The Calgary Catholic School District said it ended the 2023-2024 fiscal year with an $8.4 million surplus, a significant difference from the $17 million deficit that was originally budgeted.
According to audited financial statements posted Thursday evening, CCSD had $681.2 million in revenue, 6.8 per cent higher than numbers from the 2022-2023 fiscal year. Most of the revenue came from the Government of Alberta, property taxes, fees and sales of services and products. Administration also said the higher revenue is reflective of the growing student population.
The CCSD also spent $672.8 million last fiscal year, an increase of more than five per cent from the 2022-2023 fiscal year.
Most of the money was spent on instruction, operations and maintenance, and transportation, according to financial documents.
The Catholic school board’s accumulated surplus from operations, adjusted to exclude school-generated funds, is $31.8 million. Administration said this “puts the district in a good financial position for 2024-2025.” Originally, the board projected a deficit of around $16.9 million for its accumulated surplus from operations.
During a presentation at Wednesday’s board meeting, CCSD administration said $2.2 million of the $8.4 million surplus will be placed in capital reserves because it was acquired when the CCSD sold its maintenance shop. Another $400,000 will be placed in capital reserves for projects currently underway, and another $3 million will be set aside in capital reserves for the School Construction Accelerator Program because school divisions are responsible for start-up costs for new school buildings.
Administration noted the surplus was largely due to additional provincial funding during the year, and higher revenue from investment income and selling property.
“Both operating and capital reserves should be used for one-time needs or projects, but should not be relied upon for ongoing district operations, which includes hiring staff as that’s not sustainable long term,” said Vanessa Croswell-Klettke, superintendent for finance and business, at Wednesday’s meeting.
“As previously mentioned, the district endeavours to balance maintaining a savings position that provides for an adequate rainy day fund while ensuring the dollars received in any given year support the classroom has intended. Increases in savings this year, while small, will help the district to navigate the financial challenges ahead as our student population and cost pressures continue to increase.”
Trustee Linda Wellman, who is part of the CCSD’s audit committee, is pleased that the district ended the 2023-2024 fiscal year in a better financial position than originally expected. However, she noted that was only possible because of property sales, which don’t happen every year.
“Unfortunately, if we don’t get that same money next year, we’ll be in the same position this year, and that’s looking at a significant deficit,” Wellman said during Wednesday’s board meeting.
