2009-10 Financial Statement EFIS Forms

September 2010 Ministry of Education Training Sessions

Agenda – Part A

 Changes to Sections       Section 1: Summary of Allocations Section 9: Transportation Allocation Section 11 – Primary Class Size Reduction Section 11 – Full Day Kindergarten Section 16 – Declining Enrolment Section 17 – Other Grants Presented by Finance Officers

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Agenda – Part B

       Overview of accounting changes Schedule 1: Consolidated Statement of Financial Position Schedule 1.1: Consolidated Statement of Operations Schedule 1.2: Consolidated Statement of Cash Flow Schedule 1.3: Consolidated Statement of Change in Net Debt Schedule 5: Detail of Accumulated Surplus/(Deficit) Schedule 5.5: List of Committed Capital Projects Funded by Accumulated Surplus Presented by Patrick Pelletier

2

Agenda – Part C

  Schedule 5.4: Proceeds of Disposition Calculations Schedule 5.1: Deferred Revenue Continuity Presented by Karyn Morra

3

Agenda – Part D

       Schedule 5.2: Accounts Receivable Continuity – Government of Ontario – Approved Capital Schedule 9: Revenues Schedule 10: Expenses Schedule 10ADJ: Adjustments for Compliance Purposes Data Form D: Net Expenditure Schedule 3: Capital Expenditures Data Form A.3: Revenue Recognition Criteria/Enveloping Criteria Presented by Soundari Vigneshwaran

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Agenda - Part E

   Schedule 3C: Tangible Capital Asset Continuity Schedule 10F: Employee Benefits Schedule 10G: Supplementary Information on Retirement Benefits, Post-employment Benefits, Compensated Absences and Termination Benefits Presented by Andrew Yang

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Agenda - Part F

       Note 1: Significant accounting policies Note 2: Change in accounting policy Note 4: Accounts receivable – Government of Ontario Note 12: Tangible Capital Assets Note 17: Budget data Note 18: Partnership in Transportation Consortium Note 19: Accounting for Contributions Used for Capital Presented by Andrew Yang

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Part A – Changes to Sections

      Section 1: Summary of Allocations Section 9: Transportation Allocation Section 11 – Primary Class Size Reduction Section 11 – Full Day Kindergarten Section 16 – Declining Enrolment Section 17 – Other Grants

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Section 1 – Summary of Allocations

New Lines Added:

   Capital Debt Support (1.29 & 1.51) Full Day Kindergarten (1.30 & 1.52) Green Schools Pilot(1.31)

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Section 9 – Transportation Allocation

Changes:

  Monthly average diesel benchmarks (9.14) Effectiveness and Efficiency amount (9.19)

9

Section 11 –Primary Class Size Reduction

Change:

 After the Ministry reviewed the historical costs and conducted discussions with the board on future requirements, the maximum entitlement may have been revised from the original entitlement provided to the boards in 2005-06. (11.40.1.1)

10

Section 11 – Capital Transitional Adj.

Change:

 EFIS now allows for leasing costs that occurred in the current year as eligible for funding (11.70.1.3)

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Section 11 – Full Day Kindergarten

New Section:

  Allocation to provide funding for eligible capital expenditures which were incurred in the 2009-10 school year.

Funding also provided for interest of short term interest costs

12

Section 16 – Declining Enrolment

Change:

 School operations related to S23 programs provided in board facilities is now included in the calculation of the School Operations before top up (16.13.14)

13

Section 17 – Other Grants

Change:

 Green Schools Pilot initiative allocation (17.2.1)

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Common Errors in Submissions

     Incomplete submission package Published Financial Statements – No Management Report Differences between information reported in EFIS and the audited Financial Statements F/S have not been corrected to reflect prior errors noted in FO Reviews Appendix G not completed or completed for incorrect year.

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Financial Statement Submission Package

A complete submission includes: • Two (2) signed copies of Schedules 1, 1.1,1.2,1.3 and Section 1, printed from the active EFIS submission • Two (2) hard copies of the audited financial statements with the auditors’ and management reports and notes • Active EFIS file • Submit to the mail box: explanations

[email protected]

• Electronic copy of Appendix C • Electronic copy of Warning Report in Excel along with • Electronic copy of Capital Wrap-Up • Due date is

November 15, 2010 16

Questions?

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Part B – Changes to Schedules

       Overview of accounting changes Schedule 1: Consolidated Statement of Financial Position Schedule 1.1: Consolidated Statement of Operations Schedule 1.2: Consolidated Statement of Cash Flow Schedule 1.3: Consolidated Statement of Change in Net Debt Schedule 5: Detail of Accumulated Surplus/(Deficit) Schedule 5.5: List of Committed Capital Projects Funded by Accumulated Surplus

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Overview of reporting changes

       Moved funds and reserves to accumulated surplus as at September 1, 2009 as per PS-1200.

Implemented tangible capital assets (TCA) as at September 1, 2009 as per PS-3150.

Restated deferred revenue (proceeds of disposition) as a result of implementing PS3150.

Forms DO NOT include deferred capital contributions (DCC).

Forms DO NOT include the new compliance model, as this will be effective September 1, 2010.

Updated terminology to be on an accrual basis (ex. expenses), rather than on a cash basis (ex. expenditures).

Included the impact of the capital wrap-up as at August 31, 2010.

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PSAB Standard being implemented



PS1200 – Financial Statement Presentation



.31 - Financial statements should include a statement of financial position, a statement of operations, a statement of change in net debt, and a statement of cash flow.



PS3150 – Tangible Capital Assets



.07 - Tangible capital assets should be accounted for and reported as assets on the statement of financial position

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Consolidated Statement Schedules

  Schedules 1 through 1.3 have been updated to conform to PSAB section PS-1200 and guideline PSG-4 Schedule names changed to     Schedule 1 – Consolidated Statement of Financial Position Schedule 1.1 – Consolidated Statement of Operations Schedule 1.2 – Consolidated Statement of Cash Flow Schedule 1.3 – Consolidated Statement of Change in Net Debt

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Schedule 1 – Consolidated Statement of Financial Position

 Presentation changes 

Temporary investments (item 1.2):

Temporary investments are transitional or current in nature, such as short-term investments made to obtain a return on a temporary basis (> 90 days and < 1 year)  

Long-term investments (item 1.5):

Long-Term Investments are investments greater than one year from date of acquisition in organizations that do not form part of the government reporting entity (> 1 year)

A/R – Approved Capital (item 1.4):

Line has been added to segregate the portion of accounts receivable related to the Capital Wrap-Up.

