Transcript Year End Financial Report PowerPoint Presentation
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 & 1 Assistant Treasurer
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
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York Catholic District School Board
2010-11 Financial Results
FINANCIAL OPERATING RESULTS
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York Catholic District School Board
2010-11 Financial Results Financial Operating Results
Overview
2010-11 Financial Operating Results
Operating expenses:
By Function & By Object
Operating Revenues Financial Operating Results & Accumulated Surplus
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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
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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
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York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT
2010-11 Financial Operating Results
2010-11 Revised Estimates 2010-11Actual Results Variance Increase (Decrease) ENROLMENT
Elementary Secondary Total Enrolment
OPERATING REVENUE
Grants for Student Needs Prior Year Grants Other Grants Other Revenues Continuing Education Other 34,531.73
18,034.02
52,565.75
$ 498,520,530 4,613,718 3,494,858 5,366,511 34,499.35
18,088.30
52,587.65
$ 498,641,782 (66,509) 6,879,161 3,860,856 4,577,934 -32.38
54.28
21.90
$ 121,251 2,265,443 (788,577)
OPERATING REVENUE $ 511,995,617 OPERATING EXPENDITURES (DEFICIT) before Extraordinary Items 517,273,902 $ (5,278,285) EXTRAORDINARY ITEMS: Extraordinary Items SURPLUS (DEFICIT) after Extraordinary Items $ (5,278,285) $ 513,893,224 517,019,109 $ (3,125,885) $ 1,897,607 $ (254,793) $ 2,152,400 $ 1,170,365 $ (1,955,520) $ 3,322,765 %
-0.1% 0.3% 0.0% 0.0% 49.1% 10.5% -14.7%
0.4% 0.0% -40.8% -63.0% UTILIZATION OF AS-AFC Balance $ (3,322,765) $ -63.0% 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) OPERATING REVENUE Grants for Student Needs Other Grants Other Revenue Continuing Ed (non-GSN) 2010-11 Actuals % $ 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 School Classroom 74.53% BY FUNCTION School Non-classom 9.90% Admin & Governance 2.86% Transportation 3.03% Pupil Accommodation 9.67%
$ 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% BY OBJECT S alaries&Wages 78.02% Benefits 11.39% S taff Development 0.29% S upplies 4.30% Capital 1.07% Fees & Contract. 4.78% Other 0.15%
$ Salaries & Wages Benefits Staff Development 403,390,957 78.02% 58,879,715 11.39% 1,507,698 0.29% Supplies & Services 22,227,766 4.30% Capital 5,537,270 1.07% Fees & Contract.
Other Total 24,701,133 4.78% 774,570 0 .15% 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
Board Established ASD-AFC Registered Charity Available for Compliance - Unappropriated Ministry Required: ASD-AFC - Appropriated
Pupil Accommodation Debt Reserve (FRP)
Available for Compliance - Appropriated BOARD ASD - AFC (UNCOMMITTED) 291,898 1,679,000 750,000 682,777 88,764 10,492 2,728,208 2,886,446 709,026 569,592 2,105,500 626,148 892,604 42,618 - 1,415,892 3,290,000 - 8,942,354 138,274 50,332 188,606 9,130,960 1,071,263 - ASD-AFC untilized for 2010 11: ($1,955,520) 11,036,148 (1,905,188) 10
York Catholic District School Board
2010-11 Financial Results
CUMULATIVE RESULTS
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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) 12
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) BOARD ASD - AFC COMMITTED SINKING FUND INTEREST EARNED MINISTRY REQUIRED: ASD -EFC TOTAL Accumulated Surplus/(Deficit) 11,036,147 (1,905,187) 9,130,960 18,590,648 (683,480) 17,907,168 78,264,763 5,665,748 83,930,511 107,891,558 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 revenue and investment income Revenue recognized in the period Transfers to deferred capital contributions (DCC) 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 - 12,984 - - 63,120,641 374,288 1,023,455 45,341 12,469,984 5,646,961 5,697,651 29,759,802 22,697 - 4,110,484 - 5,215,015 14,217,610 (63,120,641) (12,984) (374,288) (10,875,899) (650,357) (1,431,883) (29,759,802) (1,594,085) (4,996,604) (4,265,768) (14,217,610) (22,697) (4,755,452) -
