And the chairman of the BELB has warned that if the money is not available, it will result in dire consequences for schools in Belfast.
The BELB had expected the money would be available from a profit sharing agreement.
Mr Michael McClean is a former member of the BELB
Board and was Principal of Aquinas Grammar School until his retirement in 2006.
As a result of this decision, BELB
had initially explored a redeployment option within the board area.
spokesman said: "Any member of BELB
must be on a board of governors and if Mr MacVicar is not disqualified under Department of Education rules because of his conviction then that applies for BELB
She added: "Staff, students and parents have been left devastated because BELB has objected to the college moving into new mobile classroom accommodation on the first day of the new school term.
An administrative and protracted issue over the lease of adjacent, adjoining and derelict land to the college that is owned by BELB is cited as the problem.
A BELB officer went on a four- day junket to Italy visiting the Ferrari factory paid for by a contractor
THE same officer received a verb a l warning for attending two golf outings paid for by another contractor A BELB officer at the centre of the probe was suspended on full pay for two years.
A spokesman for the BELB
said they were looking at a number of options including closing one or more other schools and moving them to the Balmoral High premises.
Three centres - Donegall Pass Youth Club, Sydenham Youth Club, Woodvale Youth Club - have also been earmarked for closure as BELB
officials struggle to make more cuts.
spokesman added: "The board decided to maintain crossing patrols at schools where there are no children crossing during lunch hour.