PORTLAND — A decision on the future of Cathedral School, the only parochial school on the Portland peninsula, is expected Friday.

Bishop Richard J. Malone met with a group of parents with children in the school for more than an hour this morning to go over proposals to deal with a $115,000 deficit at the school and a change in funding to address the school’s future.

The parents asked Malone for a decision by Friday and he agreed, said Heidi Czerkes, one of the parents.

Both Czerkes and Sue Bernard, a spokeswoman for the diocese of Portland, declined to provide specifics about the proposals.

The diocese announced in April that the 147-year-old school would close because of finances, but Malone last month agreed to meet with parents about a new funding approach which they believe could keep the school operating.