Catholic Board Runs Deep Deficit
The last meeting of the current trustees on the London District Catholic School Board Monday night won’t be an easy one.
The Board is running a $4.2-million deficit. It was $2-million in the red in the spring following a financial restructuring that saw it dip into reserves. Now because of $1.2-million for pay-equity payments, part of its deal with CUPE, and and a million-dollar overrun for substitute teachers, the deficit has grown, even with the use of reserve funds.
School boards in the province are not allowed to run budget deficits. The province has stepped in to straighten the books in other jurisdictions but it’s not yet known if that will happen at LDCSB.