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Schedule 1 – Consolidated Statement of Financial Position

 Presentation changes    

Net Debt (item 3):

The name of the difference between liabilities (item 2.7) and financial assets (item 1.7) has changed to Net Debt

Tangible Capital Assets (item 4.3):

Schedule now includes a line for Tangible Capital Assets under Non-Financial Assets due to the implementation of TCA as of September 1, 2009 (PS-3150)

Accumulated Surplus (Deficit) (item 5):

Net Debt (item 3) and Non-Financial Assets (item 4.4) has been changed to Accumulated Surplus (Deficit) The name of the sum of Fund balances and Amounts to be recovered have been removed

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Schedule 1.1 – Consolidated Statement of Operations

 Presentation changes    

Expenses (item 2):

The name of item 2 has changed from Expenditures to Expenses as boards are now reporting on a full accrual basis

Annual Surplus/(Deficit) (item 3):

Revenues (item 1.9) less expenses (item 2.8) is now Annual Surplus/(Deficit) – previously Net revenue(expenditure) The following items have been added   Accumulated Surplus / (Deficit) at beginning of year (item 3.1) Accumulated Surplus / (Deficit) at end of year (item 3.2) The following items have been removed     The Increase in Non-Financial Assets Change in Net Assets/Liabilities Change in Amounts to be Recovered Change in Fund Balances

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Schedule 1.1 – Consolidated Statement of Operations

 2009-10 Budget (Restated & Unaudited)      Amounts under the 2009-10 Budget column need to be restated and reconciled for the Financial Statements Capitalization of Tangible Capital Assets (TCA), amortization, and amounts to be recovered were not budgeted for Estimates

Actual

and amounts

Budget

amounts will both need to be used for the restated

Actual

amounts only to be used when boards did not budget at Estimates Items to be restated/reconciled   Item 3.1: Accumulated Surplus/(Deficit) at beginning of year Items 2.1 – 2.6: Expenses

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Schedule 1.1 – Consolidated Statement of Operations

 2009-10 Budget (Restated & Unaudited)  Item 3.1 Restatement/Reconciliation of opening accumulated surplus/(deficit):  Accumulated Surplus includes  Fund Balances (generally positive/surplus)  Amounts to be Recovered (ATBR) balances (generally negative/deficit)   Net book value of TCA Portion of Proceeds of Disposition relating to the NBV of disposed assets to be included in A/S

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Schedule 1.1 – Consolidated Statement of Operations

 2009-10 Budget (Restated & Unaudited)  Item 3.1 Restatement/Reconciliation of opening accumulated surplus/(deficit): 

Budget

amounts will be used for  Fund Balances (generally positive/surplus) as at Sept 1, 2009 

Actual

   amounts will be used for Amounts to be Recovered (ATBR) balance (generally negative/deficit) as at Aug 31, 2009 Net book value of TCA as at Sept 1, 2009 Portion of Proceeds of Disposition relating to the NBV of disposed assets as at Sept 1, 2009

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Schedule 1.1 – Consolidated Statement of Operations

 2009-10 Budget (Restated & Unaudited)  Item 3.1 Restatement/Reconciliation:  The restated amount is calculated as:

Budget at Sept. 1 st , 2009 - From 2009-10 Estimates

Operating Fund (from Sch. 2.1, item 8.1) Capital Fund (from Sch. 2.2, item 7.1) Reserve Fund (from Sch. 2.3, item 4.1) School Activity Fund (from Sch. 2.4, item 5.1)

Actual at Aug. 31, 2009 - From 2008-09 Financial Statements

ATBR – Total amount (from Sch. 1, item 7)

Actual at Sept. 1 st , 2009 - From 2009-10 Financial Statements

Net Book Value of TCA (Sch 3C, total NBV) Accum. Surplus: Portion of POD (Sch. 5, item 4.9)

Accum. Surplus/(Deficit) at the beginning of year (restated)

XX XX XX XX (XX) XX XX

XX 28

Schedule 1.1 – Consolidated Statement of Operations

 2009-10 Budget (Restated & Unaudited)  Item 2.4 Restatement/Reconciliation for Pupil Accommodation expense: 

Budget

amounts will be used for   Pupil accommodation expenditure Estimated Capital Expenditures on Land and Buildings 

Actual

amounts will be used for    Minor TCA Additions (First time equipping) Amortization Write downs

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Schedule 1.1 – Consolidated Statement of Operations



2009-10 Budget (Restated & Unaudited)

 Item 2.4 Restatement/Reconciliation:  The restated amount is calculated as:

Budget - From 2009-10 Estimates

Pupil Accommodation Expenditure (Sch. 1, item 2.5) Less: Estimated Capital Expenditures (Sch. 3, Col. 0.1.1)

Actual - From 2009-10 Financial Statements

Less: Minor TCA Additions (from Sch. 3C – first time equipping) Plus: Amortization (from Sch. 3C) Plus: Write downs (from Sch. 3C)

Restated – Pupil Accommodation Expense

XX (XX) (XX) XX XX

XX 30

Schedule 1.1 – Consolidated Statement of Operations

 2009-10 Budget (Restated & Unaudited)  Items 2.1, 2.2, 2.3, and 2.6 Restatements:  Amortization and write downs distributed to the five expense categories for 2009-10 Financial Statements  Restatements to include

Actual

Amortization Expense and Write downs from 2009-10 Financial Statements  Boards required to reallocate the

Actual

amortization and write downs from the Pupil Accommodation expense to the other 4 specific expense categories  Instruction (item 2.1)    Administration (item 2.2) Transportation (item 2.3) Other (item 2.6)

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Schedule 1.1 – Consolidated Statement of Operations

 2009-10 Budget (Restated & Unaudited)  Items 2.1, 2.2, 2.3, and 2.6 Restatements:   Full amortization/write downs included in pupil accommodation expense after restatement above  Deduct amortization/write down portion related to other expense categories from pupil accommodation expense  Reallocate portion of amortization/ write down from Pupil Accommodation to the specific expense category Note that mTCA additions that are not first time equipping would need to be deducted from items 2.1, 2.2, 2.3, and 2.6 as part of the restatement

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Schedule 1.1 – Consolidated Statement of Operations

 2008-09 Actual (Restated)  Item 2.4 Restatement/Reconciliation: 

