Year End Financial Report PowerPoint Presentation

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York Catholic District School Board
2010-11
YEAR END FINANCIAL REPORT
November 15, 2011
Audited Financial Statements
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 &
Assistant Treasurer
1
York Catholic District School Board
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
York Catholic District School Board
2010-11 Financial Results
FINANCIAL
OPERATING RESULTS
3
York Catholic District School Board
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
York Catholic District School Board
2010-11
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
York Catholic District School Board
2010-11
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
York Catholic District School Board
2010-11
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
$ 498,520,530
4,613,718
3,494,858
5,366,511
$ 511,995,617
OPERATING EXPENDITURES
(DEFICIT) before Extraordinary
Items
$
$
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
$
1,897,607
(254,793)
$
(3,125,885)
$
2,152,400
$
1,170,365
$
1,170,365
49.1%
10.5%
-14.7%
0.4%
0.0%
-40.8%
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
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
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
74.53%
School Non-classroom 51,190,946
9.90%
Admin & Governance 14,803,832
2.86%
Pupil Transportation
15,679,350
3.03%
Pupil Accommodation 50,005,671
9.67%
TOTAL
517,019,109 100.00%
$








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
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)
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)
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
-
9,130,960
ASD-AFC
untilized for 201011:
($1,955,520)
10
York Catholic District School Board
2010-11 Financial Results
CUMULATIVE
RESULTS
11
York Catholic District School Board
2010-11
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)
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York Catholic District School Board
2010-11
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
78,264,763
5,665,748
83,930,511
MINISTRY REQUIRED: ASD -EFC
TOTAL Accumulated Surplus/(Deficit)
107,891,558
3,077,082
110,968,640
Boards will focus on Board Established Accumulated Surplus – Available
for Compliance plus Ministry Required Deferred Revenues
13
2010-11
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)
1,023,455
45,341
459,563
4,110,484
5,638,843
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2010-11
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
110,968,640
15
2010-11
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
Ministry
Compliance
16
York Catholic District School Board
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 98
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
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT
Accumulated Surplus -Available for Compliance ("uncommitted")
History 1998-2011
10.0
9.116
9.0
8.0
8.050
7.999
7.859 7.775
7.0
6.375
6.680
5.710 5.518
Million
6.0
5.079
5.0
5.297
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
Note: Excludes General School Budget balance carry-forwards to isolate true Board Working Fund Surplus
18
York Catholic District School Board
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%
1.73% 1.64% 1.79%
2.00%
1.79% 1.76%
1.44%
1.50%
1.61%
1.30%
1.17%
1.00%
0.59%
0.50%
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
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
YEAR END FINANCIAL REPORT
Accumulated Surplus/Deficit - UFC
York Catholic District School Board
Accumulated Surplus / Deficit 2010-11
2009-10 Restated
Amounts
2010-11 Increase
/(Decrease)
2010-11
Accumulated
Surplus / (Deficit)
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
York Catholic District School Board
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
York Catholic District School Board
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
Disability Waiver
Sick Leave
$
14,816,608
Increase
$
97,534
50,740,125
44,925,994
5,814,131
906,404
859,095
47,309
24,022,675
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
14,914,142
2010
Refer to Note 7 Notes to the Consolidated Financial Statements
22
York Catholic District School Board
2010-11 Financial Results
RECONCILIATION:
Operating Revenue & Expenses
To
Consolidated Revenue & Expenses
23
2010-11 YEAR END FINANCIAL REPORT
RECONCILIATION: OPERATING REVENUES & EXPENSES TO CONSOLIDATED FINANCIAL STATEMENTS
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
REVENUE
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
3,409,151
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
2,095,224
29,432,360
224,087
11,533,148
CONOLIDATED REVENUE & EXPENSES
775,000
327,442
67,923
1,170,365
(1,955,520)
50,332
-
Ministry
Compliance:
($2,588,667)
25,193,069
(25,607,021)
(269,527)
(683,479)
275,319
32,026,990
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
3,077,082
22,889,280
2,095,224
29,432,360
224,087
(3,125,885)
11,533,148
(275,319)
11,257,829
43,284,819
PSAB items:
School Generated Funds
Increase in unfunded liabilities (PSAB)
(1,594,085)
25,607,021
269,527
24,282,463
Net
Unavailable for
Compliance
24
York Catholic District School Board
2010-11 Financial Results
AUDITED
CONSOLIDATED
FINANCIAL
STATEMENTS
25
York Catholic District School Board
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
York Catholic District School Board
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
York Catholic District School Board
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
York Catholic District School Board
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
107,891,558
29
York Catholic District School Board
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
York Catholic District School Board
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
York Catholic District School Board
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
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT
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
End of Fund
Accounting
Amounts to be recovered
ACCUMULATED SURPLUS
(FORMERLY NET FINANCIAL
POSITION)
(51,552,935)
28,983,810
5,594,581
(16,974,544)
(471,244,235)
110,968,640
107,891,558
760,526,195
344,727,972
(488,218,779)
33
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT
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
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)
Accumulated Surplus at beginning of year (formerly
Opening Fund Balances)
107,891,558
91,380,593
344,727,972
347,555,361
28,693,602
Accumulated Surplus at end of year (formerly
Closing Fund Balances)
110,968,640
107,891,558
760,526,195
344,727,972
(16,974,544)
34
York Catholic District School Board
2010-11 Financial Results
AUDITOR’S REPORT TO
AUDIT COMMITTEE
35
York Catholic District School Board
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
York Catholic District School Board
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
York Catholic District School Board
2010-11 Financial Results
OVERVIEW &
RECOMMENDATIONS
38
York Catholic District School Board
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
2010-11
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
$
$
4,613,718
3,494,858
5,366,511
$
OPERATING EXPENDITURES
(DEFICIT) before Extraordinary
Items
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
$
1,897,607
(254,793)
$
(3,125,885)
$
2,152,400
$
1,170,365
$
1,170,365
49.1%
10.5%
-14.7%
0.4%
0.0%
-40.8%
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
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)
Board Established ASD-AFC
9,826,611
(884,257)
Registered Charity
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)
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
-
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:
($1,955,520)
41
York Catholic District School Board
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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