Following surge in student enrollment, LDCSB reports $9.5 million surplus for 2023-2024
St. Marguerite d'Youville Catholic School in London, Ont. is seen on Tuesday, Dec. 7, 2021. (Sean Irvine / CTV News)
Although initial projections put the London District Catholic School Board (LDCSB) $1.5 million short, the audited financial numbers for 2023-2024 are finally in, and the board will finish the year with a $9.5 million surplus.
“The LDCSB is always conservative when it comes to projections,” said Debbie Jordan, Executive Superintendent of Business and Corporate Services.
The reason for the difference? Unanticipated surges in enrollment.
“As we continue to navigate rapid growth in our student population, we will continue to allocate resources to prioritize student learning and supports to our system.”
Student numbers are expected to continue to rise, with challenges in some neighbourhoods that have experienced faster growth than others. The LDCSB still expects some financial pressure related to cost of leasing portables to accommodate higher student capacity, transportation, utilities and more.
The board will be required to put aside 1 per cent of that revenue to use for future deficits, as per the Ministry of Education’s requirements.
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