The Toronto Catholic District School Board has a big problem.

The board faces a structural deficit of almost $17 million – in addition to an estimated $26.75 million in funding cuts across the province – from the Ministry of Education.

That brings the shortfall to $43 million.

It’s even more shocking, considering that the board went from a $5 million surplus – in just four months.

The turnaround is blamed on an “estimation error.”

Trustees met last night to discuss possible plans to balance the budget in three years.

A financial plan must be finalized by June or the province may appoint a supervisor.