The Calgary Board of Education is ending 2012 with a surplus in its budget.

The CBE has released its year end financial report, which says the board has found an extra $49.8-million.

It had originally anticipated a $19-million deficit, but due to proceeds from the sale of buildings, grants from the provincial government and investments, money was actually made.

Officials say they are using the funds to increase their investment in capital, and putting the rest into reserves.