Accounting error reveals $9M deficit at Toronto Catholic School Board

WATCH ABOVE: How an accounting error cost the Catholic School Board almost $10-million.

TORONTO – An accounting error is being blamed for a massive $9-million deficit at the Toronto Catholic District School Board instead of a surplus as it had previously predicted.

The board’s finance team noticed the error while preparing for an upcoming audit meeting.

The accounting mistake was attributed to inaccurate calculations and gaps in reporting.

The TCDSB is now looking at an $8.9-million deficit compared to a modest $292,000 surplus.

“Board staff has taken full responsibility for these accounting errors,” says Director of Education Angela Gauthier in a media release. “This was not the result of improper conduct or fraud on the part of anyone at the school board.”

The board says the deficit represents less than one per cent of the TCDSB’s $1.2-billion budget.

Board chair Jo-Ann Davis said in a statement that the administration’s priority is to make sure the deficit does not impact students and teachers in classrooms.

The board says it will work with the Ministry of Education to create a deficit recovery plan to deal with the financial shortfall.

“The Board will also rely on the outside expertise on its Audit Committee to develop processes and procedures to ensure these accounting errors do not happen again,” the board said.

The TCDSB’s Audit Committee meeting is scheduled for Nov. 18.