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The London region’s Catholic school board posted a $9.5-million surplus last fiscal year, a budget boon triggered by increased enrolment.
The London District Catholic school board announced Friday audited financial statements of 2023-24 confirm the multimillion-dollar surplus, a stark contrast to the steep deficit its counterpart in the London region is facing.
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The London-based Catholic school board – the fastest-growing Catholic board in the province – had expected a $1.5 million deficit in the previous budget year.
“The LDCSB is always conservative when it comes to projections,” executive superintendent of business Debbie Jordan said in a news release Friday.
“The difference between the initial projections and the resulting surplus is mainly due to increased enrolment revenues and expense timing relating to the growth.”
While the London District Catholic school board is expecting the enrolment spike will continue, it also is facing “significant financial pressures” on several fronts including the rising costs of leasing portable classrooms, transportation, utilities and more, the board said Friday.
The London-based Catholic board gained more than 1,500 students this year for a total of 27,500 students at 54 schools. The board has added nearly 6,400 students since 2020, enough to fill about 20 elementary schools.
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The board is responding to the aggressive growth by building and renovating several schools in the London region.
St. Gabriel in northwest London is on track to open in early 2025. The board is planning elementary schools in northeast London and the Komoka-Kilworth area. The board recently completed an addition at St. Anne’s elementary school in St. Thomas and construction on a new Regina Mundi secondary school is underway.
The budget surplus by the London District Catholic school board comes as the Thames Valley District school board grapples with a $6.4-million shortfall this fiscal year due to inflated enrolment projections.
Thames Valley was incorrect in its enrolment projections this fall with nearly 600 fewer students showing up at schools in September than expected.
The $6.4-million hit to Thames Valley’s revenue is on top of the projected $7.6-million deficit it already is facing in this fiscal year.
Earlier this year, Thames Valley slashed its 2024-25 budget by $11 million, cutting 58 elementary and 24 high school teaching positions, along with 17 early childhood educator jobs.
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