Financial Planning

York Catholic District School Board

2010-11
2010-11
YEAR END FINANCIAL REPORT

November 15, 2011
Audited Financial Statements
For Year Ended August 31, 2011
For Year Ended August 31, 2011

Presented by:
John A. Sabo, Associate Director Leading Services & Treasurer of the Board
Anna K. Chan, Senior Manager, Business Services &
1
Assistant Treasurer


AGENDA
AGENDA

1. 2010-11 Financial Results
 Financial Operating Results
 Cumulative Results
 Reconciliation from Operating to Consolidated Financial Statements

2. Audited Consolidated Financial Statements
3. Auditors’ Report to Audit Committee
4. Overview & Recommendations

2


2010-11 Financial Results

FINANCIAL
FINANCIAL
OPERATING RESULTS
OPERATING RESULTS

3



Financial Operating Results
 Overview
 2010-11 Financial Operating Results
 Operating Revenues
 Operating expenses:
 By Function & By Object
 Financial Operating Results & Accumulated
Surplus
4


2010-11
2010-11

2010-11 Financial Operating Results
OVERVIEW
 No Compliance Deficit
 Compliance with Ministry Envelopes
 Special Education
 Admin & Governance (within 15% limitation)
 Pupil Accommodation

5


2010-11
2010-11
OVERVIEW
Comparative using Revised Estimate:
Estimates used for Consolidated Financial Statements, but
not true Board “budget”
Compliance position vs Consolidated Financial Statements
Traditional focus on board defined “operating” revenues &
expenses, and compliance position
 Reconciliation of “operating” revenues and expenses to
Consolidated Financial Statements revenues and expenses
will be provided

6

2010-11
2010-11

2010-11
Revised
Estimates

Variance
Increase
(Decrease)

2010-11Actual
Results

%

ENROLMENT
Elementary
Secondary

34,531.73
18,034.02

34,499.35
18,088.30

-32.38
54.28

-0.1%
0.3%

Total Enrolment

52,565.75

52,587.65

21.90

0.0%

121,251
(66,509)
2,265,443
365,998
(788,577)

0.0%

OPERATING REVENUE
Grants for Student Needs
Prior Year Grants
Other Grants
Other Revenues
Continuing Education Other
OPERATING REVENUE

$ 498,520,530

$ 511,995,617

$

517,273,902
$

(5,278,285)

498,641,782
(66,509)
6,879,161
3,860,856
4,577,934

$

513,893,224

$

517,019,109

4,613,718
3,494,858
5,366,511

OPERATING EXPENDITURES
(DEFICIT) before Extraordinary
Items

$

$

1,897,607
(254,793)

$

(3,125,885)

$

2,152,400

$

1,170,365

$

49.1%
10.5%
-14.7%
0.4%
0.0%
-40.8%

1,170,365

EXTRAORDINARY ITEMS:
Extraordinary Items

$

-

SURPLUS (DEFICIT) after
Extraordinary Items

$

(5,278,285)

$

(1,955,520)

$

3,322,765

-63.0%

UTILIZATION OF AS-AFC

$

5,278,285

$

1,955,520

$

(3,322,765)

-63.0%

Balance

$

-

$

-

$

7

-


Operating Revenues
2010-11 Actual

97.02%

Other Grants
1.34%
Other Revenue
0.75%
Continuing Ed (non-GSN)
0.89%

Other Revenue

Other Grants
2010-11 Actuals

OPERATING REVENUE
Other Grants
Other Revenue

$
$
$
$
$

498,575,273
6,879,161
3,860,856
4,577,934
513,893,224

%
97.02%
1.34%
0.75%
0.89%
100.00%

8


Operating Expenses
Expenses by Function & Object
BY FUNCTION

BY OBJECT

School Non-classom
9.90%
Admin &
Governance
2.86%
Transportation
3.03%
Pupil
Accommodation
9.67%

