1 2010-11 year end financial report 2010-11 year end financial report november 15, 2011 presented...
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2010-11YEAR END FINANCIAL REPORT
2010-11YEAR END FINANCIAL REPORT
November 15, 2011
Presented by:John A. Sabo, Associate Director -Leading Services & Treasurer of the Board
Anna K. Chan, Senior Manager, Business Services & Assistant Treasurer
York Catholic District School Board
Audited Financial StatementsFor Year Ended August 31, 2011Audited Financial Statements
For Year Ended August 31, 2011
2
York Catholic District School Board
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
AGENDAAGENDA
3
York Catholic District School Board
2010-11 Financial Results2010-11 Financial Results
FINANCIAL OPERATING
RESULTS
FINANCIAL OPERATING
RESULTS
4
York Catholic District School Board
Financial Operating Results
Overview
2010-11 Financial Operating Results
Operating Revenues
Operating expenses:
By Function & By Object
Financial Operating Results & Accumulated Surplus
2010-11 Financial Results2010-11 Financial Results
5
York Catholic District School Board
2010-11 Financial Operating Results
OVERVIEW
No Compliance Deficit
Compliance with Ministry Envelopes Special Education Admin & Governance (within 15% limitation)
Pupil Accommodation
2010-11YEAR END FINANCIAL REPORT
2010-11YEAR END FINANCIAL REPORT
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York Catholic District School Board
2010-11 Financial Operating Results
OVERVIEWComparative 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
2010-11YEAR END FINANCIAL REPORT
2010-11YEAR END FINANCIAL REPORT
7
Increase (Decrease) %
ENROLMENTElementary 34,531.73 34,499.35 -32.38 -0.1%Secondary 18,034.02 18,088.30 54.28 0.3%
Total Enrolment 52,565.75 52,587.65 21.90 0.0%
OPERATING REVENUEGrants for Student Needs 498,520,530$ 498,641,782$ 121,251$ 0.0%Prior Year Grants (66,509) (66,509) Other Grants 4,613,718 6,879,161 2,265,443 49.1%Other Revenues 3,494,858 3,860,856 365,998 10.5%Continuing Education Other 5,366,511 4,577,934 (788,577) -14.7%
OPERATING REVENUE 511,995,617$ 513,893,224$ 1,897,607$ 0.4%
OPERATING EXPENDITURES 517,273,902 517,019,109 (254,793)$ 0.0%
(5,278,285)$ (3,125,885)$ 2,152,400$ -40.8%
EXTRAORDINARY ITEMS:
Extraordinary Items -$ 1,170,365$ 1,170,365$
(5,278,285)$ (1,955,520)$ 3,322,765$ -63.0%
5,278,285$ 1,955,520$ (3,322,765)$ -63.0%
-$ -$ -$
UTILIZATION OF AS-AFC
Balance
Variance2010-11 Revised
Estimates2010-11Actual
Results
(DEFICIT) before Extraordinary Items
SURPLUS (DEFICIT) after Extraordinary Items
2010-11 Financial Operating Results
York Catholic District School Board
2010-11YEAR END FINANCIAL REPORT
2010-11YEAR END FINANCIAL REPORT
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Operating Revenues 2010-11 Actual
York Catholic District School Board
Grants for Student Needs97.02% Other Grants
1.34%
Continuing Ed (non-GSN)0.89%
Other Revenue0.75%
Grants for Student Needs Other Grants
Other Revenue Continuing Ed (non-GSN)
2010-11 Actuals %OPERATING REVENUEGrants for Student Needs 498,575,273$ 97.02%Other Grants 6,879,161$ 1.34%Other Revenue 3,860,856$ 0.75%Continuing Ed (non-GSN) 4,577,934$ 0.89%
513,893,224$ 100.00%
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York Catholic District School Board
Operating Expenses Expenses by Function & Object
