CBE Posts Year-End Financial Update

Nov. 23, 2021

​​​The Board of Trustees today received an update on the financial health of the Calgary Board of Education and approved the 2020-21 Financial Results, including the audited financial statements.

Under the unpredictable circumstances created by the global COVID-19 pandemic, the CBE posted a deficit of $9.1 million on total expenditures of more than $1.3 billion. That represents a modest shortfall of less than one per cent against budgeted expenditures.

The 2020-21 budget was approved by the Board of Trustees in May 2020. 

At the Nov. 23, 2021 public board meeting, Administration presented in detail the cost pressures sustained over the time between the approved budget and the financial year that ended on Aug. 31, 2021.

During the financial year, the CBE faced operational shifts to remote learning, staff shortages due to isolation requirements and enhanced cleaning and other safety measures. At all times, the CBE followed or exceeded guidelines provided by Alberta Health Services and the provincial Chief Medical Officer of Health to ensure students and staff were as safe as possible in their learning and working environments.

The CBE received financial support from the Government of Canada and Government of Alberta for the 2020-21 school year, which was used to keep students and staff safe while preserving the continuity of learning and operations.

The CBE finished the 2020-21 year with operating reserves of nearly $39 million dollars or 3.4 per cent of expenditures. This is in alignment with the government recommended reserve level of three to five per cent. The CBE also held $42 million in capital reserves to support its building, technology and equipment needs.

“The CBE has demonstrated its nimbleness in navigating the many uncertainties and financial challenges created by the global pandemic. We are confident in Administration’s ability to balance the cost of additional public health measures with the overall focus on health, safety and students and their success” said Laura Hack, Chair, Board of Trustees. “Government support was vital to arriving at a balanced budget and the CBE continues to be prudent in managing costs within the funding received.” 

The public health situation remains dynamic and continues to impact CBE operations. Administration continues to monitor additional spending related to COVID-19 into the 2021-22 school year, while working to protect the health and safety of all students and employees.

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