Benefits
11.39%
S taff Development
0.29%

S alaries&Wages
78.02%

S upplies
4.30%
Capital
1.07%
Fees & Contract.
4.78%
Other
0.15%

School Classroom
74.53%

$

$



School Classroom
385,339,310
School Non-classroom 51,190,946
Admin & Governance 14,803,832
Pupil Transportation
15,679,350
Pupil Accommodation 50,005,671



TOTAL






517,019,109



74.53%
9.90%
2.86%
3.03%
9.67%
100.00%









Salaries & Wages 403,390,957 78.02%
Benefits
58,879,715 11.39%
Staff Development
1,507,698 0.29%
Supplies & Services 22,227,766
4.30%
Capital
5,537,270 1.07%
Fees & Contract.
24,701,133
4.78%
Other
774,570 0 .15%
Total
517,019,109 100.00%

9

2010-11
2010-11

Accumulated Surplus/Deficit - Available for Compliance 2010-11

2009-10 Restated
Amounts (after
Eliminations)

2010-11 Increase
/(Decrease)

2010-11
Accumulated
Surplus / (Deficit)

Projected Accumulated
Surplus/(Deficit) - Available for
Compliance ("ASD-AFC")
Board Established: ASD-AFC Unappropriated
Professional Development
Benefits/WSIB Claims Fluctuation
Technology Infrastructure
General School Budgets
School Council
Scholarship Fund
Data Centre
Vacation Pay
Unappropriated

291,898
1,679,000
750,000
682,777
88,764
10,492
2,728,208
2,886,446
709,026

277,694
426,500
(123,852)
209,827
(46,146)
(10,492)
(1,312,316)
403,554
(709,026)

569,592
2,105,500
626,148
892,604
42,618
1,415,892
3,290,000
-

Board Established ASD-AFC

9,826,611

(884,257)

8,942,354

138,274

50,332

188,606

Available for Compliance - Unappropriated

9,964,885

(833,925)

9,130,960

Ministry Required: ASD-AFC - Appropriated
Pupil Accommodation Debt Reserve (FRP)
Available for Compliance - Appropriated

1,071,263
1,071,263

(1,071,263)
(1,071,263)

Registered Charity

BOARD ASD - AFC (UNCOMMITTED)

11,036,148

(1,905,188)

-

10

9,130,960

ASD-AFC
untilized for 201011:

($1,955,520)



CUMULATIVE
CUMULATIVE
RESULTS
RESULTS

11


2010-11
2010-11

Cumulative Results
 Accumulated Surplus – Final Position
 Deferred Revenues (Ministry Required)
 Accumulated Surplus – Details
 Accumulated Surplus/Deficit – Available for
Compliance (ASD-AFC)
 Trends

 Accumulated Surplus/Deficit – Unavailable for
Compliance (ASD-UFC)
 Future Employee Benefits Payable (EFB)

12

2010-11
2010-11

Final Position: Accumulated Surplus 2010-11
2009-10 Restated
Amounts

2010-11 Increase
/(Decrease)

2010-11
Accumulated
Surplus / (Deficit)


11,036,147

(1,905,187)

9,130,960

BOARD ASD - AFC COMMITTED SINKING FUND
INTEREST EARNED

18,590,648

(683,480)

17,907,168

MINISTRY REQUIRED: ASD -EFC

TOTAL Accumulated Surplus/(Deficit)

78,264,763

5,665,748

107,891,558

3,077,082

83,930,511

110,968,640

Boards will focus on Board Established Accumulated Surplus – Available
for Compliance plus Ministry Required Deferred Revenues

13

2010-11
2010-11

2010-11 Deferred Revenue (Ministry Required)
Deferred Revenue - Ministry Required
Balance as at
August 31, 2010
Restated

Externally restricted
Transfers to deferred
revenue and
Revenue recognized capital contributions
investment income
(DCC)
in the period

Balance as at
August 31, 2011

Deferred Revenues-Ministry Required

Special Education (inc. SEA)
Energy Efficient - Operating
FDK - SEPPA
Other Micellaneous Grants
Other Provincial Grants (MCI)
Minor Tangible Capital Asset
School Renewal
Temporary Accommodation
Interest on Capital
Green Schhols Pilot
Energy Efficient/Renewable
Proceeds of Disposition
Education Development Charges
TOTAL

