No new debt was required during the year and existing loans were paid down by $427,000, leaving outstanding debt of $519,000 as at June 30, 2020. Just over 50 per cent of this balance will come due in the coming year. After the school closure in March, one of the key roles of the Audit and Finance Committee, working with the Board and Management, was to ensure the ongoing financial sustainability of the College. As planning quickly turned to bringing staff and students back to a safe space when schools were permitted to re-open, it became apparent that there would be a significant financial cost to ensure the health and safety of the community. The Audit and Finance Committee and the Board approved, in early October 2020, a revised budget for the 2020/2021 year, which incorporated the projected cost of these requirements. While enrolment remains strong for the coming year, additional expenses will be incurred for items such as enhancements to our HVAC systems, additional faculty to accommodate necessary social distancing, classroom technology, a school nurse, more housekeeping staff and equipment for increased sanitization of spaces, rental of portable washrooms and protective personal equipment – all resulting in a projected loss for the upcoming year. Due to strong enrolment in recent years, careful budgeting and a supportive community, the College is in a strong financial position to sustain this impact. The Audit and Finance Committee will continue to work with Management and the Board throughout the year, and in planning for 2021/2022, to ensure resources are appropriately prioritized to meet the objectives of the College during this difficult time.