a freelance consulting engineer specialising in EHV (extra high voltage) power construction. We emigrated to Australia in 2001 and I have worked for AusNet Services since then. I have had a range of hobbies and interests over the years, including running various marathons and ultra-marathons up to 160 km.

Despite my Christian upbringing, I only accepted Jesus Christ as my Saviour in September 1999. This profoundly changed my life. While living in Melbourne, I attended Crossway Baptist Church and then became actively involved at Community Church Warragul when we moved to Ellinbank in 2006. I am also a member of The Gideons, where I currently serve as Vice President for the Warragul Camp.

I am passionate about the need to educate our children with a Christian worldview, to a standard of excellence that will equip them to achieve whatever Christ-guided aims they may aspire to in the future. Believing each of us has an obligation to serve and contribute to the society in which we live, I again offer my services to Chairo and hope they may be of some use.

I have a range of experiences accumulated over the past thirty years. These have been largely as a consulting project manager for major infrastructure, mostly in the high voltage electrical power industry for projects of up to $100 m in various countries. I have also had experience in establishing and running small businesses, such as a farm, safari company and bus service. I served previously in various capacities on the Chairo Board, including as Treasurer, before finishing at the end of 2019 because I had served the maximum ten consecutive years allowed by the constitution.

Introduction to the 2020 Budget

Presented by:Roger Simons, Business Manager, Chairo Christian SchoolAssociation General Meeting, Thursday 14 November 2019

Warragul District Parent Controlled Christian School Association Inc.

Chairo Christian School Introduction to the 2020 Budget

Page 2 of 10

1. OVERVIEW ......................................................................................................................... 3 2. 2020 BUDGET – Chairo Christian School .......................................................................... 4

3. EXPLANATORY NOTES ................................................................................................... 5 NOTE 1 .....................................................................................................................................5

TUITION FEES .....................................................................................................................5 NOTE 2 .....................................................................................................................................6

GOVERNMENT GRANTS ...................................................................................................6 Government Recurrent Grants ............................................................................................................................ 6 Kindergarten Grants/Fees .................................................................................................................................. 6

NOTE 3 .....................................................................................................................................7 OTHER INCOME ..................................................................................................................7 Busing Fees/Grants ............................................................................................................................................ 7 Other Income – Parents ...................................................................................................................................... 7 Other Income – General, including tax deductible donations............................................................................... 7

NOTE 4 .....................................................................................................................................8 SALARIES – TEACHING AND ADMINISTRATION AND RELATED COSTS ................8 Teaching and Administration Salaries ................................................................................................................ 8 Salary-Related Expenses .................................................................................................................................... 8

NOTE 5 .....................................................................................................................................8 OPERATIONAL AND ADMINISTRATION EXPENDITURE .............................................8

NOTE 6 .....................................................................................................................................8 TUITION, EXCURSION AND CAMP EXPENSES ..............................................................8

NOTE 7 .....................................................................................................................................9 DEPRECIATION ...................................................................................................................9

NOTE 8 .....................................................................................................................................9

INTEREST AND FINANCE COSTS .....................................................................................9 4. CAPITAL EXPENDITURE BUDGET 2020 ...................................................................... 9

5. CASH FLOW BUDGET AND OUTLOOK 2020 ............................................................. 10

Chairo Christian School Introduction to the 2020 Budget

Page 3 of 10

1. OVERVIEW

Over the past few years, our financial statements, results and forecasts have reflected that Chairo

Christian School has been going through a period of consolidation. The 2020 budget further

reflects on the consolidation and refinement that has been taking place across our campuses.

The continual development of the Senior School facilities at Pakenham and the completion of the

performing arts facilities at Drouin, along with the kindergarten at Leongatha at the start of 2019,

reflect the ongoing change and development of the whole school. We pray and trust that this will

continue to advance Chairo’s mission and vision, and God’s plans for the school community.

From a financial perspective, these developments have resulted in an increase in our borrowing

levels. This has been carefully considered and we are comfortable that our financial position and

planning remains sound and relatively conservative by comparison with industry benchmarks. The

resultant significant increase in our assets also secures our position and, after a peak of borrowings

at the end of 2019, planning allows again for a period of debt reduction and consolidation.

Prep to Year 12 enrolments across our campuses grew from 1,502 students in 2018 to 1,538

students in 2019, an increase of 36 students. For 2020, enrolment growth across the campuses is

forecast to be 12 for a total of 1,550 students. Kindergarten student numbers continue to grow,

with the number expected to be over 140 in 2020.