Pupil Accommodation
9.67%
Admin & Governance
2.86%
School Classroom74.53%
School Non-classom9.90%
Transportation3.03%
$
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 FUNCTION BY OBJECT
Benefits11.39%
Salaries&Wages78.02%
Staff Development0.29%
Fees & Contract. 4.78%
Capital1.07%
Other0.15%
Supplies4.30%
$ 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%
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2010-11 Financial Operating Results
2010-11YEAR END FINANCIAL REPORT
2010-11YEAR END FINANCIAL REPORT
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 UnappropriatedProfessional Development 291,898 277,694 569,592 Benefits/WSIB Claims Fluctuation 1,679,000 426,500 2,105,500 Technology Infrastructure 750,000 (123,852) 626,148 General School Budgets 682,777 209,827 892,604 School Council 88,764 (46,146) 42,618 Scholarship Fund 10,492 (10,492) - Data Centre 2,728,208 (1,312,316) 1,415,892 Vacation Pay 2,886,446 403,554 3,290,000 Unappropriated 709,026 (709,026) -
Board Established ASD-AFC 9,826,611 (884,257) 8,942,354
Registered Charity 138,274 50,332 188,606
Available for Compliance - Unappropriated 9,964,885 (833,925) 9,130,960
Ministry Required: ASD-AFC - Appropriated
Pupil Accommodation Debt Reserve (FRP) 1,071,263 (1,071,263) - Available for Compliance - Appropriated 1,071,263 (1,071,263) -
11,036,148 (1,905,188) 9,130,960
York Catholic District School BoardAccumulated Surplus/Deficit - Available for Compliance 2010-11
BOARD ASD - AFC (UNCOMMITTED)
ASD-AFC untilized for 2010-
11:
($1,955,520)
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York Catholic District School Board
2010-11 Financial Results2010-11 Financial Results
CUMULATIVE RESULTS
CUMULATIVE RESULTS
12
York Catholic District School Board
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)
2010-11YEAR END FINANCIAL REPORT
2010-11YEAR END FINANCIAL REPORT
13
Final Position: Accumulated Surplus 2010-11
2010-11YEAR END FINANCIAL REPORT
2010-11YEAR END FINANCIAL REPORT
Boards will focus on Board Established Accumulated Surplus – Available for Compliance plus Ministry Required Deferred Revenues
York Catholic District School Board
2009-10 Restated Amounts
2010-11 Increase /(Decrease)
2010-11 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
TOTAL Accumulated Surplus/(Deficit) 107,891,558 3,077,082 110,968,640
MINISTRY REQUIRED: ASD -EFC
BOARD ASD - AFC (UNCOMMITTED)
BOARD ASD - AFC COMMITTED SINKING FUND INTEREST EARNED
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2010-11 Deferred Revenue (Ministry Required)
2010-11YEAR END FINANCIAL REPORT
2010-11YEAR END FINANCIAL REPORT
Revenue recognized in the period
Deferred Revenues-Ministry Required
Special Education (inc. SEA) - 63,120,641 (63,120,641) - - Energy Efficient - Operating 12,984 - (12,984) - - FDK - SEPPA - 374,288 (374,288) - - Other Micellaneous Grants - 1,023,455 - - 1,023,455 Other Provincial Grants (MCI) 45,341 - - 45,341 Minor Tangible Capital Asset 12,469,984 (10,875,899) (1,594,085) - School Renewal 5,646,961 (650,357) (4,996,604) - Temporary Accommodation 5,697,651 (1,431,883) (4,265,768) - Interest on Capital 29,759,802 (29,759,802) - Green Schhols Pilot 22,697 (22,697) - Energy Efficient/Renewable - 5,215,015 - (4,755,452) 459,563 Proceeds of Disposition 4,110,484 - - - 4,110,484 Education Development Charges - 14,217,610 (14,217,610) -