Only Actual

amounts from the 2008-09 Financial Statements required 

Actual

    amounts that are required Pupil Accommodation Expenditure TCA Additions (Land, buildings and first time equipping) Amortization (buildings and first time equipping) Write downs

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Schedule 1.1 – Consolidated Statement of Operations

 2008-09 Actual (Restated)  Item 2.4 Restatement/Reconciliation:  The restated amount is calculated as:

Actual - From 2008-09 Financial Statements

Pupil Accommodation Expenditure (Sch. 1, item 2.5) Less: Actual additions (Sch. 3C – land, buildings, first time equipping) Plus: Amortization (from Sch. 3C, buildings, first time equipping) Plus: Write downs (from Sch. 3C, total write downs)

Restated – Pupil Accommodation Expense

XX (XX) XX XX

XX 34

Schedule 1.1 – Consolidated Statement of Operations

 2008-09 Actual (Restated)  Items 2.1, 2.2, 2.3, and 2.6 Restatements:  2008-09 column to be restated to include

Actual

Amortization Expense and Write downs from 2008-09 Financial Statements  Boards required to reallocate the downs from the Pupil Accommodation expense to the other 4 specific expense categories     Instruction (item 2.1) Administration (item 2.2) Transportation (item 2.3) Other (item 2.6)

Actual

amortization and write

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Schedule 1.1 – Consolidated Statement of Operations

 2008-09 Actual (Restated)  Items 2.1, 2.2, 2.3, and 2.6 Restatements:   Full amortization/write downs included in pupil accommodation expense after restatement above  Boards that did not split amortization by categories in prior you could allocate amortization proportionately based on 2009-10 amortization (proposed approach)  Deduct amortization/write down portion related to other expense categories from pupil accommodation expense  Reallocate portion of amortization/ write down from Pupil Accommodation to the specific expense category Note that mTCA additions that are not first time equipping would need to be deducted from items 2.1, 2.2, 2.3 and 2.6 as part of the restatement

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Schedule 1.2 – Consolidated Statement of Cash Flows

 Statement Details:    This statement replaces the previous Statement of Changes in Financial Position The Statement of Cash Flows shows how a board generated and used cash and cash equivalents in the accounting period and the change in cash and cash equivalents in the period It also shows the cash and cash equivalents at the beginning and end of the accounting period  Presentation Changes:  Statement includes 4 sections   Operating Transactions Capital Transactions - New   Investing Transactions Financing Transactions

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Schedule 1.2 – Consolidated Statement of Cash Flows

 Presentation Changes:     Item 2.1 has been created to add back the non-cash items (including amortization, write downs and gain/loss on disposal) Items 2.9 and 2.10 have been added to include the (increase) decreases in prepaid expenses and inventories of supplies. Items 3.1 (Proceeds on sale of TCA) and 3.2 (Cash used to acquire TCA) have been created to include the capital cash flows.

Item 5.2 (Temporary borrowings) has been added; in prior years amount was netted and included with Cash and Cash Equivalents (item 6)

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Schedule 1.3 Statement of Change in Net Debt

 Statement Details:   The statement of Change in Net Debt reports the extent of the change in the board’s net debt resulting from tangible capital asset activity and other non financial asset activity (prepaid expenses and inventories of supplies) in the accounting period The statement also reports the net debt at the beginning and end of the year  Presentation Changes:   Tangible Capital Asset Activity include  Acquisition, Amortization, Write-downs of tangible capital assets  Proceeds on sale of tangible capital assets and the gain/loss on the sale of tangible capital assets Other Non-Financial Asset Activity  Acquisition and consumption of supplies inventories  Acquisition and use of prepaid expenses

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Schedule 1.3 Statement of Change in Net Debt

 Instructions for EFIS:  Tangible Capital Asset Activity:  2009-10 Actual:  Tangible Capital Asset Activity balances are automatically forwarded from amounts recorded on Schedule 3C (Tangible Capital Assets Continuity) and Schedule 5.4 (Proceeds of Disposition Calculation)  2008-09 Actual (Restated):  Due to the addition of Schedule 1.3, boards will need to complete the 2008 09 Actual (Restated) column using prior year’s Schedule 3C  2009-10 Budget:  Given that this is the first year of implementation and that budget numbers are not readily available for proper disclosure, boards would not be required to report numbers under the budget column

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Schedule 1.3 Statement of Change in Net Debt

 Instructions for EFIS (continued):  Other Non-Financial Asset Activity:  2009-10 Actual and 2008-09 Actual (Restated):  Boards are required for PSAB purposes to record the inflows and outflows of prepaid expenses and inventories of supplies   In prior year only the net impact was required Boards would obtain this information from their general ledger  2009-10 Budget:  Given that this is the first year of implementation and that budget numbers are not readily available for proper disclosure, boards would not be required to report numbers under the budget column

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New Schedule 5 – Detail of Accumulated Surplus / (Deficit)



Purpose:

  To be in compliance with PS1200 Standard was effective for fiscal years starting on or after January 1, 2009, therefore Boards are required to implement for 2009-10 school year  Boards were required to reallocate fund balances and amounts to be recovered to new accumulated surplus accounts at the beginning of the school year

New Schedule 5 – Detail of Accumulated Surplus / (Deficit)

  Replacing Schedules 2.1 to 2.4, Old Schedule 5 and Appendix I Previously  4 fund accounts     Operating (Schedule 2.1) Capital (Schedule 2.2) Reserve (Schedule 2.3 and old Schedule 5) School Activity (Schedule 2.4)  4 amount to be recovered (ATBR) accounts (Appendix I)     Employee Future Benefits Interest to be accrued Vacation accrued Capital Financing

New Schedule 5 – Detail of Accumulated Surplus / (Deficit)

 Starting in 2009-10:  3 Accumulated Surplus (Deficit) accounts    Available for Compliance - Unappropriated Available for Compliance – Internally Appropriated Unavailable for Compliance  These 3 classifications will start to be used for compliance purposes in the 2010-11 School Year per Education Act, 231.(1)

New Schedule 5 – Detail of Accumulated Surplus / (Deficit)