1,023,455 45,341 459,563 4,110,484 TOTAL 4,146,165 137,570,748 (120,443,464) (15,634,606) 5,638,843 14
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
Board Established ASD-AFC Registered Charity Available for Compliance - Unappropriated Ministry Required: ASD-AFC - Appropriated
Pupil Accommodation Debt Reserve (FRP)
Available for Compliance - Appropriated BOARD ASD - AFC (UNCOMMITTED) BOARD ASD - AFC COMMITTED SINKING FUND INTEREST EARNED BOARD ASD - AFC TOTAL (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)
MINISTRY REQUIRED: ASD -UFC 291,898 1,679,000 750,000 682,777 88,764 10,492 2,728,207 2,886,446 709,026 569,592 2,105,500 626,148 892,604 42,618 - 1,415,892 3,290,000 - 138,274 50,332 188,606 1,071,263 (86,606,300) (7,750,419) (2,886,446) 5,749,627 (13,423,010) 183,181,311 - - 78,264,763 - 17,907,168 27,038,128 (94,794,464) (5,380,312) (3,290,000) 6,379,157 (9,310,593) 190,326,723 - - 83,930,511 Board Focus Mandatory Committed Funds Ministry Compliance TOTAL Accumulated Surplus/(Deficit) 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
Board Established ASD-AFC Registered Charity Available for Compliance - Unappropriated Ministry Required: ASD-AFC - Appropriated
Pupil Accommodation Debt Reserve (FRP)
Available for Compliance - Appropriated BOARD ASD - AFC (UNCOMMITTED) BOARD ASD - AFC COMMITTED SINKING FUND INTEREST EARNED TOTAL Accumulated Surplus/(Deficit) - Compliance Position 291,898 1,679,000 750,000 682,777 88,764 10,492 2,728,208 2,886,446 709,026 569,592 2,105,500 626,148 892,604 42,618 - 1,415,892 3,290,000 - 138,274 50,332 188,606 1,071,263 - ASD-AFC untilized for 2010 11: ($1,955,520) 11,036,148 (1,905,188) 18,590,648 (683,480) 17,907,168 Ministry Compliance 29,626,796 (2,588,668) 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
30.0
25.0
19.1
20.0
14.5
16.2 16 15.0
10.0
5.0
0.65
0.0
5.9
9.1
2.7
19 88 19 89 19 90 19 91 19 92 19 93 19 94 19 95 19 96 19 97 19 98 19 98 -9 9 19 99 -0 0 20 00 -0 1 20 01 -0 2 20 02 -0 3 20 03 -0 4 20 04 -0 5 20 05 -0 6 20 06 -0 7 20 07 -0 8 20 08 -0 9 20 09 -1 0 20 10 -1 1 Year 17
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT Accumulated Surplus -Available for Compliance ("uncommitted") History 1998-2011 10.0
9.0
8.0
7.859 7.775
7.0
6.0
5.0
4.277 4.385
5.079
9.116
7.999
6.375
6.680
5.710 5.518
5.297
4.0
3.0
2.0
2.820
8.050
1.0
0.0
19 98 19 98 -9 9 19 99 -0 0 20 00 -0 1 20 01 -0 2 20 02 -0 3 20 03 -0 4 20 04 -0 5 20 05 -0 6 20 06 -0 7 20 07 -0 8 20 08 -0 9 20 09 -1 0 20 10 -1 1 Year
Note: Excludes General School Budget balance carry-forwards to isolate true Board Working Fund Surplus
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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% 3.50% 3.00% 2.50% 2.00% 1.73% 1.64% 1.79% 1.50% 2.89% 2.39% 1.79% 1.76% 1.44% 1.30% 1.17% 1.00% 0.50% 0.59% 1.61% 0.00% 19 99 -0 0 20 00 -0 1 20 01 -0 2 20 02 -0 3 20 03 -0 4 20 04 -0 5 20 05 -0 6 Year 20 06 -0 7 20 07 -0 8 20 08 -0 9 20 09 -1 0 20 10 -1 1
Note: Excludes General School Budget balance carry-forwards to isolate true Board Working Fund Surplus
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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)
MINISTRY REQUIRED: ASD -UFC (86,606,300) (7,750,419) (2,886,446) 5,749,627 (13,423,010) 183,181,311 - - (8,188,164) (94,794,464) 2,370,107 (403,554) 629,530 4,112,417 7,145,413 (5,380,312) (3,290,000) 6,379,157 (9,310,593) 190,326,723 - - 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.