TOTAL 4,146,165 137,570,748 (120,443,464) (15,634,606) 5,638,843
Balance as at August 31, 2010
Restated
Balance as at August 31, 2011
Transfers to deferred capital contributions
(DCC)
Deferred Revenue - Ministry Required
Externally restricted revenue and
investment income
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2010-11 Accumulated Surplus/Deficit: Details
2010-11YEAR END FINANCIAL REPORT
2010-11YEAR END FINANCIAL REPORT
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 UnappropriatedProfessional Development 291,898 277,694 569,592 Benefits/WSIB Claims Fluctuation 1,679,000 426,500 2,105,500 Technology Infrastructure 750,000 (123,852) 626,148 General School Budgets 682,777 209,827 892,604 School Council 88,764 (46,146) 42,618 Scholarship Fund 10,492 (10,492) - Data Centre 2,728,207 (1,312,315) 1,415,892 Vacation Pay 2,886,446 403,554 3,290,000 Unappropriated 709,026 (709,026) -
Board Established ASD-AFC 9,826,610 (884,256) 8,942,354
Registered Charity 138,274 50,332 188,606
Available for Compliance - Unappropriated 9,964,884 (833,924) 9,130,960
Ministry Required: ASD-AFC - Appropriated
Pupil Accommodation Debt Reserve (FRP) 1,071,263 (1,071,263) - Available for Compliance - Appropriated 1,071,263 (1,071,263) -
11,036,147 (1,905,187) 9,130,960
18,590,648 (683,480) 17,907,168
29,626,795 (2,588,667) 27,038,128
Ministry Required: Accumulated Surplus/(Deficit)-Unavailable for Compliance ("ASD-UFC")
Employee Future Benefits (86,606,300) (8,188,164) (94,794,464)Interest to be Accrued (7,750,419) 2,370,107 (5,380,312)Vacation Pay Accrued (2,886,446) (403,554) (3,290,000)School Generated Funds 5,749,627 629,530 6,379,157 NPF - EDC (13,423,010) 4,112,417 (9,310,593)Net TCA (non-depreciable TCA) 183,181,311 7,145,413 190,326,723
- - - -
78,264,763 5,665,748 83,930,511
TOTAL Accumulated Surplus/(Deficit) 107,891,558 3,077,082 110,968,640
MINISTRY REQUIRED: ASD -UFC
BOARD ASD - AFC (UNCOMMITTED)
BOARD ASD - AFC COMMITTED SINKING FUND INTEREST EARNED
BOARD ASD - AFC TOTAL (Ministry Compliance)
Board Focus
Ministry Compliance
Mandatory Committed Funds
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2010-11 Compliance Results = Board operating results + Committed ASD-AFC activity
2010-11YEAR END FINANCIAL REPORT
2010-11YEAR END FINANCIAL REPORT
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 UnappropriatedProfessional Development 291,898 277,694 569,592 Benefits/WSIB Claims Fluctuation 1,679,000 426,500 2,105,500 Technology Infrastructure 750,000 (123,852) 626,148 General School Budgets 682,777 209,827 892,604 School Council 88,764 (46,146) 42,618 Scholarship Fund 10,492 (10,492) - Data Centre 2,728,208 (1,312,316) 1,415,892 Vacation Pay 2,886,446 403,554 3,290,000 Unappropriated 709,026 (709,026) -
Board Established ASD-AFC 9,826,611 (884,257) 8,942,354
Registered Charity 138,274 50,332 188,606
Available for Compliance - Unappropriated 9,964,885 (833,925) 9,130,960
Ministry Required: ASD-AFC - Appropriated
Pupil Accommodation Debt Reserve (FRP) 1,071,263 (1,071,263) - Available for Compliance - Appropriated 1,071,263 (1,071,263) -
11,036,148 (1,905,188) 9,130,960
18,590,648 (683,480) 17,907,168
TOTAL Accumulated Surplus/(Deficit) - Compliance Position 29,626,796 (2,588,668) 27,038,128