 Breakdown of Accumulated Surplus (Deficit) allocation  Available for Compliance – Unappropriated includes  Total Operating (previously operating fund and working funds) (formerly Sch. 2.1 and reserve for working funds, item 1.2 on old Sch. 5)  Available for Compliance – Internally Appropriated includes  Retirement Gratuities (formerly on old Sch. 5)   WSIB (formerly on old Sch. 5) Pupil Accommodation Debt Reserve (NPP portion) (formerly on item 1.7 on old Sch 5)  Pupil Accommodation Debt Reserve (School Renewal portion) (formerly on item 1.7 on old Sch 5)   Pupil Accommodation Debt Reserve (Other) (formerly on item 1.7 on old Sch 5) Pupil Accommodation (NPP) – Deferred Revenue (new - discussed later in presentation)   Other Purposes Operating (formerly on old Sch. 5) Other Purposes Capital (formerly on old Sch. 5)

New Schedule 5 – Detail of Accumulated Surplus / (Deficit)

 Unavailable for Compliance           Employee Future Benefits (formerly on Appendix I – ATBR) Interest to be Accrued (formerly on Appendix I – ATBR) Vacation Accrued (formerly on Appendix I – ATBR) Debt (formerly capital financing on Appendix I – ATBR) Not Permanently Financed Amounts (formerly item 7.2 on Sch. 2.2) School Generated Funds (formerly on Sch. 2.4 and item 1.3 on Sch. 5) Net TCA (new – discussed later in presentation) Receivable from Province re: Capital Wrap-Up (new – discussed later in presentation) Net Book Value of Proceeds of Disposition (new – discussed later in presentation) Committed Capital Projects (new – from Schedule 5.5)

46

Reallocation of fund/ ATBR accounts to accumulated surplus 47

Schedule 5 – Detail of Accumulated Surplus / (Deficit)

 Pupil Accommodation Debt Reserve:    Boards must separately enter the portion of the pupil accommodation debt reserve that is related to NPP (item 2.3.2), School Renewal (item 2.4), and Other (item 2.5) The sum of the 3 cells must equal the 2008-09 closing balance of the Pupil Accommodation Debt Reserve (Item 1.7 on prior year’s Schedule 5) The split is required for the calculation of the net receivable from the Province as a result of the Capital Wrap-up

48

Schedule 5.5 – Committed Capital Projects

 Purpose:   Board must set accumulated surplus aside to support the future amortization related to these projects  Schedule includes a listing of all capital projects expenditures on which the board committed accumulated surplus.

Boards will record the continuity of the committed capital projects on this schedule

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Schedule 5.5 – Committed Capital Projects

 Instructions for EFIS:  Boards are to allocate the portion of annual surplus that they wish to use in future years on specific capital items in items 2.11 through 2.15 on Schedule 5  In the year the board incurs costs on the projects, it will decrease this amount from the Internally Appropriated: Other Purposes – Capital line and will increase Unavailable for Compliance: Committed Capital Projects (item 4.10) by the same amount through Schedule 5.5 – List of Committed Capital Projects Funded by Accumulated Surplus.

50

Questions?

51

Part C – Changes to Schedules

  Schedule 5.4: Proceeds of Disposition Calculations Schedule 5.1: Deferred Revenue Continuity

52

Schedule 5.4: Proceeds of Disposition Calculations

  The implementation of TCA as per PS 3150 will require changes on how proceeds of disposition are reflected in the financials.

The amount of proceeds available for future capital purchases (per Reg. 446/98) will remain the

same

.

Old presentation:  The entire proceeds were recorded as deferred revenue on Schedule 5.1.

2009-10 presentation:  Only the gain will be recorded as deferred revenue on Schedule 5.1.

 The remainder of the proceeds will be recorded on Schedule 5 (Detail of accumulated surplus).

53

Schedule 5.4: Rationale for Change

Before 2009-10:  Boards expensed TCA, thus no gains or losses were recorded when the assets were sold.

 For real property, the entire proceeds on sale would have been recorded as revenue, but due to Reg. 446/98, this revenue was deferred.

In 2009-10:  Boards capitalize TCA and are required to restate opening TCA balances.

 TCA that was expensed in the past will be restated to show a TCA and a corresponding increase to accumulated surplus.

 Since TCA is being restated, the proceeds of disposition deferred revenue (POD-DR) must also be restated to reduce the amount of revenue that would have been recognized under PS3150.

 This restatement is in accordance with PSAB standards and Reg. 446/98.

Impact:  Requires opening balance restatement and change in in-year transaction presentation.

54

Schedule 5.4: In-Year JEs Before 2009-10

JE1

DR: Asset expense CR: Cash 100,000 To purchase asset. Asset completely expensed.

100,000

JE2

DR: Cash CR: Revenue from proceeds 120,000 To sell asset. No NBV to remove from books.

120,000

JE3

DR: Revenue from proceeds CR: Deferred Revenue 120,000 120,000 Deferred revenue contains the entire proceeds of disposition.

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Schedule 5.4: In-Year JEs in 2009-10 (Gain)

JE4

DR: TCA CR: Cash To purchase asset. Asset capitalized.

100,000 100,000

JE5

DR: Cash CR: Gain on Sale CR: NBV To sell asset at a gain. NBV removed from books.

120,000 20,000 100,000

JE6

DR: Gain on Sale

CR: Deferred Revenue

Gain deferred as per regulation.

20,000

20,000 JE7

DR: Accumulated Surplus (Net TCA)

CR: Accumulated Surplus (NBV of POD)

100,000 Entry in G/L to track portion of proceeds. Not entered in financials.

100,000 Proceeds of $120,000 are tracked in deferred revenue ($20,000) and accumulated surplus (NBV of POD) account ($100,000).

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Schedule 5.4: In-Year JEs in 2009-10 (Loss)

JE8

DR: TCA CR: Cash To purchase asset. Asset capitalized.

JE9

DR: Cash DR: Loss on Sale CR: NBV To sell asset at a loss. NBV removed from books.

100,000 90,000 10,000 100,000 100,000

JE10 DR: Accumulated Surplus (NBV of POD)

CR: Loss on Sale

10,000

10,000 When closing out Statement of Operations to Accumulated Surplus, the loss will be segregated.

JE11

DR: Accumulated Surplus (Net TCA)

CR: Accumulated Surplus (NBV of POD)

Entry in G/L to track portion of proceeds.

100,000

100,000 Proceeds of $90,000 are tracked in accumulated surplus (NBV of POD) account ($100,000 - $10,000 = $90,000).

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Schedule 5.4: Opening Balance Restatement

 Since the accumulated surplus opening balance was restated due to PS3150, the opening deferred revenue balance must also be restated.

 The August 31, 2009 deferred revenue balance contains historical

proceeds

.

