For 2022/2023, the Rocky View School (RVS) Division will report a $9.4 million deficit. 

At today's regular RVS Board of Trustees meeting, the trustees heard a presentation about the audited financial statements for its operating budget.

The projected deficit for this year was $9.2 million, while the actual deficit is slightly higher at $9.4 million.

In the presentation, RVS Director of Finance Steve Thomas broke down what caused this deficit, and one of the factors was unplanned spending.

"Teacher sick leave and medical leave totalled $6.5 million, which was an increase of $1.4 million over our budget. The Powell Street site that became a Cochrane Christian Academy, the land, furniture and equipment purchases for that location was $800,000."

Some other unplanned spending included $1.2 million from carryover costs from 2021/2022 projects.

"Overall, we were also seeing the need for furniture and equipment across the division across our schools, increasing cost of about $400,000."

Another reason for the deficit according to Thomas, is the Alberta government's weighted moving average funding model. Since the 2020/2021 school year, RVS has seen a shortfall of $10.5 million in funds this year alone being $900,000.

"We may get to a point where our enrollments are higher than projected and then we can begin to actually count on a receivable in this funding model."

According to Thomas, the remaining shortfall was covered by amortization and unforeseen capital expenditure purchases.

The statements have now been submitted to the Government of Alberta.

When it comes to RVS's revenue for the year, they saw an increase of $5.3 million, reaching $289.3 million.