The period of significant capital development will continue to slow during 2020, with stage two of

the Senior School Centre at Pakenham scheduled to be completed, followed by commencement of

a Year 8 complex at Pakenham in the middle of the year. Further development of roads, car parks,

recreation areas and services across the school will continue but at a slower pace.

Chairo Christian School Introduction to the 2020 Budget

Page 4 of 10

2. 2020 BUDGET – Chairo Christian School

For Year Ending 31 December 2020

Chairo Christian School - 2020 Budget Summary

Income Streams

Full Year

Last Year

2018 %

Annual

Budget 2019 %

Full Year

Forecast

2019 %

Budget Full

Year 2020 %

Income - Parents

Tuition Fees Income 7,286,039 25.4% 7,885,687 25.9% 7,745,952 25.6% 8,010,000 25.3%

Fee Assistance and Discounts (607,527) (635,000) (619,501) (635,000)

Transport - Bussing fees 424,146 403,124 416,945 425,000

Kindergarten Fees 296,148 305,000 305,325 305,000

Parents Capital fees and Levies 236,400 245,200 243,430 245,200

Other Income Parents 256,868 134,800 193,195 134,800

Other Income Parents Extra Curricular 227,507 200,000 209,406 200,000

Other Income General 228,970 174,801 275,633 174,801

Total Income from Parents 8,348,551 29.2% 8,713,612 28.6% 8,770,385 29.0% 8,859,801 28.0%

Funding income

Commonwealth Govt recurrent funding 14,910,168 52.1% 16,257,364 53.4% 15,996,741 52.8% 17,165,832 54.3%

Vic State Govt recurrent and other funding 4,582,928 16.0% 4,736,991 15.6% 4,672,735 15.4% 4,752,968 15.0%

Vic State Conveyance allowance 565,789 520,000 565,782 555,000

Vic Kindergarten funding - ELC 231,182 233,135 264,741 283,136

Total Govt Funding Income 20,290,067 70.8% 21,747,490 71.4% 21,499,999 71.0% 22,756,936 72.0%

TOTAL NET INCOME 28,638,618 30,461,102 30,270,384 31,616,737

EXPENSES SUMMARY

Full Year

Last Year

2018

Annual

Budget 2019

Full Year

Forecast

2019

Budget Full

Year 2020 %

Salaries Staffing 18,111,162 19,742,029 19,753,839 20,413,359

Salary Related Expenses 2,298,041 2,319,999 2,606,460 2,430,000

Total Staffing and Assoc Expenses 20,409,203 70.7% 22,062,028 71.8% 22,360,299 71.7% 22,843,359 71.8%

Operational and Administration Expenses 2,663,014 2,747,099 2,968,646 3,103,020

Total Operational and Admin expenses 2,663,014 9.2% 2,747,099 8.9% 2,968,646 9.5% 3,103,020 9.8%

Tuition and Kindergarten Expenses 694,538 775,700 784,900 800,000

Excursions, Grants and Camps 811,151 753,799 754,148 771,000

Total Educational expenses 1,505,689 5.2% 1,529,499 5.0% 1,539,048 4.9% 1,571,000 4.9%

Other Expenses

Bussing expenses 786,793 847,504 797,175 873,000

Vic State Conveyance - Parents 299,340 263,000 298,260 263,000

Extra Curricular Programs 235,606 202,000 174,172 202,000

Depreciation 2,686,339 9.3% 2,678,001 9.3% 2,681,648 9.3% 2,548,000 8.8%

Interest and Finance Costs 162,450 235,912 224,378 240,000

Other Expenses 130,788 158,800 128,719 157,000

Total Other Expenses 4,301,316 14.9% 4,385,217 14.3% 4,304,352 13.8% 4,283,000 13.5%

TOTAL EXPENSES 28,879,222 30,723,843 31,172,345 31,800,379

Total Operating Result (240,604) (262,741) (901,961) (183,642)

Add BGA Funding 656,511 770,000 907,850 704,000

Net Result 415,907 507,259 5,889 520,358

Total Net Cash Surplus exc Depn and Grants 2,445,735 2,415,260 1,779,687 2,364,358

Cash Surplus as % Tuition/Govt Grant income 9.1% 8.3% 6.2% 7.8%

Total enrolments (Excluding Kinder) 1,502 1,551 1,538 1,550

Total Capital spend 6,053,458 3,218,353 3,303,847 2,900,000

Total Bank Debt - Limit $8,500,000 7,009,033 7,042,127 7,625,343 7,456,985

Debt per student 4,666 4,540 4,958 4,811

Chairo Christian School Introduction to the 2020 Budget

Page 5 of 10

3. EXPLANATORY NOTES

NOTE 1

TUITION FEES

A consistent increase of 3% has been applied to core tuition fees for the 2020 school year. Specific

fee schedules for each campus will continue to be maintained. While we are one school, and we

strive to maintain much consistency in what we do, we recognise that each of our campuses are

unique communities and many positive variations exist that suit the needs of each specific campus.