12,984
-

63,120,641
374,288
1,023,455
45,341
12,469,984
5,646,961
5,697,651
29,759,802

(63,120,641)
(12,984)
(374,288)
(10,875,899)
(650,357)
(1,431,883)
(29,759,802)

22,697
4,110,484
-

5,215,015
14,217,610

(14,217,610)

4,146,165

137,570,748

(120,443,464)

(1,594,085)
(4,996,604)
(4,265,768)
(22,697)
(4,755,452)
-

(15,634,606)

14

1,023,455
45,341
459,563
4,110,484
5,638,843

2010-11
2010-11

2010-11 Accumulated Surplus/Deficit: Details
2009-10 Restated
Amounts

2010-11 Increase
/(Decrease)

2010-11
Accumulated
Surplus / (Deficit)

School Council
Scholarship Fund
Data Centre
Vacation Pay
Unappropriated

291,898
1,679,000
750,000
682,777
88,764
10,492
2,728,207
2,886,446
709,026

277,694
426,500
(123,852)
209,827
(46,146)
(10,492)
(1,312,315)
403,554
(709,026)


9,826,610

(884,256)

138,274

50,332


9,964,884

(833,924)


1,071,263
1,071,263

(1,071,263)
(1,071,263)


11,036,147

(1,905,187)

INTEREST EARNED

18,590,648

(683,480)

BOARD ASD - AFC TOTAL (Ministry Compliance)

29,626,795

(2,588,667)

Registered Charity

569,592
2,105,500
626,148
892,604
42,618
1,415,892
3,290,000
8,942,354
188,606
9,130,960

9,130,960

17,907,168

MINISTRY REQUIRED: ASD -UFC

TOTAL Accumulated Surplus/(Deficit)

Mandatory
Committed
Funds

27,038,128

Ministry
Compliance

Ministry Required: Accumulated
Surplus/(Deficit)-Unavailable for Compliance
("ASD-UFC")
Employee Future Benefits
Interest to be Accrued
Vacation Pay Accrued
School Generated Funds
NPF - EDC
Net TCA (non-depreciable TCA)

Board
Focus

(86,606,300)
(7,750,419)
(2,886,446)
5,749,627
(13,423,010)
183,181,311
-

(8,188,164)
2,370,107
(403,554)
629,530
4,112,417
7,145,413

78,264,763

5,665,748

107,891,558

3,077,082

(94,794,464)
(5,380,312)
(3,290,000)
6,379,157
(9,310,593)
190,326,723
83,930,511

15

110,968,640

2010-11
2010-11
2010-11 Compliance Results = Board operating results + Committed ASD-AFC activity

2009-10 Restated
Amounts (after
Eliminations)

2010-11 Increase
/(Decrease)

2010-11
Accumulated
Surplus / (Deficit)

School Council
Scholarship Fund
Data Centre
Vacation Pay
Unappropriated

291,898
1,679,000
750,000
682,777
88,764
10,492
2,728,208
2,886,446
709,026

277,694
426,500
(123,852)
209,827
(46,146)
(10,492)
(1,312,316)
403,554
(709,026)


9,826,611

(884,257)

138,274

50,332


9,964,885

(833,925)


1,071,263
1,071,263

(1,071,263)
(1,071,263)

Registered Charity

INTEREST EARNED

TOTAL Accumulated Surplus/(Deficit) Compliance Position

11,036,148

(1,905,188)

569,592
2,105,500
626,148
892,604
42,618
1,415,892
3,290,000
8,942,354
188,606
9,130,960

-

ASD-AFC

($1,955,520)

9,130,960

18,590,648

(683,480)

17,907,168

29,626,796

(2,588,668)