BOARD ASD - AFC COMMITTED SINKING FUND INTEREST EARNED
York Catholic District School BoardAccumulated Surplus/Deficit - Available for Compliance 2010-11
BOARD ASD - AFC (UNCOMMITTED)
ASD-AFC untilized for 2010-
11:
($1,955,520)
Ministry Compliance
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Accumulated Deficit History 1988 - 2011
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT2010-11 YEAR END FINANCIAL REPORT
Accumulated Deficit History 1988-2011
0.65
5.9
14.516.2 16
32.3
28.5
19.1
9.1
2.7
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1998-
99
1999-
00
2000-
01
2001-
02
2002-
03
2003-
04
2004-
05
2005-
06
2006-
07
2007-
08
2008-
09
2009-
10
2010-
11
Year
Mill
ion
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York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT2010-11 YEAR END FINANCIAL REPORT
Note: Excludes General School Budget balance carry-forwards to isolate true Board Working Fund Surplus
Accumulated Surplus -Available for Compliance ("uncommitted") History 1998-2011
7.859 7.775
4.277 4.385
5.079
9.116
7.999
6.3756.680
5.710 5.518 5.297
2.820
8.050
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
1998
1998
-99
1999
-00
2000
-01
2001
-02
2002
-03
2003
-04
2004
-05
2005
-06
2006
-07
2007
-08
2008
-09
2009
-10
2010
-11
Year
Mill
ion
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York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT2010-11 YEAR END FINANCIAL REPORT
Note: Excludes General School Budget balance carry-forwards to isolate true Board Working Fund Surplus
Working Fund Accumulated Surplus ("Uncommitted") History as Percentage of Operating Revenues
1998-2011
1.73% 1.64%1.79%
2.89%
2.39%
1.79% 1.76%1.44%
1.30%1.17%
0.59%
1.61%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
1999
-00
2000
-01
2001
-02
2002
-03
2003
-04
2004
-05
2005
-06
2006
-07
2007
-08
2008
-09
2009
-10
2010
-11
Year
Per
cen
tag
e
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Accumulated Surplus/Deficit - UFC
2010-11YEAR END FINANCIAL REPORT
2010-11YEAR END FINANCIAL REPORT
Note: Vacation Pay Accrued will be Board responsibility -50% 2011-12 & 50% 2012-13. Equal amount has been set aside within AS-AFC.
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 (86,606,300) (8,188,164) (94,794,464)Interest to be Accrued (7,750,419) 2,370,107 (5,380,312)Vacation Pay Accrued (2,886,446) (403,554) (3,290,000)School Generated Funds 5,749,627 629,530 6,379,157 NPF - EDC (13,423,010) 4,112,417 (9,310,593)Net TCA (non-depreciable TCA) 183,181,311 7,145,413 190,326,723
- - - -
78,264,763 5,665,748 83,930,511
York Catholic District School BoardAccumulated Surplus / Deficit 2010-11
MINISTRY REQUIRED: ASD -UFC
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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
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT2010-11 YEAR END FINANCIAL REPORT
22
York Catholic District School Board
Future Employee Benefits Payable (PSAB)
• Externally calculated actuarial valuations
• Significant $’s: Future implications
Refer to Note 7 Notes to the Consolidated Financial Statements
2010-11 YEAR END FINANCIAL REPORT2010-11 YEAR END FINANCIAL REPORT
2011 2010 Increase
Retirement Gratuities 14,914,142$ 14,816,608$ 97,534$
Retiree Benefits Premiums 50,740,125 44,925,994 5,814,131
Disability Waiver 906,404 859,095 47,309
