TREASURER REPORT

As Skills Society comes out of the global pandemic we are returning to a more consistent operating model. I am pleased to report that finances remain in good shape.

The agency recorded just over $22.53 million in operating revenue for the current year which was $682,000 higher than the original budget. Total operating expenses for the year were $22.58 million, or about $669,000 higher than budget.

The difference between budgets and actuals is due to a government funding increase for wages for the final quarter.

Skills Society has a small operating deficit of just over $47,000 in the current year, compared to a surplus of just under $114,000 reported in 2022. Including amortization, Casino and unrealized ATB Investment losses, Skills recorded a loss of just over $137,000 in the current year compared to a surplus of just over $119,000 in the prior year. These amounts are what Management anticipated.

The amounts in this report are accurate as of May 18, 2023. The final results presented at the Annual Meeting might differ slightly due to last minute adjustments.

Looking to the 2023/2024 year, I am very pleased to report that the government funding increase is permanent. Skills Society is budgeting an operating surplus for the first time in several years which will assist the agency to provide stable support and expense management.

Rochelle Mitchell, CPA, CA Treasurer