PORTLAND — The Roman Catholic Diocese says it will close Cathedral Catholic School at the end of the school year.

Bishop Richard Malone said financial problems led to the decision to close the school. The parish finance council recommended the school be closed three years ago, but Malone said the diocese wanted to explore options to keep the school open.

“Now, with more than 63 percent of our students receiving financial aid over and above the parish subsidized rate, we are unable to sustain the funding level necessary to operate the school,” Malone said in a prepared statement.

The school has been providing a Catholic education to students for 145 years. A meeting will be held in May to answer parents’ questions and to help provide information on schooling options for children in kindergarten through eighth grade.