Toronto Catholic board ‘surprise’ deficit balloons to $23.5 million

Toronto Catholic District School Board Chair Michael Del Grande said the top priority
in the board's deficit reduction plan was to not affect the quality of classroom learning.

An almost $9-million “surprise” budget shortfall at the Toronto Catholic board has ballooned to more than $23.5 million after the same miscalculations were used for a second year.

Late last fall, the board discovered a massive error by finance staff that led to a $8.9-million deficit for the 2013-14 school year, despite the books officially showing a small surplus of $292,000.

And despite a balanced budget plan for this school year, 2014-15, the board has now realized the mistake was repeated, adding a further $14.62 million to the shortfall.

“In finding those errors (in 2013-14), those errors were carried through into the planning for this year that had already been executed,” said board spokesperson John Yan.  (more...)

Toronto Catholic board ‘surprise’ deficit balloons to $23.5 million