CBE Posts Year-End Financial Update

Nov. 30, 2022

The Board of Trustees approved the 2021-22 Financial Results, including the Audited Financial Statements at the Nov. 29 regular public board meeting.

Despite the uncertainties created by another pandemic year, the CBE posted a minor shortfall of $10.9 million ⁠— or less than one per cent against the budgeted expenditures of $1.37 billion approved by the Board in May 2021.

“We are pleased to see that Administration continues to manage financial resources in a prudent manner,” said Laura Hack, Chair of the Board of Trustees. “The latest financial statements demonstrate that the Calgary Board of Education is capable of managing through challenging and ever-evolving conditions. The results support our priorities of student achievement, equity, and well-being, while staying within the funding allocated through Alberta Education.”

In its report to Trustees, Administration cited significant inflationary cost pressures. Administrators also outlined the ways in which the pandemic influenced school operations as the CBE followed the guidance and direction of provincial authorities.

The provincial government provided $18.4 million to address COVID-related costs such as upgrading air filters, additional substitute teachers and enhanced cleaning, as well as an additional $35.7 million in bridge funding to offset temporary enrolment declines. Taken together, this funding was comparable to the one-time Safe Return to School Funding provided in 2020-21.

The CBE finished the year with adequate operating reserves of $37.4 million — or 2.8% of prior-year expenditures — in alignment with the government-mandated range. CBE operating reserves remain appropriate to address most non-grant funding risks and operational needs.

At the public board meeting, Chief Superintendent of Schools Christopher Usih thanked CBE staff for their professionalism in addressing student need in challenging circumstances.
“We continue to make strategic investments to ensure strong outcomes for our students and the district,” said Usih.

Alberta Education will receive the audited financial statements by the Nov. 30 deadline.