Stunning revelation at Toronto Catholic board: a $9M deficit

The Toronto Catholic District School Board is blaming “human error” for a massive miscalculation that has the board running a nearly $9-million deficit instead of a modest surplus for the 2013-2014 school year, as earlier thought.

In a document obtained by the Star, the board says its finance team discovered the discrepancy, attributed to inaccurate calculations and gaps in reporting, while preparing for an upcoming audit meeting. According to the new numbers, the TCDSB is looking at an $8.9 million deficit rather than the $292,000 surplus approved by trustees in July 2013.

“This was not the result of improper conduct or fraud on the part of anyone at the school board,” Angela Gauthier, director of education, said in the draft media release, adding that board staff has taken full responsibility for the accounting errors.  (more...)

Stunning revelation at Toronto Catholic board: a $9M deficit

Wouldn't surprise me if #TCDSB's surprise $9 million deficit arose from "social justice" initiatives that aren't provincially funded. #ONTed
— Sam Sotiropoulos (@TrusteeSam) November 14, 2014