The Upper Canada District School Board has announced a $3.9-million operating surplus for the 2023-24 school year, reflecting a stronger financial position than anticipated.
Executive superintendent of business Jeremy Hobbs presented the audited financial statements during a Nov. 13 board meeting, highlighting increased compliance revenue, which rose to $475.6 million from the originally projected $418 million. Expenses also grew from $417.9 million to $471.7 million, driven by higher enrolment and additional government funding.
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“Our healthy financial status has been driven by prudent operational management,” Hobbs said. “In a time of funding changes and increasing costs, being able to not just maintain but enhance program offerings and opportunities is remarkable.”
Despite the surplus, Hobbs cautioned that year-over-year surpluses are declining, signalling a tighter financial environment in the years ahead.
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