The Upper Canada District School Board (UCDSB) has declared an operating surplus of $3.9 million for the 2023-24 year, better than it projected. It is attributed primarily by higher enrollment and additional revenues.

Executive Superintendent of Business Jeremy Hobbs presented the board’s financial results during a meeting held on November 13, 2024. Hobbs indicated that he had an encouraging compliance revenue of $475.6 million, while the board had anticipated in the initial budget only $418 million. Total expenses went up as well, from $417.9 million to $471.7 million mainly due to increased student enrollment and additional government supplemental funds.

Hobbs praised the board’s financial health, saying it reflected prudent operational management. He said that as the funding landscape changes, and costs go up, the UCDSB not only has maintained its program but enhanced opportunities for the students. “In this time of funding changes and increasing costs, to be able not just to maintain but enhance program offerings is remarkable,” Hobbs said.

However, on the bright side, there was still caution from the chairman of the board: Mr. Hobbs cautioned that though this financial year has closed very well and showed a good surplus outcome, the surplus is declining by a trend. This kind of a decline in a surplus by each year indicates that the years to come might be not as smooth financially for the board.

The surplus is welcome news for UCDSB, though the board will remain watchful on its finances going forward and look toward potentially tighter financial conditions down the road. The UCDSB continues to look to stretch the maximum resources possible for support of its educational programs as student needs evolve.