It is therefore natural that fee schedules also reflect this.

The increase of 3.0% is the same as the 2019 increase, and reflects the increased costs associated

with staffing, government regulation/compliance, and continual improvements and developments

across the school. We continue to aim to restrain tuition fees in order to maximise accessibility to

Christian education for families, while also responding to changing community and government

expectations, and seeking to meet our mission to provide excellence in Christ-centred education.

Significant assistance to support those desiring a Christian education for their children, who would

otherwise not be able to access it, remains available.

While increases this year are consistent across campuses, the individual fee schedules for each

campus have remained. In setting fees, we take into account factors such as the socio-economic

status of each catchment area and the funding impacts that this has, the level of development and

resources available at each campus (all resources, not just buildings), the level of maturity of each

campus and potential future development needs, the ability of each community to pay, levels of

enrolment, and the competitive fee environment that each school operates within.

Presently, when considering the factors outlined above, Pakenham does have a slightly higher fee

structure than Drouin, although it is still very competitive with similar surrounding schools, and

the kindergarten is still significantly subsidised compared to the cost of operating the facility.

Currently, the slightly higher fees are due to the more modern expansive facilities available at

Pakenham and the investments that are still being made in that area, and the fact that the funding

level of the area is lower than that of Drouin (because it is statistically a higher socio-economic

area). There is no policy that Pakenham will always be higher, with factors possibly indicating

that, sometime in the future, the Drouin fees may need to be raised above Pakenham. This is

something that is assessed each year according to the relevant factors and operational need, and in

the same way that any individual school determines what parent fees are set each year.

The fee schedules for 2020 will soon be placed on our website and distributed in the annual

finance pack.

Chairo Christian School Introduction to the 2020 Budget

Page 6 of 10

NOTE 2

GOVERNMENT GRANTS

Government Recurrent Grants

We continue to be thankful for the financial support of both the Commonwealth and Victorian

State government. The move towards more targeted needs-based funding continues and this has

assisted us in our circumstances. It allows us to meet the diverse needs of our student population

and maintain access for lower income families.

The Victorian State government model has remained very similar but may be reviewed next year,

with any significant change in the model possibly impacting our level of funding.

The Commonwealth government funding increase for 2020 remains consistent with recent years

but the model is planned for further change in coming years.

Kindergarten Grants/Fees

The level of kindergarten grants and increases for independent school kindergartens continues to

be well below that of ‘community’ kindergartens, which does put pressure on our fee levels. We

continue to try to absorb a percentage of these funding differences to aid accessibility, recognising

the value of our kindergartens to families and the school generally. Kindergarten fees in 2020 will

increase by 3% for both programs.

For those with Health Care cards, the government kindergarten fee subsidy rebate for 2020 will

continue, with applications to be made through our finance department.

At the commencement of 2019, a new Chairo Kinder opened at the Leongatha Campus and

attracted pleasing enrolments in its first year of operation.

Chairo Christian School Introduction to the 2020 Budget

Page 7 of 10

NOTE 3

OTHER INCOME

Busing Fees/Grants

The Pakenham buses were upgraded from the start of 2019 and all buses across the campuses are

now fitted with seat belts. This has resulted in a small increase in costs, but it provides additional

safety for all students travelling on school buses.

Similar to kindergarten grants, the conveyance allowances received from the State government

continue to increase at less than annual cost increases, and we need to continue to apply consistent

increases to bus fees to ensure that the subsidy we provide for busing does not get too large.

Accordingly, Drouin/Pakenham bus fees will be increased by 4% for 2020.

We continue to work to keep costs down by reviewing bus routes in order to ensure that buses are

as close to capacity as possible. We endeavour to ensure that any changes do not negatively impact

families and, where possible, look to improve services. However, parents are reminded it is not

practical to always be able to provide services within walking distance of home.

Other Income – Parents

Other income from parents includes income from optional subject fees, membership fees and the

Capital Levy. There has been little change in this area for 2020, with increases reflecting only the

increase in total enrolments. The Capital Levy will help support interest costs as we continue to

invest significantly in new buildings and facilities.