27,038,128

16

Ministry
Compliance

2010-11 YEAR END FINANCIAL REPORT

Accumulated Deficit History 1988 - 2011
Accumulated Deficit History 1988-2011

40.0
35.0

32.3
28.5

25.0
19.1

20.0

16.2 16
14.5

15.0

9.1

10.0
5.0

5.9
0.65

2.7

0.0
19
88
19
89
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
19 9 8
98
19 99
99
20 00
00
20 01
01
20 02
02
20 03
03
20 04
04
20 05
05
20 06
06
20 07
07
20 08
08
20 09
09
20 10
10
-1
1

Million

30.0

Year

17

Accumulated Surplus -Available for Compliance ("uncommitted")
History 1998-2011
10.0

9.116

9.0
8.0
7.0

6.375

6.0
Million

8.050

7.999

7.859 7.775

6.680
5.710 5.518
5.297

5.079

5.0

4.277 4.385

4.0
2.820

3.0
2.0
1.0

11
20

10
-

10
20

09
-

09
20

08
-

08
20

07
-

07
20

06
-

06
20

05
-

05

20

04
-

04
20

03
-

03
20

02
-

02
20

01
-

01
20

00
-

00
19

99
-

99
98
19

19

98

0.0

Year

18

Note: Excludes General School Budget balance carry-forwards to isolate true Board Working Fund Surplus

Working Fund Accumulated Surplus ("Uncommitted")
History as Percentage of Operating Revenues
1998-2011
5.00%
4.50%
4.00%

Percentage

3.50%
2.89%

3.00%

2.39%

2.50%
2.00%

1.73% 1.64% 1.79%

1.79% 1.76%
1.44%

1.50%

1.61%
1.30%

1.17%

1.00%

0.59%

0.50%

20

10
-

11

10
20

09
-

09
20

08
-

08
20

07
-

07
06
20

20

05
-

06

05
20

04
-

04
03
20

20

02
-

03

02
20

01
-

01
00
20

19

99
-

00

0.00%

Year

Note: Excludes General School Budget balance carry-forwards to isolate true Board Working Fund Surplus

19

2010-11
2010-11

Accumulated Surplus/Deficit - UFC
Accumulated Surplus / Deficit 2010-11
2009-10 Restated
Amounts

2010-11
Accumulated
Surplus / (Deficit)

2010-11 Increase
/(Decrease)

Ministry Required: Accumulated
Surplus/(Deficit)-Unavailable for Compliance
("ASD-UFC")
Employee Future Benefits
Interest to be Accrued
Vacation Pay Accrued
NPF - EDC
Net TCA (non-depreciable TCA)

(86,606,300)
(7,750,419)
(2,886,446)
5,749,627
(13,423,010)
183,181,311
-

(8,188,164)
2,370,107
(403,554)
629,530
4,112,417
7,145,413

(94,794,464)
(5,380,312)
(3,290,000)
6,379,157
(9,310,593)
190,326,723
-

MINISTRY REQUIRED: ASD -UFC

78,264,763

5,665,748

83,930,511

Note: Vacation Pay Accrued will be Board responsibility -50% 2011-12 & 50% 2012-13.
Equal amount has been set aside within AS-AFC.

20


Accumulated Surplus/Deficit – Unavailable for Compliance
 Tangible Capital Asset – Non-depreciable assets only
 For Board, only EDC related amounts
 Includes EDC deficit of $9.3M
 School Generated Funds

 Formerly Amounts to be Recovered – Future impacts
 Employee Future Benefits


 Future plan enhancement impact – Board responsibility?