 The deferred revenue for September 1, 2009 must be reduced to contain only the historical

gains

.

 The entry required is: DR: Deferred Revenue [Proceeds – Gains] CR: Accumulated Surplus (NBV of POD) [Proceeds – Gains] To restate deferred revenue opening balance to include only gains.

58

Schedule 5.4: Opening Balance Implementation

 Boards must look at all the sales that are reflected in their August 31, 2009 deferred revenue balances for proceeds of disposition.

 These records will be available since boards were required to record the deferred revenue initially.

 Using the first in, first out principle, the deferred revenue will contain the proceeds from sales that took place most recently, likely since TCA started to be tracked in 2005.

 Boards must note the NBV of each asset sold.

 With the proceeds and NBV, boards can identify the gain or loss on each sale.

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Schedule 5.4: Opening Balance Calculations

Assume a board had $1M in deferred revenue for proceeds of disposition at August 31, 2009, related to three assets.

Asset 1 Proceeds of Disposition

$200,000

Net Book Value

$150,000

Gain on Sale Loss on Sale

$50,000 n/a

Asset 2 Asset 3 Total

$300,000 $500,000

$1,000,000

$400,000 $350,000

$900,000

n/a $150,000

$200,000

$100,000 n/a

$100,000

DR: Deferred Revenue 800,000 CR: Accumulated Surplus (NBV of POD) 800,000 To restate deferred revenue opening balance to include only gains.

Calculated as proceeds ($1,000,000) less gains ($200,000).

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Schedule 5.4: EFIS Entries

    New Schedule 5.4 was created to track proceeds of disposition for capital policy purposes.

The schedule is for tracking proceeds on sale of

real property

(i.e. tracking for Reg. 446/98).

This is because deferred revenue alone does not hold the entire proceeds.

The other part of the proceeds is reflected in accumulated surplus unavailable for compliance (NBV of POD line).

Accumulated surplus (NBV of POD) + Deferred revenue (Gain on Disposal) = Total proceeds of disposition

Note: In all cases, boards are required to complete items 1.1 to 1.10. In consultation with their auditors, boards should consider materiality in deciding whether or not to complete items 2.1 to 3.10.

61

Schedule 5.4: EFIS Entries for Opening Balance

    Record August 31, 2009 closing proceeds of disposition deferred revenue balances in column 1 on Schedule 5.4 (ex. $1,000,000).

Record August 31, 2009 gain determined in column 5 on Schedule 5.4 (ex. $200,000).

 Automatically transferred to the opening balance column on Schedule 5.1 (Deferred Revenue, items 2.22, 2.23 or 2.24).

The portion in accumulated surplus ($1,000,000 - $200,000 = $800,000) will automatically be calculated.

 Automatically transferred to opening balance column on Schedule 5 (Detail of Accumulated Surplus, item 4.9).

Boards are to keep the three disposition categories    School Buildings Prohibitive to Repair Other (includes land)

SAMPLE DATA Opening Balance

Total Proceeds of Disposition $1,000,000 Net Book Value $900,000 Gain on Sale Loss on Sale $200,000 $100,000

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Schedule 5.4: EFIS Entries, In-Year Activity (Gain)

   Record in-year proceeds of disposition in column 2 on Schedule 5.4 (ex. $120,000).

 Automatically included in Schedule 3C, screen 3, in the Proceeds of Disposition column by Asset Upload.

Record in-year gain on sale in column 6 on Schedule 5.4 (ex. $20,000).

 Automatically transferred to the Contributions Received column on Schedule 5.1 (Deferred Revenue, items 2.22, 2.23 or 2.24).

 Automatically included in Schedule 3C, screen 3, in the Gain/(Loss) column by Asset Upload.

Record the net book value of the asset sold in column 12 on Schedule 5.4 (ex. $100,000).

 Automatically transferred to the Schedule 5 (Detail of Accumulated Surplus) In-Year Change column (item 4.9).

SAMPLE DATA In-Year Transaction

Total Proceeds of Disposition $120,000 Net Book Value $100,000 Gain on Sale Loss on Sale $20,000 n/a

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Schedule 5.4: EFIS Entries, In-Year Activity (Loss)

  Record in-year proceeds of disposition in column 2 on Schedule 5.4 (ex. $90,000).

 Automatically included in Schedule 3C, screen 3, in the Proceeds of Disposition column by Asset Upload.

Record the total of in-year losses on sale in column 13 on Schedule 5.4 (ex. -$10,000)  Automatically included in Schedule 3C, screen 3, in the Gain/(Loss) column by Asset Upload.

 Automatically included on Schedule 10 in the Loss on Disposal of TCA line (item 80.1, Col.12).

 Automatically transferred to the Schedule 5 (Detail of Accumulated Surplus) In-Year Change column (item 4.9).

In-Year Transaction

 Record the net book value of the asset sold in column 12 on Schedule 5.4 (ex. $100,000).

 Automatically transferred to the Schedule 5 (Detail of Accumulated Surplus) In-Year Change column (item 4.9).

SAMPLE DATA

Proceeds of Disposition Net Book Value Gain on Sale Loss on Sale Total $90,000 $100,000 n/a $10,000

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Schedule 5.4: In-Year Approvals

        The entire proceeds of disposition will be used when they are expensed against projects for which the Ministry issued an approval.

The change in accounting methodology

does not alter this policy

.

Continuing the same example, the board has $1,120,000 of proceeds available for use ($1,000,000 opening plus $120,000 in-year) on the School Buildings item 1.1.

The board has $220,000 of deferred revenue available to recognize as revenue ($200,000 opening plus $20,000 in-year), item 2.1.

In accumulated surplus, the board has $900,000 accumulated surplus ($800,000 opening plus $100,000 in-year), item 3.1

Assume the board spends $500,000 of its Ministry approval.

 Record the approval spent at item 1.1, Col. 3.

The board can use a maximum of $220,000 of its deferred revenue available; this amount is automatically included at column 9.

The balance of the Ministry approval amount, calculated as $500,000 less $220,000 = $280,000, will be automatically deducted at:  Sch. 5.4, item 3.1, Col. 14  Sch. 5 (Detail of Accumulated Surplus, item 4.9, Col. 2),

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Schedule 5.1: Deferred Revenue

The deferred revenue schedule is similar to the old schedule in that it has:  Operating and capital sections  Legislative and non-legislative grant sections Differences include:  ALL deferred revenue is now recorded on Schedule 5.1.

