OIL CITY, Pa. (EYT) — Bishop Lawrence T. Persico has reached a final decision regarding the future of Venango Catholic High School.

The Bishop will present his decision at a meeting of parents, faculty, and staff on Wednesday, May 4, at 6:30 p.m.

On April 18, the “Save VCHS” leadership presented its plan for viability to the Bishop and members of the diocesan administration. After reviewing the plan carefully, Bishop Persico asked for several modifications.

“Over the last week, members of the ‘Save VCHS’ leadership worked closely with diocesan officials to make the necessary revisions. The ‘Save VCHS’ leadership presented these revisions to the diocese late last week,” said the school in a statement on Facebook.

The Erie Diocese stated previously that the closure is due to declining enrollment and a budget deficit of $16,000.00 to $25,000.00 for the 2015-2016 school year. In an effort to address these concerns, the “Save VCHS Initiative” has started a campaign to raise funds. Pledges can be made for up to five years on a monthly, annual, or one-time basis over a five year period. To date, over $400,000.00 has been pledged.

The Diocese of Erie announced the plan to close Venango Catholic High School in mid-February.