 Vacation Pay Accrual


 2011-12 – Boards assume responsibility

 Interest Accrual

21


Future Employee Benefits Payable (PSAB)
• Externally calculated actuarial valuations
• Significant $’s: Future implications
2011
Retirement Gratuities

$

Retiree Benefits Premiums

14,914,142

2010
$

14,816,608

Increase
$

97,534

50,740,125

859,095

47,309

24,022,675

Sick Leave

5,814,131

906,404

Disability Waiver

44,925,994
23,323,413

699,262

$

90,583,346
4,211,118

$

83,925,110
2,681,188

$

6,658,236
1,529,930

$

94,794,464

$

86,606,298

$

8,188,166

WSIB
TOTAL

22
Refer to Note 7 Notes to the Consolidated Financial Statements



RECONCILIATION:
RECONCILIATION:

Operating Revenue & Expenses
Operating Revenue & Expenses
To
To
Consolidated Revenue & Expenses
Consolidated Revenue & Expenses

23

RECONCILIATION: OPERATING REVENUES & EXPENSES TO CONSOLIDATED FINANCIAL STATEMENTS
REVENUE
BOARD OP'G POSITION BEFORE EXTRAORDINARY ITEMS
Extraordinary items
Interest - Operating
Interest - Capital
Capital Transfer - Sinking Fund Int /Data Centre & FRP

BOARD OP'G POSITION AFTER EXTRAORDINARY ITEMS
Registered Charity revenue &expenses
Gross Up grants & revenues
Misc grants & income (gross up of fd 59)
CUS netting
DCC & TCA activities
DCC Transfer to Revenue
Minor TCA (Tsf to DCC)
Amortization TCA
Write down of TCA

EXPENDITURES

513,893,224

517,019,109

775,000
327,442
2,621,499
3,723,941

2,553,576
2,553,576

517,617,165

519,572,685

500,577

450,245

3,409,151
695,056
4,104,207

(3,125,885)

775,000
327,442
67,923
1,170,365

3,409,151
695,056
4,104,207

25,193,069
(1,594,085)

23,598,984
"Capital" funded operating items:
Capital Fund Operating Grants
Debt Charges Grant
NPF Debt Grant
EDC Income (net of revenue recovery on land disposal)
EDC Operating Costs

Net

(1,594,085)
25,607,021
269,527
24,282,463

(1,955,520)
50,332
25,193,069
(25,607,021)
(269,527)
(683,479)

275,319
32,026,990

11,533,148
(275,319)
11,257,829

22,889,280

22,259,750
6,221,610
28,481,360

629,530
(6,221,610)
(5,592,080)

611,995,032

608,917,950

2,095,224
29,432,360
224,087
11,533,148
43,284,819

PSAB items:
Increase in unfunded liabilities (PSAB)

CONOLIDATED REVENUE & EXPENSES

22,889,280

2,095,224
29,432,360
224,087

Ministry
Compliance:
($2,588,667)

24

3,077,082

Unavailable for
Compliance



AUDITED
AUDITED
CONSOLIDATED
CONSOLIDATED
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS
25


Audited Consolidated Financial Statements
 Management Report – responsibility to financials
 Independent Auditors’ Report
 CONSOLDIATED STATEMENT OF FINANCIAL POSITION

NEW – DCC






CONSOLIDATED STATEMENT OF OPERATIONS
CONSOLIDATED STATEMENT OF CASH FLOW
CONSOLIDATED STATEMENT OF CHANGES IN NET DEBT
Notes to Consolidated Financial Statements
Comparatives 2010/11 vs 2009/10 vs 2008/09:
 Consolidated Statement of Financial Position
 Consolidated Statement of Operations

26



MANAGEMENT’S RESPONSIBILITY FOR THE
FINANCIAL STATEMENTS
 Signed by Director of Education and Chief
Financial Officer (Treasurer)
 Consolidated Financial Statements audited by
Grant Thornton
INDEPENDENT AUDITORS’ REPORT
 New: Special Purpose report refers to basis of
accounting in Note#1
 Not qualified re school funds
27


Statement of Financial Position
 The Statement of Financial Position shows the financial assets,
liabilities, non-financial assets (New: DCC)
An analysis and reconciliation of the Statement of Financial Position is
included in the 2010-11 Year End Financial Report to the Audit
Committee (refer Appendix D)

