Calgary, Alberta – At tonight’s public board meeting, Calgary Catholic School District (CCSD) Board of Trustees approved the 2016-2017 audited financial statements, showing a small surplus of approximately $5.8 million, equivalent to 1.0 per cent of expenditures. The district’s year-end financial results are better than the budgeted $3.4 million deficit.
“We’re pleased that the district’s financial picture continues to be positive,” said Board Chair Cheryl Low. “The solid financial stewardship and the collaboration between our Board and senior administration is a strength in our district and allows us to continue to prioritize student learning.”
The CCSD’s accumulated operating surplus (AOS) is $21.9 million, which is equal to 3.7 per cent of expenditures and the equivalent of 9.25 days of operations. The district strives to maintain between 2.5 per cent and 4.0 per cent in savings; this range is supported by the Auditor General and ensures that the district expends the funding in the year in which it is received.
Total CCSD revenues were $596 million. The district’s revenues were up by $14 million (2.4 per cent) over 2015-2016 primarily as a result of higher than expected enrolment.
Total district expenditures were $590.2 million. Expenditures increased by $7.6 million (1.3 per cent) over 2015-2016 primarily due additional enrolment, decrease in employee benefit expenses and funding received under the Inclusive Education Grant for refugee students.
For additional information, please view the district’s complete 2016-2017 audited financial statements at www.cssd.ab.ca.