Financial Planning

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Financial Planning

  1. 1. York Catholic District School Board 2010-11 2010-11 YEAR END FINANCIAL REPORT YEAR END FINANCIAL REPORT November 15, 2011 Audited Financial Statements 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
  2. 2. York Catholic District School Board 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
  3. 3. York Catholic District School Board 2010-11 Financial Results 2010-11 Financial Results FINANCIAL FINANCIAL OPERATING RESULTS OPERATING RESULTS 3
  4. 4. York Catholic District School Board 2010-11 Financial Results 2010-11 Financial Results Financial Operating Results  Overview  2010-11 Financial Operating Results  Operating Revenues  Operating expenses:  By Function & By Object  Financial Operating Results & Accumulated Surplus 4
  5. 5. York Catholic District School Board 2010-11 2010-11 YEAR END FINANCIAL REPORT YEAR END FINANCIAL REPORT 2010-11 Financial Operating Results OVERVIEW  No Compliance Deficit  Compliance with Ministry Envelopes  Special Education  Admin & Governance (within 15% limitation)  Pupil Accommodation 5
  6. 6. York Catholic District School Board 2010-11 2010-11 YEAR END FINANCIAL REPORT YEAR END FINANCIAL REPORT 2010-11 Financial Operating Results 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
  7. 7. York Catholic District School Board 2010-11 2010-11 YEAR END FINANCIAL REPORT YEAR END FINANCIAL REPORT 2010-11 Financial Operating Results 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 -
  8. 8. York Catholic District School Board Operating Revenues 2010-11 Actual Grants for Student Needs 97.02% Other Grants 1.34% Other Revenue 0.75% Continuing Ed (non-GSN) 0.89% Grants for Student Needs Other Revenue Other Grants Continuing Ed (non-GSN) 2010-11 Actuals OPERATING REVENUE Grants for Student Needs Other Grants Other Revenue Continuing Ed (non-GSN) $ $ $ $ $ 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
  9. 9. York Catholic District School Board 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
  10. 10. 2010-11 2010-11 YEAR END FINANCIAL REPORT YEAR END FINANCIAL REPORT 2010-11 Financial Operating Results York Catholic District School Board 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)
  11. 11. York Catholic District School Board 2010-11 Financial Results 2010-11 Financial Results CUMULATIVE CUMULATIVE RESULTS RESULTS 11
  12. 12. York Catholic District School Board 2010-11 2010-11 YEAR END FINANCIAL REPORT YEAR END FINANCIAL REPORT 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
  13. 13. York Catholic District School Board 2010-11 2010-11 YEAR END FINANCIAL REPORT YEAR END FINANCIAL REPORT Final Position: Accumulated Surplus 2010-11 2009-10 Restated Amounts 2010-11 Increase /(Decrease) 2010-11 Accumulated Surplus / (Deficit) BOARD ASD - AFC (UNCOMMITTED) 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
  14. 14. 2010-11 2010-11 YEAR END FINANCIAL REPORT YEAR END FINANCIAL REPORT 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
  15. 15. 2010-11 2010-11 YEAR END FINANCIAL REPORT YEAR END FINANCIAL REPORT 2010-11 Accumulated Surplus/Deficit: Details 2009-10 Restated Amounts 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 2,728,207 2,886,446 709,026 277,694 426,500 (123,852) 209,827 (46,146) (10,492) (1,312,315) 403,554 (709,026) Board Established ASD-AFC 9,826,610 (884,256) 138,274 50,332 Available for Compliance - Unappropriated 9,964,884 (833,924) 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) BOARD ASD - AFC (UNCOMMITTED) 11,036,147 (1,905,187) BOARD ASD - AFC COMMITTED SINKING FUND 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
  16. 16. 2010-11 2010-11 YEAR END FINANCIAL REPORT YEAR END FINANCIAL REPORT 2010-11 Compliance Results = Board operating results + Committed ASD-AFC activity York Catholic District School Board 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) Board Established ASD-AFC 9,826,611 (884,257) 138,274 50,332 Available for Compliance - Unappropriated 9,964,885 (833,925) 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) BOARD ASD - AFC COMMITTED SINKING FUND 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 untilized for 201011: ($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
  17. 17. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 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
  18. 18. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 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
  19. 19. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 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
  20. 20. 2010-11 2010-11 YEAR END FINANCIAL REPORT YEAR END FINANCIAL REPORT Accumulated Surplus/Deficit - UFC York Catholic District School Board 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 School Generated Funds 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
  21. 21. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 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
  22. 22. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 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
  23. 23. York Catholic District School Board 2010-11 Financial Results 2010-11 Financial Results RECONCILIATION: RECONCILIATION: Operating Revenue & Expenses Operating Revenue & Expenses To To Consolidated Revenue & Expenses Consolidated Revenue & Expenses 23
  24. 24. 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 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: School Generated Funds 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
  25. 25. York Catholic District School Board 2010-11 Financial Results 2010-11 Financial Results AUDITED AUDITED CONSOLIDATED CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS STATEMENTS 25
  26. 26. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 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
  27. 27. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT Audited Consolidated Financial Statements 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
  28. 28. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT Audited Financial Statements 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
  29. 29. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 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
  30. 30. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT Audited Consolidated Financial Statements 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
  31. 31. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT Audited Consolidated Financial Statements Consolidated Statement of Operations 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
  32. 32. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 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
  33. 33. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT Comparatives 2009 to 2011 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)
  34. 34. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT Comparatives 2009 to 2011 Comparatives 2009 to 2011 Consolidated Statement of Operations 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)
  35. 35. York Catholic District School Board 2010-11 Financial Results 2010-11 Financial Results AUDITOR’S REPORT TO AUDITOR’S REPORT TO AUDIT COMMITTEE AUDIT COMMITTEE 35
  36. 36. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 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
  37. 37. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 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
  38. 38. York Catholic District School Board 2010-11 Financial Results 2010-11 Financial Results OVERVIEW & OVERVIEW & RECOMMENDATIONS RECOMMENDATIONS 38
  39. 39. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 2010-11 Financial Operating Results 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
  40. 40. 2010-11 2010-11 YEAR END FINANCIAL REPORT YEAR END FINANCIAL REPORT 2010-11 Financial Operating Results 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 Grants for Student Needs 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-
  41. 41. 2010-11 2010-11 YEAR END FINANCIAL REPORT YEAR END FINANCIAL REPORT York Catholic District School Board Accumulated Surplus/Deficit - Available for Compliance 2010-11 2009-10 Restated Amounts 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 Registered Charity 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) - ($1,955,520) - BOARD ASD - AFC (UNCOMMITTED) 11,036,148 (1,905,188) 9,130,960 BOARD ASD - AFC COMMITTED SINKING FUND 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 untilized for 201011: 41
  42. 42. York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 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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