28


Consolidated Statement of Financial Position
As at August 31, 2011
2011
Actual
$
FINANCIAL ASSETS
Cash and cash equivalents
Accounts receivable
Accounts receivable-Government of Ontario-Approved
Capital (Note 3)
Assets held for sale (Note 4)
Other
TOTAL FINANCIAL ASSETS
LIABILITIES
Temporary borrowing (Note 9)
Accounts payable and accrued liabilities
Deferred revenue (Note 5)
Other
Deferred capital contributions (Note 6)
Employee benefits payable (Note 7)
Net debt and capital leases (Note 8)
TOTAL LIABILITIES
NET DEBT

2010
Restated
(Note 2)
$

6,379,157
22,827,300

5,749,627
22,818,165

424,646,034
2,163,428
1,795,137
457,811,056

422,495,770
2,256,675
453,320,237

6,674,651
44,232,788
5,638,843
1,581,514
656,536,273
94,794,464
399,990,619
1,209,449,152

3,932,843
43,069,081
4,146,165
3,230,663
650,435,340
86,606,298
406,783,801
1,198,204,191

(751,638,096)

(744,883,954)

NON-FINANCIAL ASSETS
Tangible capital assets (Note 12)
TOTAL NON-FINANCIAL ASSETS

862,606,736
862,606,736

852,775,512
852,775,512

ACCUMULATED SURPLUS (Note 13)

110,968,640

29

107,891,558


Consolidated Statement of Operations
For the year ended August 31, 2011
2011
Actual

2010
Actual
Restated
$

$
REVENUES
Provincial grants
Deferred capital contribution revenue
Provincial grants - Grants for Student Needs
Provincial grants - other
Local taxation
School generated funds
Investment income
Other fees and revenues
TOTAL REVENUES

349,252,201
25,193,069
374,445,270
13,293,211
180,442,288
22,889,280
3,571,273
17,353,711
611,995,033

346,828,555
24,892,840
371,721,395
11,375,627
173,714,426
22,196,223
4,262,372
15,810,813
599,080,856

The Consolidated Statement of Operations Revenues includes DCC revenue

30


For the year ended August 31, 2011
2011
Actual
EXPENSES
Instruction
Administration
Transportation
Pupil accommodation
School generated funds
Other
TOTAL EXPENSES

447,290,171
16,157,249
15,724,004
106,987,371
22,259,750
499,406
608,917,951

2010
Actual
Restated
420,963,605
14,896,461
16,331,978
108,112,583
22,041,177
224,087
582,569,891

The Consolidated Statement of Operations reflects all adjustments for Public Sector Accounting Board
recognition of Employee Future Benefit expenses and school funded activities in the current period.

31


Notes for 2010-11
Of particular note:
(1) Note #1: Contains basis of accounting: consolidated financial statements are
prepared under a special purpose fair presentation framework.
(2) Note #2: Changes in accounting Policies: provides details of restatements
(3) Note #4: Asset held for sale relates to sale of land subsequent to year end
(September 15, 2011)
(4) Note #8: Refinancing debenture issue subsequent to year end
(5) Note #16: Budget Data restatement

32

Comparatives 2009 to 2011
Consolidated Statement of Financial Position
2011
Actual
$

2010
Restated
$

2010
Actual
$

2009
Restated
$

2009
Actual
$

FINANCIAL ASSETS
Cash and cash equivalents
Accounts receivable
A/R-Gov of Ontario-Approved Capital
Assets held for sale
Other
TOTAL FINANCIAL ASSETS

6,379,157
22,827,300
424,646,034
2,163,428
1,795,137
457,811,056

5,749,627
22,818,165
422,495,770
2,256,675
453,320,237

5,749,627
22,818,165
424,180,098
2,256,673
455,004,563

6,937,188
21,671,250
4,587,753
33,196,191

6,937,188
21,671,250
4,587,753
33,196,191

LIABILITIES
Temporary borrowing
Accounts payable and accrued liabilities
Deferred revenue/Deferred Rev-Reserves
Other / Deferred Revenue-Other
Deferred capital contributions
Employee benefits payable
Net debt and capital leases
TOTAL LIABILITIES

