The Upper Canada District School Board (UCDSB) presented its third financial forecast for the 2024-25 school year, projecting revenues of $460.8 million and expenses of $461.3 million, resulting in a $0.5 million deficit. This is a shift from a $0.8 million surplus forecasted in February 2025.
Chief Business Officer Jeremy Hobbs explained that the increase in expenses is due to the January 2025 cyber incident, which required significant investment in security measures.
The Board is closely monitoring expenditures to avoid further deficit growth, ensuring no impact on classrooms.
Despite the forecasted deficit, Hobbs reassured that it remains within the Board’s compliance thresholds and does not threaten financial stability. Final results for the year will be presented in November 2025.
Looking ahead to the 2025-26 budget, Hobbs noted that Core Education Funding and expenses are expected to remain stable, with a proposed budget to be presented in June 2025.