Sick Leave 24,022,675 23,323,413 699,262
90,583,346$ 83,925,110$ 6,658,236$ WSIB 4,211,118 2,681,188 1,529,930
TOTAL 94,794,464$ 86,606,298$ 8,188,166$
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York Catholic District School Board
2010-11 Financial Results2010-11 Financial Results
RECONCILIATION:Operating Revenue &
ExpensesTo
Consolidated Revenue & Expenses
RECONCILIATION:Operating Revenue &
ExpensesTo
Consolidated Revenue & Expenses
24
2010-11 YEAR END FINANCIAL REPORT2010-11 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 itemsInterest - Operating 775,000 775,000 Interest - Capital 327,442 327,442 Capital Transfer - Sinking Fund Int /Data Centre & FRP 2,621,499 2,553,576 67,923
3,723,941 2,553,576 1,170,365
BOARD OP'G POSITION AFTER EXTRAORDINARY ITEMS 517,617,165 519,572,685 (1,955,520)
Registered Charity revenue &expenses 500,577 450,245 50,332
Gross Up grants & revenuesMisc grants & income (gross up of fd 59) 3,409,151 3,409,151 - CUS netting 695,056 695,056 -
4,104,207 4,104,207 - DCC & TCA activities
DCC Transfer to Revenue 25,193,069 25,193,069 Minor TCA (Tsf to DCC) (1,594,085) (1,594,085) - Amortization TCA 25,607,021 (25,607,021) Write down of TCA 269,527 (269,527)
23,598,984 24,282,463 (683,479) "Capital" funded operating items:
Capital Fund Operating Grants 2,095,224 2,095,224 - Debt Charges Grant 29,432,360 29,432,360 - NPF Debt Grant 224,087 224,087 - EDC Income (net of revenue recovery on land disposal) 11,533,148 11,533,148 EDC Operating Costs 275,319 (275,319)
43,284,819 32,026,990 11,257,829 PSAB items:
School Generated Funds 22,889,280 22,259,750 629,530 Increase in unfunded liabilities (PSAB) 6,221,610 (6,221,610)
22,889,280 28,481,360 (5,592,080)
CONOLIDATED REVENUE & EXPENSES 611,995,032 608,917,950 3,077,082
Ministry Compliance:($2,588,667)
Unavailable for Compliance
25
York Catholic District School Board
2010-11 Financial Results2010-11 Financial Results
AUDITED CONSOLIDATED
FINANCIAL STATEMENTS
AUDITED CONSOLIDATED
FINANCIAL STATEMENTS
26
Audited Consolidated Financial Statements Management Report – responsibility to financials Independent Auditors’ Report CONSOLDIATED STATEMENT OF FINANCIAL POSITION
NEW – DCC CONSOLIDATED STATEMENT OF OPERATIONS CONSOLIDATED STATEMENT OF CASH FLOW CONSOLIDATED STATEMENT OF CHANGES IN NET DEBT Notes to Consolidated Financial Statements Comparatives 2010/11 vs 2009/10 vs 2008/09:
Consolidated Statement of Financial Position Consolidated Statement of Operations
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT2010-11 YEAR END FINANCIAL REPORT
27
Audited Consolidated Financial Statements
MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS Signed by Director of Education and Chief
Financial Officer (Treasurer) Consolidated Financial Statements audited by
Grant Thornton
INDEPENDENT AUDITORS’ REPORT New: Special Purpose report refers to basis of
accounting in Note#1 Not qualified re school funds
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT2010-11 YEAR END FINANCIAL REPORT
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York Catholic District School Board
Audited Financial Statements
Statement of Financial Position
The Statement of Financial Position shows the financial assets, liabilities, non-financial assets (New: DCC)
