WATCH ABOVE: Why someone may be out of a job due to a $9 million accounting error. Dave Trafford reports.
TORONTO – Global News has learned some staff at the Toronto Catholic District School Board could lose their job after an accounting error revealed the board was actually running a large deficit.
The board had blamed a human accounting error after it was revealed a previously announced $292,000 surplus didn’t exist.
In reality, the board was facing an $8.9 million deficit, which represents less than one per cent of the total budget.
The board said inaccurate calculations and gaps in reporting led to the error.
“Board staff has taken full responsibility for these accounting errors,” director of education Angela Gauthier said 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 said it will work with the Ministry of Education to create a deficit recovery plan to deal with the financial shortfall.
The TCDSB’s Audit Committee meeting is scheduled for Nov. 18.
WATCH: Dave Trafford reports on the TCDSB’s $9 million deficit.
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