VIS Annual Report 2019-2020 - Page 6



Treasurer’s Report
- New sports dome
- Several offices
- Grade 11/12 ‘chill out’ area
The annual audit of the financial accounts was
2019-2020 Forecast
2020-2021 Budget Assumptions
successfully completed by BDO Austria GmbH and
has been distributed to all VISA members.
The compliance renovation efforts will continue this
- Medium enrolment set at 1.375 students.
and the gym changing rooms. Our ongoing cost and
- The education amount from the Vienna Based
- Stabilization of all expenditure at level of inflation.
year with big budget items such as further roof work
The financial activities in the school year 2018/19
were dominated by the joint efforts of the Vienna
International School Association (VISA) Board of
Governors, and VIS Senior Leadership to implement
the steps necessary to ensure the compliance of
the building with all legal requirements.
As outlined in the 2018 report, VISA was confronted
in the 2016 agreement with the Republic of
Austria with several additional financial strains
and building renovation obligations which made
it necessary to adjust the long term financial plan.
1. Financial Strains
a. Reduction of educational amount from
€ 5,6m to € 2m
b. Financial responsibility for renovation of the
VIS school premises
c.Annual Leasehold payment of approximately
€ 1,5m starting in 2024
2. Renovation obligations (legal compliance)
a.the implementation of a multi-year renovation
plan making the building compliant with current
standards and fire codes
b. essential renovation needs estimated by external
Details of Investments carried out to date
The following significant building improvements
were carried out since 2017:
efficiency measures enable the school to soften the
100% legal compliance with building codes
- New fire doors all over the school; fire proof
windows in the Mall; fire sealings throughout the
building
- Shatter-proof windows in primary school
- Secondary Aula renovation
- Renovation of gyms A,B,C,D,E
- New roof and terraces over the building section
gyms A-E
- Renovation of the battery rooms
- Renovation of the ELC flooring
- Replacement of gas supply piping
- Renovation and installation of employee kitchens
- Renovation all parquet floors
is currently working through a participative process to
Renovation projects
In sections of the building that were impacted by
the reonovations above
- New lighting systems
- Electrical work
- Plumbing works
experts in 2016 at € 12,9m
According to the plan, the financial years 2016/2017
and 2017/2018 were used to build the necessary
financial reserves, for the future leasehold
payments and to implement the required
renovation and improvement works.
The school’s leadership have been successful
in building the necessary financial reserves.
Unfortunately this has resulted in an increase in
tuition fees.
Site Improvements
- New Learning Support rooms for secondary
school
- New Learning Support rooms for primary school
- 4 new classrooms to test new ways of teaching
- New Primary School office area
- New Eco Garden & Eco-School area
- New cycling and cross running track
Organizations is set at €2m.
impact on cashflow.
- Compliance cost of € 2.7m in 2020-2021 (estimated
To guarantee that future learning needs and building
total of € 12.9m over 7 years).
renovations go hand-in-hand the school community
- Due to high investments, the budget for this and
future years will be formulated to meet cash flow
specify potential improvements that can be achieved
requirements.
while undertaking the building renovation work.
Additional investment costs for repair and renovation
According to policy, the Treasurer presents a three-
are estimated to be € 4.53m in 2019-2020. This
year cash flow projection, which provides a more
will result in a budgeted negative cash-flow of
understandable transparent outlook of the finances
approximately € 2.07m which we have planned to
of the school, and the impact on tuition fee levels.
cover from our reserves.
Since the school’s budgets are prepared on a very
1. Compliance projects for 2019/2020 are
conservative basis, there is a potential for any savings
a.Gym changing rooms
to be used to moderate the planned percentage
b.New glass facade to the sports fields
increase in fees.
c. Second section of the roof
Forecasted Annual Cash Flow in million €
Year
Tuition
Educational Contribution
ELC subsidy (Vienna)
Other Income
Total Cash Income
2018-2019
2019-2020
29,26
2,00
0,25
0,50
30,2
2,00
0,00
0,06
31,18
2,00
0,00
0,1
32,26
33,28
-24,88
-4,97
-29,85
-25,71
-5,07
-30,78
-26,48
-5,17
-31,65
Capital Expenditures & Leasehold Improvements
Repairs
-0,56
Compliance Renovation
-3,73
-0,56
-3,01
-0,59
-2,45
3,2
1,79
Operational Expenditure
Personnel
Other OPEX
Total Expenses
Cash after operations
Annual Net Cash Flow
Total Cash
32,01
2020-2021
2,16
1,48
-2,13
-2,09
5,29
1,63
-1,41
At the November 2019 meeting of the Board of Governors, the budget assumptions for 2020-2021 were approved.
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