6,674,651
44,232,788
5,638,843
1,581,514
656,536,273
94,794,464
399,990,619
1,209,449,152

3,932,843
43,069,081
4,146,165
3,230,663
650,435,340
86,606,298
406,783,801
1,198,204,191

3,932,843
42,866,071
3,834,205
3,230,662

6,500,000
44,396,551
4,829,614
3,198,445

86,606,298
406,783,801
547,253,880

79,607,989
382,570,414
521,103,013

6,500,000
44,396,548
5,141,574
3,198,445
79,607,989
382,570,414
521,414,970

(487,906,822)

(488,218,779)

NET DEBT
NON-FINANCIAL ASSETS
Tangible Capital Assets
TOTAL NON-FINANCIAL ASSETS

(751,638,096)

(744,883,954)

862,606,736
862,606,736

852,775,512
852,775,512

FINANCIAL POSITION
Capital Fund
Reserve Fund
School activities Fund
TOTAL FUND BALANCE

(92,249,317)

852,775,512
852,775,512

832,634,794
832,634,794

(51,552,935)
28,983,810
5,594,581
(16,974,544)

End of Fund
Accounting

(471,244,235)

Amounts to be recovered
ACCUMULATED SURPLUS
(FORMERLY NET FINANCIAL
POSITION)

110,968,640

107,891,558

760,526,195

33

344,727,972

(488,218,779)

2011
Actual
$
REVENUES
Provincial grants
DCC revenue/Cap Debt Support-Appr Cap
Provincial grants - Grants for Student Needs
Provincial grants - other
Local taxation
School generated funds/School fundraising
Investment income
Other fees and revenues
TOTAL REVENUES
EXPENSES
Instruction
Administration
Transportation
School operations and maintenance
Pupil accommodation
School generated funds/School funded activities
Other
TOTAL EXPENSES
ANNUAL SURPLUS/(DEFICIT)

2010
Actual
Restated
$

2010
Actual
$

2009
Actual
Restated
$

349,252,201
25,193,069
374,445,270
13,293,211
180,442,288
22,889,280
3,571,273
17,353,711
611,995,033

346,828,555
24,892,840
371,721,395
11,375,627
173,714,426
22,196,223
4,262,372
15,810,813
599,080,856

346,828,555
424,180,098
771,008,653
11,375,627
173,714,426
22,196,223
4,262,372
15,810,813
998,368,114

324,899,812
324,899,812
9,457,894
169,110,846
20,913,394
4,525,203
13,465,348
542,372,497

447,290,171
16,157,249
15,724,004

420,963,605
14,896,461
16,331,978

420,963,605
14,896,461
16,331,978

401,420,988
15,089,950
16,600,302

106,987,371
22,259,750
499,406
608,917,951

108,112,583
22,041,177
224,087
582,569,891

108,112,583
22,041,177
224,087
582,569,891

90,842,568
20,600,149
645,929
545,199,886

3,077,082

16,510,965

415,798,223

2009
Actual
$
324,899,812
324,899,812
9,457,894
169,110,846
20,913,394
4,525,203
13,465,348
542,372,497
Amortization

FINANCIAL TRANSACTIONS
Long term financing issued
Debt repayment and sinking fund contribution
Increase in unfunded liabilities
CHANGES IN AMOUNTS TO BE RECOVERED

(2,827,389)

PSAB
Financial
Statement
presentation
introduced

CHANGE IN FUND BALANCES
Accumulated Surplus at beginning of year (formerly
Opening Fund Balances)

107,891,558

91,380,593

344,727,972

347,555,361

Accumulated Surplus at end of year (formerly
Closing Fund Balances)

110,968,640

107,891,558

760,526,195

344,727,972

34

400,649,511
15,072,161
16,590,267
48,562,818
92,105,408
20,600,149
645,929
594,226,243
(51,853,746)

10,250,246
(13,725,733)
9,661,087
6,185,600
(45,668,146)

28,693,602
(16,974,544)



