The Upper Canada District School Board (UCDSB) continues to show healthy financial results while delivering quality, innovative programs and opportunities for students. During the Nov. 13 Board of Trustees meeting, Executive Superintendent of Business Jeremy Hobbs presented highlights of the Audited Consolidated Financial Statements for the 2023-24 school year (ending Aug. 31, 2024).
Hobbs reported that higher enrollment, benchmark changes and additional Priorities and Partnership Funding (PPF) contributed to compliance revenue being up $57.6 million from the original budget, to $475.6 million versus the originally projected revenue of $418.0 million. Expenses for compliance were also up from $417.9 million to $471.7 million, a difference of $53.8 million.
This larger increase in revenue versus expenses resulted in an in-year operating surplus for compliance purposes of $3.9 million, or less than 1 per cent of in-year compliance revenue. The original 2023-24 budget projected a surplus of $0.2 million.
"Our healthy financial status has been driven by prudent operational management. In a time of funding changes and increasing costs, being able to not just maintain but enhance program offerings and opportunities is remarkable," says Hobbs. "We are fortunate to have a Board of Trustees that places student needs at the forefront."
While the school board is currently operating with a surplus, year-over-year surpluses are continuing to decline, and we expect to see a tighter financial environment in the years ahead.
For more information
225 Central Avenue West
Brockville Ontario
Canada K6V 5X1
www.ucdsb.on.ca
