CPATA’s Board of Directors met today, Thursday December 5, to approve CPATA’s budget for 2025.
In 2024, CPATA allocated resources efficiently towards meeting its broad regulatory mandate and 2023-2025 Strategic Plan objectives. Key initiatives included:
- developing the professional competency profiles for the professions;
- implementing new qualifying examinations based on competency profiles;
- consulting on apprenticeships and pathways into the professions;
- managing complaints and discipline matters; and
- addressing unauthorized practice concerns, including a major cyberfraud targeting Canadians.
In addition to higher than expected revenue in 2024, CPATA kept expenses under budget. This enabled CPATA to contribute both budgeted amounts and surplus funds to building its regulatory and operational reserves, which are crucial for maintaining institutional independence and sustainability.
For 2025, in addition to its core regulatory functions, CPATA will continue to focus on considering appropriate pathways into the professions, while keeping expenses contained and building financial reserves. CPATA’s revenues are derived almost entirely from licensing fees, which make up over 90% of revenue.
In 2025, CPATA will keep expenses contained and is in a healthy financial position trending towards financial independence and fully funded reserves in the next 1-2 years (if CPATA does not need to call on reserves during this build-out phase). The budgeted total revenues for 2025 are $3,976,000 (2024 – $3,396,150). The budgeted expenses for 2025 are $2,898,000 (2024 – $2,996,150). The projected reserve balance at the end of 2024 is $1.6M and the budgeted target for the end of 2025 is $2.7M. The preliminary Target has been set at $2.25M.
With the assistance of the Audit and Risk Committee, the Board of Directors will continue work in 2025 on reviewing the adequacy of the targeted financial reserves compared to best practices, and will be considering next steps with respect to reserves and fees as part of CPATA’s next multi-year Strategic Plan.
For more information, CPATA’s 2025 Budget materials are publicly available in the December 5 Board Materials.
