CBE Trustees Approve Year-End Financial Results

Nov. 30, 2023

​​​​​​The Calgary Board of Education has navigated a year of unprecedented growth — as detailed in the 2022-23 Financial Results and Audited Financial Statements approved by the Board of Trustees Nov. 28 at its public board meeting.

Despite facing an evolving educational landscape marked by significant enrolment growth, the CBE successfully managed its finances, posting an operating surplus of $1.4 million or less than one-tenth of one per cent of total spending. The slight surplus, relative to the CBE’s $1.37 billion budget, reflects an immediate investment in student needs. Laura Hack, Chair of the Board of Trustees, commended Administration’s efforts in supporting the success of more than 131,000 students — a record high. Higher enrolment means more staff and supporting resources are required, schools are reaching capacity or are being overflowed, and more students require transportation. “The Calgary Board of Education has shown exceptional skill in navigating the complexities of rapid growth,” said Hack. “The organization continues to demonstrate a strong focus on providing excellent educational opportunities while efficiently managing resources.” Financially, the year was marked by several developments in reserve allocations.

Operating reserves saw a slight increase to $37.9 million — remaining well within the Alberta Education-mandated range. Additionally, capital reserves grew to $79 million, bolstered by the sale of three buildings, which were deemed to be at the end of their functional lifespan: Montgomery School, Tuxedo Park School, and Viscount Bennett High School. Looking ahead, the CBE remains committed to addressing the educational needs of a rapidly expanding student population. The Three-Year School Capital Plan 2024-2027​ outlines the CBE’s need for future development, aligning with the city's demographic growth projections.

Alongside the 2022-23 financial results and audited financial statements, the Board of Trustees also reviewed the Annual Education Results Report (AERR)​, which highlights educational achievements over the past school year. Together, these documents underscore the CBE’s commitment to prudent stewardship of the public resources entrusted to it and how the organization used those resources to benefit students and their learning.

The audited financial statements will be submitted to Alberta Education by the Nov. 30 deadline.