Overview

In December 2024, the Auditor General of Ontario issued an extensive report on the Toronto District School Board (TDSB)’s school safety, financial management and capital planning. It echoed many of the serious concerns the Ministry of Education has voiced to the school board on numerous occasions over the past few years, including a letter issued to them last year outlining the board’s inability to meet its financial responsibilities under the Education Act.

In May 2025, we appointed PricewaterhouseCoopers LLP (PwC) to:

  • validate the school board’s current financial position
  • evaluate the board’s compliance with the the Broader Public Sector Executive Compensation Act, 2014
  • recommend whether control and charge of the board should be vested in the ministry

The financial investigation found that the TDSB relied on Proceeds of Disposition (POD) exemptions from the Ministry of Education to balance their budget. Without this exemption from the ministry, the board would probably not achieve a balanced budget. 

Between 2021-2022 to 2024-2025, TDSB management presented $24.8 million in cost-savings measures which were not approved by the trustees. However, even if all the measures had been approved, TDSB management failed to present sufficient savings measures required to eliminate the in-year deficits in these years.

If action is not taken by the board to address its in-year deficits, TDSB’s financial position will continue to deteriorate, increasing the risk of not meeting its financial obligations.

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 TDSB, including financial management, policy implementation and operational oversight.

Financial investigation

As a result of the TDSB’s probable accumulated deficit for both the 2024-2025 and 2025-2026 school years, the financial investigator recommended that supervision of the TDSB is warranted.

Read the investigation report (PDF)

Supervision of the TDSB

In June 2025, we appointed Rohit Gupta, 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 promoting transparency and ensuring accountability in financial operations
  • report progress on these actions to the ministry

About the supervisor

Mr. Gupta is a highly accomplished public policy and finance professional with extensive expertise in governance, strategic planning and stakeholder engagement. As Managing Partner of Harrington Place Advisors, he leads complex negotiations between private companies and the public sector. He draws on a career that includes advising Metrolinx and other government agencies on major infrastructure transactions, and corporate development and financing strategy as a senior professional in mergers and acquisitions with Scotia Capital. He has also served as the economic policy advisor to the Prime Minister, P3 advisor to the federal Minister of Finance, and a strategy consultant for Bain & Company. Mr. Gupta holds a Master of Business Administration degree (with distinction) from the Wharton School and a Hons. B.A. from the University of Western Ontario.

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