The Budget Process
Prior to this past year, the Ministry of Education announces revisions to education funding (Grants for Student Needs – GSNs) and the amounts that school boards will receive for the coming year in the Spring. Funding for education is determined through a set of provincial benchmark costs for the major components of education operations, as well as the number of students. By law, school boards are required to balance their budgets by June 30. TDSB Trustees and staff work together to create a balanced budget that best supports the achievement and well-being of all students within the funding provided by the province. This past year, due to COVID-19 pandemic, funding was not announced until June and boards were given until August 15 to submit their balanced budget. The timing for the 2021-22 GSN announcement from the province is still to be confirmed.
The TDSB’s annual operating budget is approximately $3.4 billion and we are committed to using these resources as responsibly and effectively as possible. However, the funding provided by the government does not fully meet the needs of students in Toronto. In addition, the COVID-19 pandemic will continue to have a significant impact on the TDSB budget into next year. Read more about the TDSB’s key funding priorities and concerns, including the financial impact of COVID-19, in the Chair’s written submission to the Ministry of Finance as part of the Fall 2020 Ontario Budget consultation.
As the largest and most diverse school board in the country, the TDSB has a unique set of needs when it comes to what is required to best support our students and communities. To ensure that we continue to support all students, we developed the Multi-Year Strategic Plan to set direction and identify system goals. The focus of the Multi-Year Strategic Plan is to ensure that every student has equitable access to programs and resources, and increased opportunities that lead to success.
Finance, Budget & Enrolment Committee Meetings
Currently, the Finance, Budget and Enrolment Committee (FBEC) meetings are being held virtually and are broadcast live to the public. Please note, the schedule of meetings below may change during the budget process.