Overview

In August 2024, after the Toronto Catholic District School Board (TCDSB) forecasted a significant accumulated deficit, the ministry engaged Deloitte LLP to identify the reasons for their deteriorating financial position and recommend savings measures to help the board return to a balanced position. This work revealed that the board could have done more to avoid their deteriorated financial position.

In May 2025, we appointed Deloitte LLP to:

  • validate the school board’s current financial position
  • recommend whether control and charge of the board should be vested in the ministry

Based on the findings and recommendation in the financial investigator’s report, we are appointing a supervisor to take over the governance and decision-making functions of the TCDSB, including financial management, policy implementation and operational oversight

Financial investigation

As a result of the TCDSB’s accumulated deficit in 2023-2024 and probable accumulated deficit for the 2024-2025 school year, the financial investigator recommended that supervision of the TCDSB is warranted.

Read the investigation report (PDF)

Supervision of the TCDSB

In June 2025, we appointed Frank Benedetto, delegated by the Minister of Education, to:

  • review the operational efficiencies and opportunities to improve resource allocation
  • develop and implement a plan to return the board to a balanced financial position  while protecting the best interest of students
  • enhance financial oversight and governance by ensuring transparency and accountability in financial operations
  • report progress on these actions to the ministry

About the supervisor

Frank Benedetto is a seasoned legal professional with over 25 years of experience in litigation, strategic oversight and risk management. As Managing Partner of Flaherty McCarthy LLP, he mediates disputes between litigants, deals with complex insurance matters and appears before all levels of court in Ontario. In upholding important traditions of legal profession, he presents for a variety of the legal organizations, has taught Insurance Law at Queen’s Law School, and participates in Osgoode Hall Law School’s Insurance Law practical component along with guest lecturing. He has volunteered on Boards involving our communities and is past President of the Thomas More Lawyers’ Guild of Toronto.

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