   Previously, Schedule 5.1 contained only a partial listing of deferred revenue, with some amounts being recorded separately in Other Deferred Revenue on Schedule 7.

Term ‘externally restricted reserve’ changed to ‘deferred revenue’.

Removed the term ‘reserve’ throughout.

  Pupil Accommodation allocation is now split into two lines. New line for Transfer of pupil accommodation – NPP closing balance to revenues  Format is similar to 2010-11 Estimate form, but does not include DCC.

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Schedule 5.1: Deferred Revenue

 Divided form into sections:  Legislative Grants    Other Ministry of Education Grants Other Provincial Grants (ex. other ministries) Third Party amounts (ex. school boards, colleges, hospitals, federal government, …) New Lines:  Internal Audit  Green Schools Pilot  Insurance Proceeds for Capital Appurtances.

 Board Level Donations raised

specifically

for capital purchases.

 School Generated Funds raised

specifically

for capital purchases.

Changed Lines:  Proceeds of Disposition Reserve changed to Gain on Disposal as explained in Schedule 5.4 section.

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Schedule 5.1: Deferred Revenue – Pupil Accommodation

   Change  Now split into two lines   Line 2.2.1 Pupil Accommodation – School Renewal Line 2.2.2 Pupil Accommodation – NPP Purpose  To determine the portion of deferred revenue related to NPP that will be recovered against the approved capital debt amount from the capital wrap-up.

Implication on EFIS  Boards required to input:  Opening balance at September 1, 2009 (Col. 1)   Earnings on deferred revenue (Col. 3) Transfers to revenues (Col. 4)   Amounts for NPP are populated based on information in Data A3 less amounts inputted on line 2.2.1.

Additional line, 2.2.3 (Transfer of pupil accommodation – NPP closing balance to revenue) is included to transfer the deferred revenues closing balance related to NPP on line 2.2.2, Col. 5 to revenues.

 Amount also populated in Sch. 5.2 A/R for Approved Capital (item 2.1, Col. 8)

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Questions?

Lunch

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Part D – Changes to Schedules and Data Forms

       Schedule 5.2: Accounts Receivable Continuity – Government of Ontario – Approved Capital Schedule 9: Revenues Schedule 10: Expenses Schedule 10ADJ: Adjustments for Compliance Purposes Data Form D: Net Expenditure Schedule 3: Capital Expenditures Data Form A.3: Revenue Recognition Criteria/Enveloping Criteria

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Schedule 5.2 - Accounts Receivable Continuity

   This is a new schedule in 2009 10 used to track the board’s net account receivable from the province for eligible capital expenditures Per SB memo 10, the Ministry is wrapping up the capital grant allocation model The purpose of this schedule is to summarize the transactions that make up the net amount of eligible capital debt, net of NPP reserves and NPP deferred revenues that the Province will recognize as revenue

Receivable from the Province

 Items 1.1 to 1.9 on this schedule calculate the amounts receivable from the Province that relate to the wrap-up of existing capital programs

Recovery of Pupil Accommodation Debt Reserve & NPP Deferred Revenues balance

 The receivable from the province is reduced to the extent the board has a payable to the province related to the Pupil Accommodation debt reserve   Also reduced by the amounts of the NPP deferred revenue transferred into revenues Any amounts receivable for Early Learning should not be included in the schedule. Will be part of “regular” amount receivable – Government of Ontario

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Schedule 5.2 A/R from Province (cont’d)

 This schedule is completed using information from the Capital Wrap-Up Template as well as pre-populated amounts from Schedule 5 – Details of Accumulated Surplus / (Deficit) and Schedule 5.1 – Deferred Revenue Supported permanently financed amount (column 1)  The total supported permanently financed amount is entered by the boards using the Capital Wrap-Up Template (EFIS Section 12 tab) and represents the portion of the outstanding debt that the Ministry will recognize as part of the capital grant allocation wrap-up Supported not permanently financed (NPF) amount (column 2)  The total supported NPF amount is also entered by the boards using amounts from the Capital Wrap-Up Template EFIS Schedule 3 (pg 3) tab. This represents the portion of NPF that the Ministry will recognize as part of the capital grant allocation wrap-up  If the board has pre-financed (i.e. the board has obtained financing but has not yet made any expenditures), no amount will appear in column 2. Any supported financing will be included in column 1

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Schedule 5.2 A/R from Province (cont’d)

Total Receivable Balance as at August 31, 2010 (column 3)  The total supported debt both permanently financed and not permanently financed is reported here under column 3, line 1.9 Amount of NPP allocation previously flowed that remained in PA Debt Reserve  The reserve balance, and the NPP deferred revenue balance as of August 31, 2010 is offset against the revenue on the wrap-up  From a cash flow perspective, the reserves as of August 31, 2010 will be recovered through offsets against amounts owing for future capital grant entitlements or against cash payable to school boards for supported debt servicing costs, or a combination of both  Ensures that the debt from approved capital expenditures is not funded twice; once through funding allocated for capital purposes but not spent, and again through the Ministry’s one time grant  The columns 4, 5 and 6 of Schedule 5.2 are used to recover this pupil accommodation debt reserve as at August 31, 2010   The debt reserve amount in column 4 is pre-populated from Schedule 5, column 3, items 2.3.2, 2.4 and 2.5. This amount is reduced by the school renewal and the other components reported on columns 5 and 6 (Schedule 5, column 3, items 2.4 and 2.5) to arrive at the NPP Component of the PA Debt Reserve to be recovered Column 8 populates the Pupil Accommodation – NPP deferred revenue closing balance before recovery from Schedule 5.1

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Schedule 5.2 A/R from Province (cont’d)

 The amount of the net receivable from the Province as at August 31, 2010 calculated on Schedule 5.2 is summarized in the transaction as follows to record the receivable from the Province and revenue to the board: DR: Accounts Receivable – Government of Ontario (Schedule 5.2) $XXX,XXX,XXX CR: Revenue (Schedule 9, item 1.1) $XXX,XXX,XXX To record a receivable from the province as at August 31, 2010, based on the supported capital debt (net of reserves / deferred revenue)   This entry shows that boards will record a receivable from the Province, and a corresponding revenue as of August 31, 2010 The receivable is reported separately on Schedule 1, line 1.4 – Accounts Receivable – Government of Ontario, Approved Capital. The revenue side of this entry is pulled as part of Schedule 9, item 1.1 – Legislative grants current year

