VIS Annual Report 2023-2024 - Report - Page 8
Vienna International School
6
2023–24 Treasurer’s Report
I am pleased to share the Vienna International School’s financial results for the
2023–24 fiscal year, and also highlight
major capital investments during the year
and summarize the budget for the current
2024–25 fiscal year.
Financial Statements 2023-24
The 2023–24 fiscal year was challenging for VIS due to a continuous increase
in the inflation rate. The inflation rate,
as measured by the Austrian Consumer
Price Index, averaged 5.5% for the fiscal
year. However, the main cost drivers remain under staff cost categories (83% of
total operating costs) which are subject to
adjustments based on the Teacher Staff
Working Agreement and other labor law
policies, using higher CPI values from the
previous year (9.8%).
However, through a combination of tight
fiscal management, higher enrollment, expansion of the extracurricular programme,
positive trends on financial markets and
other efficiencies, the net audited financial result for 2023–24 was positive, with
a Net Profit of €2.0 MM on gross revenue
of €39.9 MM, including the allocation of
capital fees revenue of €0.77 MM to the
Reserve Fund. Some of the efficiencies
identified in this fiscal year will be reflected
in the annual budgets of the coming fiscal
years and be used to cover the payment of
leasehold agreement obligations, notwithstanding the ongoing negotiations with the
Republic of Austria, avoiding the need to
use reserve funds.
The following table summarizes the
profit/loss statement for the school year
2023–24, with the results of the previous
year 2022–23 shown for comparison:
