Why Feller Closed
FINANCIAL REPORTThe figures as set out in Chart 1 show the operating experience of the school for the years 1962 to 1966 inclusive. As can be readily seen this experience has not, within the financial context, been a profitable one. Indeed it has been very much to the contrary. It is not within the terms of reference of this report to explain why the deficits of the past years have been incurred, suffice it to say that while proper managing techniques have been lacking, those charged with the responsibility of operating the school have been far from prolifigate.
Chart 2, column 3 provides information as to the actual income accuring to the school from all sources in the fiscal year ending August 31, 1966 and the actual cost of operations. The deficit for 1966 was almost $52,000. Column no. 2 deals with the current year and estimates a deficit of $45,000 and Chart no. 3 list the probable results should the same fee structure be continued for the next full year. It should be appreciated that the 1967 figures include payments that were actually incurred during the proceeding fiscal year and it is assumed that no such costs will be carried forward into 1968 which makes possible the very slight increase on overall costs despite the substancial increase in salary payments.
Chart 2, Column shows the estimated cost of operating the school during the next academic year and outlines the possible receipts based on the enrollment for the years 1965 and 1966 if fees are adjusted to ensure operating on a paying basis. It has also been suggested that the school might be divided up into 95 high school students at an annual fee of $1,600. On this basis income would amount to $259,900 and would provide sufficient funds to build up a reserve fund for future capital investment. Should only 85 high school students and 65 elementary students be forthcoming under this scheme the school could still pay its way, but these numbers would represent a minimum.
Ian Frizzel