The Toronto Catholic District School Board will hold a special meeting tonight to discuss two possible plans to eliminate a multi-million dollar deficit.

The board is facing a structural deficit of $16.9 million as well as an estimated $26.75 million in province-wide Ministry of Education funding cuts for a total shortfall of $43 million.

At Monday’s meeting, trustees will consider two financial plans prepared by board staff. The first plan proposes a reduction of $32.55 million in spending in the fiscal year ending Aug. 31, 2016 and a total reduction in spending of $58.75 million by Aug. 31, 2018. The second plan proposes a reduction of $42.55 million in spending in the current fiscal year, however the total reduction needed by Aug. 31, 2018 is only $48.75 million.

“In effect, the plan eliminates the annual in-year deficit and accumulated deficit more gradually over the next three fiscal years than does the plan in Appendix A. However, it is important to highlight that the plan requires $10 million more in total expenditure reductions,” a staff report outlining the two options states.

It is not immediately clear how the board will reduce spending.

The exact tally of the Ministry of Education cuts will be announced on March 31.

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