AUDITOR’S REPORT TO
AUDITOR’S REPORT TO
AUDIT COMMITTEE
AUDIT COMMITTEE

35


AUDITORS’ REPORT TO AUDIT COMMITTEE








Audit Results, Reportable matters
Independent Auditor’s Report
Management Representation Letter
Internal Control Findings
Letter of Independence
PSAB Accounting Developments
Auditing Developments

36


AUDITORS’ REPORT TO AUDIT COMMITTEE
REPRESENTATION LETTER
 Standard Management Representation
 All information has been made available to the
Auditors, confirmation of data being accurate
and complete, no significant information has
been withheld

37



OVERVIEW &
OVERVIEW &
RECOMMENDATIONS
RECOMMENDATIONS

38


OVERVIEW
 No Deficit
 Compliance with Ministry Envelopes
 Special Education
 Admin & Governance (within 15% limitation–Actual 9.23%)
 Pupil Accommodation

 Management of Accumulated SurplusAvailable for Compliance (formerly
Reserves)
39

2010-11
2010-11

Variance
2010-11 Revised
Estimates

Increase
(Decrease)

2010-11Actual
Results

%

ENROLMENT
Elementary
Secondary

34,531.73
18,034.02

34,499.35
18,088.30

-32.38
54.28

-0.1%
0.3%

Total Enrolment

52,565.75

52,587.65

21.90

0.0%

121,251
(66,509)
2,265,443
365,998
(788,577)

0.0%

OPERATING REVENUE
Prior Year Grants
Other Grants
Other Revenues
Continuing Education Other
OPERATING REVENUE

$

$

$

511,995,617

$

517,273,902
$

(5,278,285)

498,641,782
(66,509)
6,879,161
3,860,856
4,577,934

$

513,893,224

$

517,019,109

4,613,718
3,494,858
5,366,511

OPERATING EXPENDITURES
(DEFICIT) before Extraordinary
Items

498,520,530

$

1,897,607
(254,793)

$

(3,125,885)

$

2,152,400

$

1,170,365

$

49.1%
10.5%
-14.7%
0.4%
0.0%
-40.8%

1,170,365

EXTRAORDINARY ITEMS:
Extraordinary Items

$

-

SURPLUS (DEFICIT) after
Extraordinary Items

$

(5,278,285)

$

(1,955,520)

$

3,322,765

-63.0%

UTILIZATION OF AS-AFC

$

5,278,285

$

1,955,520

$

(3,322,765)

-63.0%

Balance

$

-

$

-

$

40-

2010-11
2010-11
2009-10 Restated
Amounts

2010-11 Increase
/(Decrease)

2010-11
Accumulated
Surplus / (Deficit)

School Council
Scholarship Fund
Data Centre
Vacation Pay
Unappropriated

291,898
1,679,000
750,000
682,777
88,764
10,492
2,728,208
2,886,446
709,026

277,694
426,500
(123,852)
209,827
(46,146)
(10,492)
(1,312,316)
403,554
(709,026)

569,592
2,105,500
626,148
892,604
42,618
1,415,892
3,290,000
-


9,826,611

(884,257)

8,942,354

Registered Charity

138,274

50,332

188,606


9,964,885

(833,925)

9,130,960


1,071,263
1,071,263

(1,071,263)
(1,071,263)

-

($1,955,520)

-


11,036,148

(1,905,188)

9,130,960

INTEREST EARNED

18,590,648

(683,480)

17,907,168

29,626,796

(2,588,668)

27,038,128

TOTAL Accumulated Surplus/(Deficit) Compliance Position

ASD-AFC

41


RECOMMENDATIONS
THAT the Board approve the 2010-11 Financial Statements of the
York Catholic District School Board as audited by Grant Thornton
LLP, Chartered Accountants.
THAT the Board publish a notice in local newspapers that the 201011 Audited Consolidated Financial Statements of the York Catholic
School Board, together with the Auditor’s Report, will be made
available as part of the Board’s regular publications and posted on
the Board’s website.

42

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