News Rainbow board takes a $3-million hit SHARE ON: Rocco Frangione, contributor, Thursday, Dec. 27th, 2018 The Rainbow District School Board achieved a surplus from the last school year thanks to savings. However, the achievement was short-lived because the board is now losing three million dollars over this year and the next school year. The cuts are part of the $25-million the Ford government is reducing the education budget by province-wide. The board is using $752,575 from its reserve fund to balance the current school budget. It’s also working on measures to align its expenses with the lower amount of revenue that is now coming from the province.