The association representing school boards in Ontario notes that while provincial funding has increased, it has not kept pace with inflation, compelling many boards to draw from savings intended for large projects. This financial strain has led to operational cuts or the depletion of reserves, reflecting a growing concern over the fiscal health of school boards in the province.
Recent briefing documents indicate a concerning trend: eleven school boards reported deficits in 2020-21, growing to 31 in 2021-22, highlighting the pressures caused by rising costs. Despite claims from the Education Minister that boards are financially stable, the reality of increasing deficits suggests many are struggling to maintain operations without resorting to reserve funds.
A Ministry official highlighted that viewing deficits solely as negative is misleading; these figures often represent funds earmarked for future initiatives under strict accounting practices. This indicates that deficits can sometimes reflect prudent financial management rather than mismanagement, although the rising number of boards reporting deficits cannot be ignored.
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