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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
Retirement Gratuities Retiree Benefits Premiums Disability Waiver Sick Leave WSIB
TOTAL 2011
$ 14,914,142 50,740,125 906,404 24,022,675
$ 90,583,346
4,211,118
$ 94,794,464 2010
$ 14,816,608 44,925,994 859,095 23,323,413
$ 83,925,110
2,681,188
$ 86,606,298 Increase
$ 97,534 5,814,131 47,309 699,262
$ 6,658,236
1,529,930
$ 8,188,166
Refer to Note 7 Notes to the Consolidated Financial Statements
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York Catholic District School Board
2010-11 Financial Results
RECONCILIATION:
Operating Revenue & Expenses To Consolidated Revenue & Expenses
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2010-11 YEAR END FINANCIAL REPORT RECONCILIATION: OPERATING REVENUES & EXPENSES TO CONSOLIDATED FINANCIAL STATEMENTS REVENUE EXPENDITURES Net BOARD OP'G POSITION BEFORE EXTRAORDINARY ITEMS 513,893,224 517,019,109 (3,125,885) 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 775,000 327,442 2,621,499 3,723,941
2,553,576
2,553,576
775,000 327,442 67,923 1,170,365 517,617,165 519,572,685 (1,955,520)
500,577 450,245
50,332
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 (1,594,085) 25,607,021 269,527 24,282,463
25,193,069 (25,607,021) (269,527)
(683,479)
Ministry Compliance: ($2,588,667) "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
PSAB items:
School Generated Funds Increase in unfunded liabilities (PSAB)
CONOLIDATED REVENUE & EXPENSES
2,095,224 29,432,360 224,087 11,533,148 2,095,224 29,432,360 224,087 43,284,819 275,319 32,026,990
11,533,148 (275,319)
11,257,829 22,889,280 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 Unavailable for Compliance 24
York Catholic District School Board
2010-11 Financial Results
AUDITED CONSOLIDATED FINANCIAL STATEMENTS
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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 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 2011 Actual $ 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
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
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
(744,883,954) NON-FINANCIAL ASSETS
Tangible capital assets (Note 12)
TOTAL NON-FINANCIAL ASSETS ACCUMULATED SURPLUS (Note 13)
862,606,736
862,606,736
852,775,512
852,775,512 110,968,640 107,891,558 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
349,252,201 374,445,270 180,442,288 3,571,273
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
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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 EXPENSES
Instruction Administration Transportation Pupil accommodation School generated funds Other
TOTAL EXPENSES 2011 Actual 2010 Actual Restated
447,290,171 16,157,249 15,724,004 106,987,371 22,259,750 499,406
608,917,951
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.
