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Developing the 2023-2024 Budget

 

The Budget Process

In the spring of each year, the Ministry of Education announces revisions to education funding (Grants for Student Needs) and the amounts that school boards will receive for the coming year. 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.

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.

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

The Finance, Budget and Enrolment Committee (FBEC) meetings are currently held virtually and broadcast live to the public. Please note, the schedule of meetings may change during the budget process.

Date

Committee Reports

Recorded Webcast

November 23, 2022

Present Final Submission of GSN Consultation Feedback to Ministry

Overview of funding and budget

Review of Strategic Budget Drivers for consultation

Report in International Student Fees

Actual Enrolment for September 2022

November 23 FBEC recording

January 23, 2023

Update on 2022-23 Revised Estimates

Submit board’s capital priorities and pressures to the Ministry (if available)

Update on reserves status as of August 31, 2022

Three-year enrolment projections

22-23 First Quarter Report

February 15, 2023

2022-23 Enrolment update

Finalization of strategic budget drivers for 2023-24

Preliminary Three-year financial forecast

Financial Facts - Revenue and Expenditure Trends

March 2, 2023 Special FBEC

Presentation and approval 2023-24 School based staffing allocation

Update on Grants for Student Needs announcement from Ministry (if available)

March 29, 2023

Staff analysis of GSN with release of detailed budget working papers (if available)

Capital revenue analysis based on GSN announcements (if available)

April 24, 2023 (Special FBEC)

Preliminary capital budget

Update to financial projection based on GSN and recommended options to balance (if available)

2022-23 Second quarter financial report

May 15, 2023

Presentation of 2023-24 capital budget

Presentation of 2023-24 operating budget including public delegations

Public consultation webinars

June 1, 2023

Review of 2023-24 Operating Budget and public consultations

Trustee feedback on budget

June 12, 2023 (Special FBEC)

FBEC approval of operating and capital budget for recommendation to the Board for approval

School Budget & School Generated Funds Report

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