In a step toward returning to a balanced budget, the board of trustees of the York Catholic District School Board (YCDSB) has approved a multi-year financial recovery plan.
"The YCDSB has faced several financial pressures in recent years, including declining enrolment in elementary schools, inadequate funding for special education and rising costs in transportation and IT infrastructure," according to a board news release. "Due to these factors, the YCDSB, like many school boards across the province, is in a deficit."
As mandated by the provincial government, the board of trustees and senior team must eliminate the deficit, which was projected at $10.5 million for the 2024-25 school year, by the 2026-27 school year.
The financial plan approved Jan. 28 contains several measures to adjust spending in some areas to better align with the Ministry of Education’s funding levels and to increase revenues, the board stated. These measures can be found in the agendas for the Jan. 21 and Jan. 28, 2025 board meetings.
“York Catholic’s commitment to promoting the Catholic faith, academic excellence, equity and inclusion and well-being will remain intact throughout this (multi-year financial recovery plan process),” said Elizabeth Crowe, chair of the board. “Together we will navigate these challenges while maintaining our position as a provincial leader in publicly funded Catholic education.”
Under provincial regulations, school boards are required to create a multi-year financial recovery plan when they approve two consecutive budgets with deficits greater than one per cent of their operating budget. The YCDSB’s 2022-23, 2023-24 and 2024-25 budgets posted deficits greater than one per cent of its operating budget.
“The YCDSB will do everything possible to minimize any impact from the (multi-year financial recovery plan) on the board’s day-to-day operations,” said John De Faveri, director of education, foundation chair and secretary to the board. “I want to thank our incredible staff whose tireless commitment to our students is what makes a YCDSB education special.”