The Education Act requires all school boards in Ontario to approve an annual balanced budget within the definitions set by the Ministry of Education regulations. The fiscal year for all school boards in Ontario aligns with the school year and runs from September 1 to August 31. A school board鈥檚 budget must be submitted to the Ministry of Education by the end of June preceding the start of the fiscal year in question.
At the Special 91pro视频 Meeting held on Monday, June 24, 2024, the 91pro视频 of Trustees approved the 2024-2025 School Year Budget.
Understanding Our Budget Pressures
The 91pro视频 (HCDSB) is currently experiencing significant budget pressures due to inflation, legislative changes, and increased costs. These pressures affect our ability to fund essential resources and services. Adding to these pressures and the fact that HCDSB is the lowest funded school board in Ontario, our board has experienced declining student enrollment in some areas of our district. In light of our current context, balancing our school board budget has become increasingly difficult.聽
Impact on HCDSB Services
- Classroom Resources:鈥疪educed funds for essential materials.
- Class Sizes:鈥疍ifficulty in maintaining smaller class sizes.
- Central Services:鈥疍ecreased central funds leading to reduced services to our schools.
- Online Learning:鈥疍ifferent funding for online learning affecting face-to-face class sizes.
- General Efficiency:鈥疦eed for greater efficiencies in all schools and departments.
Filing a Compliant Budget
The HCDSB is committed to ensuring its budget for the 2024-2025 school year complies with Ministry of Education requirements.
Compliance Requirements
1. Balanced Budget Mandate
- While the Education Act requires school boards to plan for balanced budgets, school boards may submit a 鈥淐ompliant Budget鈥 if they incur an in-year deficit up to 1% of the school board鈥檚 operating revenue or the accumulated surplus from the preceding school year.
2. 2024-2025 Budget Strategy
- Despite significant financial pressures, the HCDSB has structured its budget to ensure all statutory and regulatory obligations are met.
- Adjustments have been made to ensure efficient use of resources and compliance with Ministry directives.
3. Revenue and Expense Management
- The 2024-2025 budget projects a total revenue increase of 4.18% compared to the previous year, amounting to $503.5 million.
- Steps have been taken to balance expenses, including measures to address underfunding in areas such as sick leave, WSIB costs, and classroom resources.
4. Key Financial Provisions
- The 2024-2025 budget includes provisions for critical areas such as classroom instruction, special education, student transportation, and school operations.
- Efforts have been made to minimize the impact of budget shortfalls on educational services while maintaining compliance with Ministry funding requirements.
Read the report to the 91pro视频 of Trustees: 2024-2025 Budget Estimates – Final.