EXCLUSIVE: TCDSB faces multi-million dollar deficit

The Toronto Catholic District School Board is sitting on a multi-million dollar deficit – according to documents obtained by CityNews – and one trustee says the cuts needed to balance the budget will be crippling.

Not only is the Board currently addressing a structural deficit of $16.9 million, but it also is facing reduced funding from the Ministry of over $25 million.

The board has scheduled a special meeting on Monday to discuss two possible plans which they hope will balance the budget in three years.

Trustee Maria Rizzo said everything is on the chopping block.

“Increased class sizes, programs that have traditionally been the sacred cows are on the chopping block,” she said. “My opinion is that it will cripple us.”

Every school board in Ontario is required to operate on an annual balanced budget and the board said the Ministry of Education is aware of the financial situation.

Rizzo said that the board will be working with finance experts from the Ministry to formulate a special three-year financial recovery plan. The board also wants to hear from the community on the issue.

“We don’t want to do this in isolation, where a bunch of people behind closed doors make decisions. We’re doing this openly and transparently,” Rizzo explained.

Read the TCDSB’s Deficit Recovery Options & Financial Forecast below.

Deficit Recovery Options and Financial Forecast

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