An analysis and reconciliation of the Statement of Financial Position is included in the 2010-11 Year End Financial Report to the Audit Committee (refer Appendix D)
2010-11 YEAR END FINANCIAL REPORT2010-11 YEAR END FINANCIAL REPORT
29
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT2010-11 YEAR END FINANCIAL REPORT
2011 2010Actual Restated
(Note 2)$ $
FINANCIAL ASSETSCash and cash equivalents 6,379,157 5,749,627 Accounts receivable 22,827,300 22,818,165 Accounts receivable-Government of Ontario-Approved Capital (Note 3) 424,646,034 422,495,770 Assets held for sale (Note 4) 2,163,428 - Other 1,795,137 2,256,675 TOTAL FINANCIAL ASSETS 457,811,056 453,320,237
LIABILITIESTemporary borrowing (Note 9) 6,674,651 3,932,843 Accounts payable and accrued liabilities 44,232,788 43,069,081 Deferred revenue (Note 5) 5,638,843 4,146,165 Other 1,581,514 3,230,663 Deferred capital contributions (Note 6) 656,536,273 650,435,340 Employee benefits payable (Note 7) 94,794,464 86,606,298 Net debt and capital leases (Note 8) 399,990,619 406,783,801 TOTAL LIABILITIES 1,209,449,152 1,198,204,191
NET DEBT (751,638,096) (744,883,954)
NON-FINANCIAL ASSETSTangible capital assets (Note 12) 862,606,736 852,775,512 TOTAL NON-FINANCIAL ASSETS 862,606,736 852,775,512
ACCUMULATED SURPLUS (Note 13) 110,968,640 107,891,558
As at August 31, 2011Consolidated Statement of Financial Position
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York Catholic District School Board
Audited Consolidated Financial Statements
The Consolidated Statement of Operations Revenues includes DCC revenue
2010-11 YEAR END FINANCIAL REPORT2010-11 YEAR END FINANCIAL REPORT
2011 2010Actual Actual
Restated$ $
REVENUESProvincial grants 349,252,201 346,828,555 Deferred capital contribution revenue 25,193,069 24,892,840 Provincial grants - Grants for Student Needs 374,445,270 371,721,395 Provincial grants - other 13,293,211 11,375,627 Local taxation 180,442,288 173,714,426 School generated funds 22,889,280 22,196,223 Investment income 3,571,273 4,262,372 Other fees and revenues 17,353,711 15,810,813 TOTAL REVENUES 611,995,033 599,080,856
Consolidated Statement of OperationsFor the year ended August 31, 2011
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York Catholic District School Board
Audited Consolidated Financial Statements
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.
2010-11 YEAR END FINANCIAL REPORT2010-11 YEAR END FINANCIAL REPORT
2011 2010Actual Actual
RestatedEXPENSESInstruction 447,290,171 420,963,605 Administration 16,157,249 14,896,461 Transportation 15,724,004 16,331,978 Pupil accommodation 106,987,371 108,112,583 School generated funds 22,259,750 22,041,177 Other 499,406 224,087 TOTAL EXPENSES 608,917,951 582,569,891
Consolidated Statement of OperationsFor the year ended August 31, 2011
32
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT2010-11 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
33
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORTComparatives 2009 to 2011
2010-11 YEAR END FINANCIAL REPORTComparatives 2009 to 2011
2011 2010 2010 2009 2009Actual Restated Actual Restated Actual
$ $ $ $ $FINANCIAL ASSETSCash and cash equivalents 6,379,157 5,749,627 5,749,627 6,937,188 6,937,188 Accounts receivable 22,827,300 22,818,165 22,818,165 21,671,250 21,671,250
