On Monday, June 6, the Board of Trustees for the London District Catholic School Board approved a preliminary 2016-17 operating budget with expenditures of slightly less than $235 million.
The Board’s structural deficit has been eliminated and the resulting surplus will be used to reduce an accumulated deficit and accommodate unforeseen events.
Over the past several years, the Board saw a decline in the number of students and did not adequately reduce expenditures to match the decline. This resulted in a structural deficit.
Last year, the Board approved a budget deficit of $2.64 million. Due to higher than anticipated enrolment, this deficit was reduced to $2.18 million.
The Board came up with a recovery plan and the preliminary 2016-17 operating budget is estimated to result in a surplus of $355,000 which will be used to reduce an accumulated deficit and accommodate unforeseen events.
The operating budget is an important tool to ensure that resources are allocated to support the functions of the system and the priorities of the Board. The approved budget governs the actions of administration in achieving the Board’s multiyear strategic plan.
The full preliminary operating budget is available here (PDF link).