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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
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York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT Comparatives 2009 to 2011 FINANCIAL ASSETS
Cash and cash equivalents Accounts receivable
A/R-Gov of Ontario-Approved Capital
Assets held for sale Other
TOTAL FINANCIAL ASSETS 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 NET DEBT NON-FINANCIAL ASSETS Tangible Capital Assets TOTAL NON-FINANCIAL ASSETS FINANCIAL POSITION
Capital Fund Reserve Fund School activities Fund
TOTAL FUND BALANCE
Amounts to be recovered
ACCUMULATED SURPLUS (FORMERLY NET FINANCIAL POSITION) Consolidated Statement of Financial Position 2011 Actual $ 2010 Restated $ 2010 Actual $
-
2009 Restated $ End of Fund Accounting 2009 Actual $
(51,552,935)
(16,974,544) 33
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT Comparatives 2009 to 2011 Consolidated Statement of Operations 2011 Actual $ 2010 Actual Restated $ 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) FINANCIAL TRANSACTIONS
Long term financing issued Debt repayment and sinking fund contribution Increase in unfunded liabilities
CHANGES IN AMOUNTS TO BE RECOVERED CHANGE IN FUND BALANCES Accumulated Surplus at beginning of year (formerly Opening Fund Balances) Accumulated Surplus at end of year (formerly Closing Fund Balances) 2010 Actual $ 2009 Actual Restated $ PSAB Financial Statement presentation introduced 2009 Actual $
9,457,894 4,525,203 9,457,894 4,525,203
Amortization
9,661,087
6,185,600 34
York Catholic District School Board
2010-11 Financial Results
AUDITOR’S REPORT TO AUDIT COMMITTEE
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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 Surplus Available for Compliance (
formerly Reserves
)
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2010-11 YEAR END FINANCIAL REPORT
2010-11 Financial Operating Results
ENROLMENT
Elementary Secondary Total Enrolment
OPERATING REVENUE
Grants for Student Needs Prior Year Grants Other Grants Other Revenues Continuing Education Other
OPERATING REVENUE OPERATING EXPENDITURES (DEFICIT) before Extraordinary Items EXTRAORDINARY ITEMS: Extraordinary Items SURPLUS (DEFICIT) after Extraordinary Items 2010-11 Revised Estimates
34,531.73
18,034.02
52,565.75
$ 498,520,530 4,613,718 3,494,858
$ $ $
5,366,511
511,995,617 517,273,902 (5,278,285) $ (5,278,285) UTILIZATION OF AS-AFC Balance $ 5,278,285 $ 2010-11Actual Results
34,499.35
18,088.30
52,587.65
$ 498,641,782 (66,509) 6,879,161 3,860,856 4,577,934
$ 513,893,224 517,019,109 $ (3,125,885) $ 1,170,365 $ (1,955,520) $ 1,955,520 $ Variance Increase (Decrease)
-32.38
54.28
21.90
%
-0.1% 0.3% 0.0% $ 121,251 (66,509) 2,265,443 365,998
$ 1,897,607
0.0% 49.1% 10.5% -14.7%
0.4% 0.0% $ 2,152,400 $ 1,170,365 $ 3,322,765 $ (3,322,765) $ -40.8% -63.0% -63.0% 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
Board Established ASD-AFC Registered Charity Available for Compliance - Unappropriated Ministry Required: ASD-AFC - Appropriated
Pupil Accommodation Debt Reserve (FRP)
Available for Compliance - Appropriated BOARD ASD - AFC (UNCOMMITTED) BOARD ASD - AFC COMMITTED SINKING FUND INTEREST EARNED TOTAL Accumulated Surplus/(Deficit) - Compliance Position 291,898 1,679,000 750,000 682,777 88,764 10,492 2,728,208 2,886,446 709,026
277,694 426,500 209,827 (1,312,316) 403,554
569,592 2,105,500 626,148 892,604 42,618 - 1,415,892 3,290,000 - 8,942,354 138,274 50,332 188,606 9,130,960 1,071,263
(1,071,263)
(1,071,263) - ASD-AFC untilized for 2010 11: ($1,955,520) 11,036,148 (1,905,188) 18,590,648 (683,480) 17,907,168 29,626,796 (2,588,668) 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 2010 11 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.
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