A/R-Gov of Ontario-Approved Capital 424,646,034 422,495,770 424,180,098 - - Assets held for sale 2,163,428 - - - - Other 1,795,137 2,256,675 2,256,673 4,587,753 4,587,753 TOTAL FINANCIAL ASSETS 457,811,056 453,320,237 455,004,563 33,196,191 33,196,191
LIABILITIESTemporary borrowing 6,674,651 3,932,843 3,932,843 6,500,000 6,500,000 Accounts payable and accrued liabilities 44,232,788 43,069,081 42,866,071 44,396,551 44,396,548 Deferred revenue/Deferred Rev-Reserves 5,638,843 4,146,165 3,834,205 4,829,614 5,141,574 Other / Deferred Revenue-Other 1,581,514 3,230,663 3,230,662 3,198,445 3,198,445 Deferred capital contributions 656,536,273 650,435,340 - Employee benefits payable 94,794,464 86,606,298 86,606,298 79,607,989 79,607,989 Net debt and capital leases 399,990,619 406,783,801 406,783,801 382,570,414 382,570,414 TOTAL LIABILITIES 1,209,449,152 1,198,204,191 547,253,880 521,103,013 521,414,970
NET DEBT (751,638,096) (744,883,954) (92,249,317) (487,906,822) (488,218,779)
NON-FINANCIAL ASSETSTangible Capital Assets 862,606,736 852,775,512 852,775,512 832,634,794 TOTAL NON-FINANCIAL ASSETS 862,606,736 852,775,512 852,775,512 832,634,794
FINANCIAL POSITIONCapital Fund (51,552,935) Reserve Fund 28,983,810 School activities Fund 5,594,581 TOTAL FUND BALANCE (16,974,544)
Amounts to be recovered (471,244,235)
ACCUMULATED SURPLUS (FORMERLY NET FINANCIAL POSITION) 110,968,640 107,891,558 760,526,195 344,727,972 (488,218,779)
Consolidated Statement of Financial Position
End of Fund Accounting
34
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORTComparatives 2009 to 2011
2010-11 YEAR END FINANCIAL REPORTComparatives 2009 to 2011
2011 2010 2010 2009 2009Actual Actual Actual Actual Actual
Restated Restated$ $ $ $ $
REVENUESProvincial grants 349,252,201 346,828,555 346,828,555 324,899,812 324,899,812 DCC revenue/Cap Debt Support-Appr Cap 25,193,069 24,892,840 424,180,098 - Provincial grants - Grants for Student Needs 374,445,270 371,721,395 771,008,653 324,899,812 324,899,812 Provincial grants - other 13,293,211 11,375,627 11,375,627 9,457,894 9,457,894 Local taxation 180,442,288 173,714,426 173,714,426 169,110,846 169,110,846 School generated funds/School fundraising 22,889,280 22,196,223 22,196,223 20,913,394 20,913,394 Investment income 3,571,273 4,262,372 4,262,372 4,525,203 4,525,203 Other fees and revenues 17,353,711 15,810,813 15,810,813 13,465,348 13,465,348 TOTAL REVENUES 611,995,033 599,080,856 998,368,114 542,372,497 542,372,497
EXPENSESInstruction 447,290,171 420,963,605 420,963,605 401,420,988 400,649,511 Administration 16,157,249 14,896,461 14,896,461 15,089,950 15,072,161 Transportation 15,724,004 16,331,978 16,331,978 16,600,302 16,590,267 School operations and maintenance 48,562,818 Pupil accommodation 106,987,371 108,112,583 108,112,583 90,842,568 92,105,408 School generated funds/School funded activities 22,259,750 22,041,177 22,041,177 20,600,149 20,600,149 Other 499,406 224,087 224,087 645,929 645,929 TOTAL EXPENSES 608,917,951 582,569,891 582,569,891 545,199,886 594,226,243
ANNUAL SURPLUS/(DEFICIT) 3,077,082 16,510,965 415,798,223 (2,827,389) (51,853,746)
FINANCIAL TRANSACTIONSLong term financing issued 10,250,246 Debt repayment and sinking fund contribution (13,725,733) Increase in unfunded liabilities 9,661,087 CHANGES IN AMOUNTS TO BE RECOVERED 6,185,600
CHANGE IN FUND BALANCES (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)