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Schedule 9 – Revenues

  The purpose of this schedule is to collect revenue information All revenues reported on this Schedule (including all legislative grants, federal grants, third party revenues, etc)

Major Changes

 Name changed from Operating Fund Revenues to Revenues  All capital and operating revenues previously recorded in the funds schedules will now be included on Schedule 9 (funds no longer presented under PSAB – 1200)   The schedule has been reorganized to align the headings with the summary categories presented on Schedule 1.1 (Consolidated Statement of Operations) Line 1.1 – legislative grants (current year) includes Capital Wrap-Up net receivable from province  New lines added for:     School Generated Funds (lines 4.1 and 4.2) Lines 8.12 and 8.13 for Board Level donations Net gain on disposal of assets to be reported on line 8.16

New lines included to report Amounts from Deferred Revenue

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Schedule 9 – (cont’d)

 Amounts from Deferred Revenue pre-populated onto 5 categories on Schedule 9 from Schedule 5.1: Schedule 9 Line 2.8

Line 2.23

Line 2.26

Line 5.5

Line 8.15

Amounts from Deferred Revenue - Other Ministry of Education Grants Amounts from Deferred Revenue - Other Ministries Amounts from Deferred Revenue - Other GRE Amounts from Deferred Revenue - Federal Government Amounts from Deferred Revenue - Other Third Party Schedule 5.1, Column 4 Lines 1.13 + 2.13

Lines 1.21 + 2.20

Lines 1.23 + 1.24 + 1.25

Lines 1.26 + 2.27

Lines 1.28 + 1.29 + 1.30 + 1.31 + 2.35 - 2.27

  All amounts received from the Government of Ontario that are non grants e.g. secondments of staff to EDU are to be reported on line 8.14 – Government of Ontario: Non-grant payments New line added for Net Gain on disposal of assets – line 8.16. This will be shown if the total gain/loss on disposal from Schedule 3C less the deferred gain on disposal proceeds subject to restriction (reported on Schedule 5.1) is a positive number

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Schedule 10 – Expenses

  The purpose of this schedule is to collect expense information on a PSAB basis by expenditure category within functional areas and will be reported on a fully accrual basis Expenses reported under the five categories in accordance with the Uniform Code of Accounts:      Instruction Administration Transportation Pupil Accommodation Other

Major Changes

  Name changed from Operating Fund Expenditures to Expenses All expenses previously reported in the funds will now be recorded on Schedule 10 under PSAB (as per PS-1200)   New lines added for reporting amortization expenses and net loss on disposal Replacement Furniture and Equipment column removed (previously column 6)

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Schedule 10 – (cont’d)

  Tangible Capital Assets reporting:      Capital spending that meets the capitalization criteria per the TCA guide will not be reported on Schedule 10; they will be included on the TCA Continuity Schedule 3C as well as Capital Expenditures Schedule 3 Capital expenses that do NOT meet the capitalization criteria are to be reported under column 05 – Supplies and Services Column 05 includes also items related to Replacement of Furniture and Equipment and “Other Capital” items considered as operating Amortization expenses related to TCA to be recorded on Schedule 10 and split into the five categories; total of amortization expenses reported on Schedule 10, column 12 to tie back to the in-year amortization expenses reported on TCA Schedule 3C New line added for Loss on Disposal of TCA number – line 80.1. This will be reported if the total gain/loss on disposal from Schedule 3C less the deferred gain on disposal proceeds subject to restriction is a negative Prepaid Expenses and Inventories of Supplies reporting:  Previously expense reported on schedule 10 reflected goods and services acquired. Expenses are now required to be reported on a full accrual basis (i.e. reflect goods and services consumed)

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Schedule 10 ADJ - Adjustments for Compliance Purposes

    The Ministry has introduced legislative changes effective 2010-11 that would more closely align compliance to PSAB. For 2009-10, the current compliance model still applies The purpose of this is to calculate adjusted expenses for compliance purposes. This schedule captures all the adjustments to the expenses reported on Schedule 10 to arrive at the Adjusted Expenditures for Compliance purposes The adjusted amounts are carried forward to Data Form D and used for variance analysis purposes

Major Changes

  Previous column for Increase/(Decrease) in Non-Financial Assets deleted New columns added for :   Amortization and Net Loss on Disposal of TCA; and School Generated Funds

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Schedule 10ADJ – Data Entry

     Principal payments and increase in sinking funds on long-term debt continue to be included in adjustments for compliance  This column total = Debt principal payments + sinking fund contributions + increase due to interest in the sinking fund assets Adjustments to interest and vacation accrual remain the same as in prior periods. For employee future benefits (EFB), boards must enter the increase/decrease in the unfunded EFB liability as in prior periods Amortization expenses and loss on disposal excluded for compliance purposes as they do not represent cash payments. This is pre-populated from Schedule 10   Amortization expenses reported on column 17 under the respective expenditure categories Loss on disposal reported on column 17 under the Pupil Accommodation category Expenses related to School Generated Funds are also excluded for compliance as they represent funds raised for specific purposes at the school level. To be pre-populated on column 18 under the Other category

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Schedule 10ADJ (cont’d)

 Total expenses column (i.e. column 21) in Schedule 10 ADJ is pre-populated from the total in Schedule 10 and adjusted by the amounts in column 22  The Adjusted Expenditures for Compliance (column 23) is carried forward to Data Form D to be used for variance analysis

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Data Form D

 Purpose of this form is to show the current year’s funding allocations with respect to the net adjusted expenditures of the board. Line 17 of the form reflects the in-year operating results of the board before the impact of capital debt servicing costs and school renewal

Major Changes

 Columns reporting allocations from the various funds have been removed. These include:      Prior year surplus / (deficit) Net expenditures before transfers from reserves Capital expenditures funded from Operating Transfers from reserve and school activities funds Allocations and adjustments to entitlement for non-compliance  Two new columns added to report   The amortization relating to mTCA. The amount on the total line is brought from Schedule 3C, screen 2, column for Amortization Expense (column 5) The distribution of Transfers to Deferred Revenue (column 9); previously reported on one line

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Completing Data Form D

   Data Form D starts with the Adjusted Expenditures for Compliance pulled from Schedule 10ADJ The form is divided into two parts:   Calculation of Net Expenditures for Compliance Allocations and Variances Transfers to and from Deferred Revenue (legislative grants)    Columns reporting to and from Deferred Revenue are to report amounts from Schedule 9, items 1.2 and 1.3