Other Income – General, including tax deductible donations

This item includes enrolment fees, canteen income, donations and various miscellaneous incomes.

Again, no fee changes have occurred here for 2020. We would encourage people to take advantage

of our tax-deductible building fund when considering their giving, particularly to add benefit to the

ongoing improvement of facilities across the campuses.

.

Chairo Christian School Introduction to the 2020 Budget

Page 8 of 10

NOTE 4

SALARIES – TEACHING AND ADMINISTRATION AND RELATED COSTS

Teaching and Administration Salaries

We continue a policy of maintaining comparable staff salaries to that of the government sector. A

new government agreement was reached during 2017 that provides for consistent 3.25% increases

for a three-year period. The 2020 budget includes a 3.25% increase for staff, with 2% budgeted

from February 2020 and 1.25% budgeted from August 2020.

Salary costs have also increased due to teachers advancing up salary scales.

Salary-Related Expenses

This section includes workers’ compensation, superannuation and staff welfare expenses. The

increase reflects general salary rises having a corresponding impact on super contributions.

NOTE 5

OPERATIONAL AND ADMINISTRATION EXPENDITURE

These expenses cover a wide range of categories including maintenance, utilities, administration,

marketing, photocopying and staff training. The most significant increases in 2020 relate to

computing expenses (due to increased use of technology, bandwidth costs and the rental/lease of

computers), electricity due to increased rates, and expenses related to student numbers and

buildings such as insurance, cleaning and levies.

NOTE 6

TUITION, EXCURSION AND CAMP EXPENSES

Increases here mostly reflect modest inflationary increases, and the expansion of enrolments and

classes. Changes in the camping program from year-to-year also impact these costs.

Chairo Christian School Introduction to the 2020 Budget

Page 9 of 10

NOTE 7

DEPRECIATION

Depreciation is a non-cash accounting entry that now largely (post revaluations) reflects the

current market value depreciation of our assets over the year, with this reflecting current

accounting standards.

As depreciation is not a cash item, we concentrate on maintaining an appropriate level of cash

surplus before capital expenditure (accounting surplus plus depreciation expense). The minimum

industry benchmark for a sustainable budget outcome tends to be in the range of 9 to 10%, with the

forecast for 2019 being 6.2% and our budget goal for 2020 being 7.8%.

NOTE 8

INTEREST AND FINANCE COSTS

Interest payable will rise as the full impact of our significant development phase peaks and the

increased borrowings level is reached. Borrowings are planned to be slightly lower at the end of

2020 and begin to reduce further over the following few years.

4. CAPITAL EXPENDITURE BUDGET 2020

2020 Budget

Land -

Building/Improvements/Site Development 2,200,000

Furniture, Equipment and Teaching Aids 560,000

Library Resources 40,000

Computers/Software/Network expenses 100,000

Total 2,900,000

Next year will be a year of lower capital expenditure, with Pakenham completing stage two of the

Senior School Centre and the Year 8 complex commencing in the middle of the year. During 2019

and into 2020, there will be the ongoing change in that consumable IT equipment will be rented or

leased over the life of the equipment.

Chairo Christian School Introduction to the 2020 Budget

Page 10 of 10

5. CASH FLOW BUDGET AND OUTLOOK 2020

2020 Budget

Sources of Cash:

Operating Cash Surplus 2,364,358

Capital Grants 704,000

Total 3,068,358

Applied to:

Repayment of Loans / Leases, Increase in Cash held 168,358

Capital Expenditure 2,900,000

Total 3,068,358

Over the past few years, we have enjoyed significant support from the Australian Commonwealth

Government BGA Capital Grant Program and this will continue into 2020. A grant application is

being signed off for the Year 8 project at Pakenham for building commencement during the year.

A new grant application is planned to be submitted during January 2020 for future Senior School

facilities required at Pakenham, and for a Well-Being Centre at Drouin, with any cash surpluses

contributing to the completion of these projects.

Our debt per student is expected to decrease from $4,958 at the end of 2019 to $4,811 at the end of

2020, while overall debt is planned to decrease from $7,625K to $7,457K at the end of 2020.

Our bank is comfortable with our borrowing levels and plans, and we remain well within their

benchmarks and our existing overall facility limit of $8,500K.

Ongoing capital expenditure demands are expected to be more modest over the next few years.

This decrease in demand places the school in a great place to continue the challenge of improving

the quality of resources and programs that we offer as we seek to fulfill our mission of providing

excellence in Christ-centred education.