Consolidated Statement of Operations
Amortization
PSAB Financial Statement presentation introduced
35
York Catholic District School Board
2010-11 Financial Results2010-11 Financial Results
AUDITOR’S REPORT TO AUDIT COMMITTEE
AUDITOR’S REPORT TO AUDIT COMMITTEE
36
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
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT2010-11 YEAR END FINANCIAL REPORT
37
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
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT2010-11 YEAR END FINANCIAL REPORT
38
York Catholic District School Board
2010-11 Financial Results2010-11 Financial Results
OVERVIEW &RECOMMENDATIONS
OVERVIEW &RECOMMENDATIONS
39
York Catholic District School Board
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)
2010-11 YEAR END FINANCIAL REPORT2010-11 YEAR END FINANCIAL REPORT
40
2010-11 Financial Operating Results
2010-11YEAR END FINANCIAL REPORT
2010-11YEAR END FINANCIAL REPORT
Increase (Decrease) %
ENROLMENTElementary 34,531.73 34,499.35 -32.38 -0.1%Secondary 18,034.02 18,088.30 54.28 0.3%
Total Enrolment 52,565.75 52,587.65 21.90 0.0%
OPERATING REVENUEGrants for Student Needs 498,520,530$ 498,641,782$ 121,251$ 0.0%Prior Year Grants (66,509) (66,509) Other Grants 4,613,718 6,879,161 2,265,443 49.1%Other Revenues 3,494,858 3,860,856 365,998 10.5%Continuing Education Other 5,366,511 4,577,934 (788,577) -14.7%
OPERATING REVENUE 511,995,617$ 513,893,224$ 1,897,607$ 0.4%
OPERATING EXPENDITURES 517,273,902 517,019,109 (254,793)$ 0.0%
(5,278,285)$ (3,125,885)$ 2,152,400$ -40.8%
EXTRAORDINARY ITEMS:
Extraordinary Items -$ 1,170,365$ 1,170,365$
(5,278,285)$ (1,955,520)$ 3,322,765$ -63.0%
5,278,285$ 1,955,520$ (3,322,765)$ -63.0%
-$ -$ -$
UTILIZATION OF AS-AFC
Balance
Variance
2010-11 Revised Estimates
2010-11Actual Results
(DEFICIT) before Extraordinary Items
SURPLUS (DEFICIT) after Extraordinary Items
41
2010-11YEAR END FINANCIAL REPORT
2010-11YEAR END FINANCIAL REPORT
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 UnappropriatedProfessional Development 291,898 277,694 569,592 Benefits/WSIB Claims Fluctuation 1,679,000 426,500 2,105,500 Technology Infrastructure 750,000 (123,852) 626,148 General School Budgets 682,777 209,827 892,604 School Council 88,764 (46,146) 42,618 Scholarship Fund 10,492 (10,492) - Data Centre 2,728,208 (1,312,316) 1,415,892 Vacation Pay 2,886,446 403,554 3,290,000 Unappropriated 709,026 (709,026) -
Board Established ASD-AFC 9,826,611 (884,257) 8,942,354
Registered Charity 138,274 50,332 188,606
Available for Compliance - Unappropriated 9,964,885 (833,925) 9,130,960
Ministry Required: ASD-AFC - Appropriated
Pupil Accommodation Debt Reserve (FRP) 1,071,263 (1,071,263) - Available for Compliance - Appropriated 1,071,263 (1,071,263) -
11,036,148 (1,905,188) 9,130,960
18,590,648 (683,480) 17,907,168
TOTAL Accumulated Surplus/(Deficit) - Compliance Position 29,626,796 (2,588,668) 27,038,128
BOARD ASD - AFC COMMITTED SINKING FUND INTEREST EARNED
York Catholic District School BoardAccumulated Surplus/Deficit - Available for Compliance 2010-11
BOARD ASD - AFC (UNCOMMITTED)
ASD-AFC untilized for 2010-
11:
($1,955,520)
42
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.
York Catholic District School Board
2010-11 YEAR END FINANCIAL REPORT2010-11 YEAR END FINANCIAL REPORT