The total of the column 8 – Transfer from deferred revenues excludes the amounts of the transfer to revenues on Schedule 5.1, item 2.2.3 which is included in the amounts that is recovered from NPP reserves This will be populated into lines 18 – School Renewal and / or line 20 – New Pupil Places, Best Start

83

Data Form D – Relationship to other Schedules

 Total Revenue (Schedule 9)  Less: School Generated Funds (Schedule 9)  Less: Capital Wrap-Up net receivable (Schedule 5.2)  Less: Deferred Revenue recognized in current year less Pupil Accommodation amounts (Schedule 5.1)  Less: Adjusted Expenditures for Compliance Purposes (Schedule 10ADJ)  Plus: mTCA amortization expenses (Schedule 3C)  Equals the Variance Reported on Data Form D

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Schedule 3 - Capital Expenditures

   The purpose of this form is to capture the total capital expenditures incurred during the year broken down by the different functional areas All capital expenditures recorded as Capitalized Expenditures on Schedule 3 column 1 should tie back to the total of the additions and betterments column recorded in the TCA continuity (i.e. Schedule 3C) This form is entirely input by boards

Major Changes

  Name changed from Capital Fund Expenditures – Expenditures and Financing to Capital The summary section – Land, Buildings and Other TCA’s by Asset Class removed  Columns 0.1.1 and 0.1.2 deleted  The entire screen 2 has been removed

85

Schedule 3 - Capital Expenditures

  Boards are asked to report capital expenditures on the different expense categories as broken down on Schedules 10 and 10ADJ      Instruction Administration Transportation Pupil Accommodation Other Pupil Accommodation expenses to be reported as incurred by the following programs:       School Renewal Good Places to Learn New Pupil Places, Best Start Growth Schools, PCS, Capital Transitional Adjustment and PTR projects Full-time kindergarten accommodation Energy Efficient Schools

86

Data Form A.3 - Revenue Recognition/Enveloping Criteria

   Data Form A. 3 replaces the previous Data Form A.2 for reporting the enveloping provisions for pupil accommodation allocations The purpose of the form is to align the enveloping criteria with the continuity of the Deferred Revenue balance for Pupil Accommodation and also track the “Accumulated Eligible Expenditures” where boards have incurred eligible expenditures in advance of the revenue Data Form will no longer be applicable as of next year due to the capital wrap-up as of August 31, 2010

Major Changes

 The opening balance populates from the 2008-09 (FO reviewed file) closing balance on this data form  Two new lines have been introduced to segregate amounts for the following. These amounts will be pulled from Schedule 3:   School Renewal spent on capitalizable items New Pupil Places and Best Start spent on capitalizable items

87

Questions?

88

Part E – Changes to Schedules

   Schedule 3C: Tangible Capital Asset Continuity Schedule 10F: Employee Benefits Schedule 10G: Supplementary Information on Retirement Benefits, Post-employment Benefits, Compensated Absences and Termination Benefits

89

Schedule 3C – TCA Continuity

   

Main Changes

One new section – Leasehold Improvements

    To capture betterments to assets under operating leases First time to collect the information All cells except for the closing balance are enter cells Refer to Appendix J of TCA guide for opening balance establishment

Adjustments to opening balance are available to all asset classes

 

IMPORTANT

– Adjustment to opening balance should be recorded as prior year restatement, not the in year activities Net Book Value – Opening Balance is calculated from GBV/AA opening and Adjustments to Opening Balance. It is carried forwarded to schedule 5 line 4.5

Three new columns:

   Transfers Between Asset Classes Closing Balance from Asset Upload Data Error Message

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Schedule 3C – TCA Continuity New Columns

 

Transfer Between Asset Classes

   Only applies to land, land improvements and buildings Transfer between regular asset classes and PRFS and between owned assets and capital leased assets Grand total of transfer has to be zero

Closing Balance from Asset Upload Data and Error Message

        These two new columns are to cross check data integrity Only applies to land, land improvement, building 40/20, building PRFS, CIP/PAC Opening balances in Schedule 3C are preloaded from 0809 financial statements Transfer between asset classes are entered by boards In year change (including adjustments to opening balance) are preloaded from data upload file Closing balance August 31, 2010 column will be calculated using information from different sources (0809 F/S, board enter and data upload file) Ending balances from data upload file will be carried forwarded into column “closing balance from asset upload data” Two ending balances have to agree otherwise there will be error message

91

Schedule 10F - Employee Benefits



Boards are required to refer to PSA Handbook Section 3250 and 3255 for terminologies used in schedule 10F and 10G

  

Retirement Benefits, Post-Employment Benefits, Compensated Absences and Termination Benefits is broken down into four categories

    Retirement Benefits Retirement Health, Dental, Life Insurance Plans etc.

Post-employment Benefits/Compensated Absences Termination Benefits

Three new categories are added

    Worker's Compensation Benefits OPSEU Pension Plan Other Pension Plan These categories were included in “other” in the past

No change to following categories

     Life Insurance / Long-Term Disability Statutory Employee Benefits Extended Health Benefits - Current Employees OMERS Other

92

Schedule 10G – Benefits Obligations

   

Two new columns

  Column 21 – Expense Increase Due to Plan Amendment a.

Information purpose - Expense increase due to plan amendment is included in the benefits expense b.

Starting 2010-11, boards will be responsible for the increase for compliance Column 22 – Discount rate used in actuarial assessment

Retirement/Sick Leave Gratuity Plans is broken down into two categories

  Retirement Gratuity Plans Post Employment Benefits/Compensated Absences

Three new categories are added

  Termination Benefits, OPSEU Pension Benefits and Other Pension Benefits These categories were included in “other” in the past

No change to following categories

   Retirement Health, Dental, Life Insurance Plans etc.

Long-term Disability Plans Workers Compensation Benefits

93

Questions?

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Further Information

1) Finance Officer

As a first point of contact, please direct queries to your finance officer, who will coordinate with the Reporting Entity Team to resolve your query.

2) Reporting Entity Team Andrew Yang

Project Manager 416-325-4212 [email protected]

Elizabeth Sulkovsky

Senior Business & Policy Analyst 416-325-8527 [email protected]

Soundari Vigneshwaran

Business Analyst 416-326-9168 Soundari.Vigneshwaran

@ontario.ca

Patrick Pelletier

Business Analyst 416-325-2058 [email protected]

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