South Shore Opportunities had 162 new business client interviews, 72 from Queens Co and 90 from Lunenburg Co. during 2015-2016 . This is an increase of 40 new inquiries from last year. This fiscal year saw 24 requests for investment which resulted in $695,226 being invested in Queens and Lunenburg county businesses. As well, South Shore Opportunities invested $18,243 in 11 businesses who took individual training in a business management skills.
The year ended with an Operating Account deficit of $162. The Board used $143,000 interest earnings from Investment to supplement the deficit this year. $232,246 was received in operating income from ACOA.
Revenues sourced from Employment Nova Scotia for the year included $114,012 for Career Centre operations, $22,885 for providing the Self-Employment Benefits program. The current Career Centre contract ended September 30, 2016 and the corporation chose to not enter into a new contract, thus ending the organization offering career related services.
The corporation had budgeted $303,823 revenues plus the need to use $ 212,389 interest from investment earnings. Budgeted expenses were $516,212 Actual revenues achieved were $120,624 over budget due to the career contract being extended an additional 3 months, some unbudgeted contracted training and additional training revenue being sourced. Actual interest from earnings used was $69,389 less than budgeted with an actual transfer of $143,000 to support operations. Actual expenses were $120,786 over budget due to the 3 months extension of the career contract for a total of $636,998.22. The result of total operations was a $162 deficit.
The overages in expenses were a result of doing extra work during the year.
What were we up to?
The corporation did 7 extra contracts during 2015-2016 prior to completing career services:
- Career center contract extended from June 30, 2016 to September 30, 2016 to support delays in a new corporation (Queens Employment Services) obtaining a contract to provide career services in Queens county.