The Abbotsford board of education approved a budget of almost $160 million at its regular public meeting Monday night.
Treasurer Ray Velestuk presented the board with a budget of $159,766, 671 for 2011/12.
Preliminary projections in April called for total revenues of $158,975,000, compared to $159,471,000 in expenses, leaving a deficit of $496,000.
The final budget called for total revenues and expenses that were each about $300,000 higher than projected, and a deficit of $512,968.
Velestuk said the budget was balanced by an $8.6 million “accumulated surplus” from the previous year. This occurs, for example, when schools do not use all their funding in a given year, and the money is carried forward.
“The end result is we are in a really strong financial position and that will help us moving forward in a number of initiatives,” Velestuk said.
Last year, the school district faced major cuts in the face of a $6 million shortfall. The biggest impact was to staffing, with more than 70 positions eliminated.