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2009-10 YEAR END FINANCIAL REPORT

York Catholic District School Board. 2009-10 YEAR END FINANCIAL REPORT. November 17, 2010. Audited Financial Statements For Year Ended August 31, 2010. Presented by: John A. Sabo , Associate Director - Leading Services & Treasurer of the Board

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2009-10 YEAR END FINANCIAL REPORT

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  1. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT November 17, 2010 Audited Financial Statements For Year Ended August 31, 2010 Presented by: John A. Sabo, Associate Director - Leading Services & Treasurer of the Board Anna K. Chan, Senior Manager, Business Services & Assistant Treasurer

  2. York Catholic District School Board AGENDA • 2009-10 Financial Results • Financial Operating Results • What’s New for 2009-10 (PSAB) • Audited Consolidated Financial Statements • Auditors’ Report to Audit Committee • Management Representation Letter • Internal Control Findings • Letter of Independence • PSAB Accounting Developments • Auditing Developments • Overview & Recommendations

  3. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT • Financial Operating Results • PRIMARY FOCUS • Overview • Summary of Financial Position • Accumulated Surplus • Available for Compliance (formerly Reserves) • Deferred Revenues (Ministry Required) • OTHER • Reconciliation: Operating Report vs. Consolidated Financial Statements

  4. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT • 2009-10 Financial Operating Results • OVERVIEW • No Deficit • Compliance with Ministry Envelopes • Special Education • Admin & Governance (within 15% limitation) • Pupil Accommodation

  5. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT 2009-10 Financial Operating Results

  6. York Catholic District School Board Operating Revenues 2009-10 Actual

  7. York Catholic District School Board Operating Expenditures Expenditures by Function

  8. 2009-10 YEAR END FINANCIAL REPORT 2009-10 Financial Operating Results

  9. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT Accumulated Deficit History 1988 - 2010

  10. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT Accumulated Surplus – AFC (Formerly Working Fund Reserves) History 1998 - 2010 Lowest Level yet Note: Excludes General School Budget balance carry-forwards to isolate true Board Working Fund Surplus

  11. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT Note: Excludes General School Budget balance carry-forwards to isolate true Board Working Fund Surplus

  12. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT • What’s New for 2009-10 (PSAB) • PSAB since 2003-04 • Pre-2010 PSAB • 2009-10 PSAB Highlights • 2009-10 PSAB Impact • Financial Position • Statement of Operations • Fiscal focus • Board YE Financial Position = Accumulated Surplus – Available for Compliance (AS-AFC) + Deferred Revenues • Accumulated Surplus/Deficit – Unavailable for Compliance (ASD-UFC)

  13. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT • Pre-2010 PSAB • New Reporting Guidelines – 1st year 2003-04 • Financial Position • Consolidation of Difference Funds: • School Generated/Activities Funds • Reserve Funds • Capital Fund (Not Permanently Financed-”NPF”) • Amounts to be Recovered (“ATBR”) • Long Term Debenture Debt (“LTD”) • Employee Future Benefits • Vacation Pay Accrual • Interest on LTD accrual • Deferred Revenue-Reserves (restricted) - Liabilities

  14. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT • 2009-10 PSAB Highlights • Mandatory adoption of new PSAB sections • 1200 – Financial Statement Presentation • New Financial Statements - Accumulated Surplus/Deficit • No more Fund Accounting • 3150 – Tangible Capital Assets • Capitalization • Amortization • Restatement of 2008-09 Actuals and Budget Data • Capital Wrap-up Template (“CWT”) • Wrap-up of 1998 Capital Model (primarily NPP) • One-time Grant/Receivable from Province for supported Debt/NPF (net of Pupil Accommodation Reserve Fund balance)

  15. What does it all mean?

  16. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT 2009-10 PSAB Impact Financial Position Restatement required for 2008-09 Comparative Data and Budget Data

  17. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT 2009-10 PSAB Impact Statement of Operations (2009-Financial Activities) Restatement required for 2008-09 Comparative Data and Budget Data

  18. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT • 2009-10 PSAB Impact • Pre-2010 Fiscal Focus • Financial Position • Consolidation of Difference Funds: • School Generated/Activities Funds • Reserve Funds = Working Fund Reserves & • Pupil Accommodation Reserve • Capital Fund (Not Permanently Financed-”NPF”) • Amounts to be Recovered (“ATBR”) • Long Term Debenture Debt (“LTD”) • Employee Future Benefits • Vacation Pay Accrual • Interest on LTD accrual • Deferred Revenue-Reserves (restricted) – Liabilities • Proceeds of Disposition (POD) • Other restricted deferred revenues Board Operating Focus Board Capital Focus (inherent risks) – difficult to manage

  19. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT • 2009-10 PSAB Impact • 2009-2010 Fiscal Focus • Board Operating Focus remains the same • Board Capital Focus changed • With CWT, pre-2010 capital Debt & NFP amts divided between supported and not-supported • Subject to Ministry Approval, all YCDSB Debt & NPF amts supported • One-time Grant/Receivable from Province for supported Debt/NPF • Future unapproved projects & project overruns non-supported Working Fund Reserve Accumulated Surplus – Available for Compliance Capital Focus on Project Approvals & Project Cost Management

  20. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT Final Position: Accumulated Surplus 2009-2010 Boards will focus on Board Established Accumulated Surplus – Available for Compliance plus Ministry Required Deferred Revenues

  21. 2009-2010 YEAR END FINANCIAL REPORT 2009-10 Board YE Financial Position Board’s Working Fund Surplus Ministry Req’d Capital Acc’d Surplus & Def’d Rev

  22. 2009-10 YEAR END FINANCIAL REPORT 2009-10 Board YE Financial Position

  23. 2009-10 YEAR END FINANCIAL REPORT Accumulated Surplus/Deficit - UFC

  24. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT • Accumulated Surplus/Deficit – Unavailable for Compliance • CWT – assumed Board Debt & NPF • Subject to Ministry Approval •  No unsupported amounts (except NPF with future expected revenues – e.g. EDC) •  Other positive CWT outcomes • One-time Receivable/Grant from Province • Tangible Capital Asset • 2010-2011 – expect offset Deferred Capital Contribution (DCC) implementation • Amounts not “assumed” by Ministry – Future impacts • Employee Future Benefits •  Future plan enhancement impact – Board responsibility? • Vacation Pay Accrual •  2011-12 – Boards assume responsibility

  25. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT • Future Employee Benefits Payable (PSAB) • Externallycalculated actuarial valuations Refer to Note 5 Notes to the Consolidated Financial Statements

  26. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT CWT: ONE TIME RECEIVABLE/GRANT FROM PROVINCE

  27. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT • Capital Trends Capital expenditures in the last decade has been extremely high. Unless new funding is available, the level of spending will not be sustainable The following charts will provide some trend analysis for period 2000-2010: • Site Expenditures financed by EDC (Year end NPF balance $13.4M) • Capital Construction Expenditures (Year End NPF balance $27.3M) • Facilities Renewal Expenditures (Year End NPF balance $0.57M – subject to Ministry approval of CWT) • Note that FRP is the normalized level of renewal spending Also provided are two summaries: of and remaining balance • NPF in-year activity • NPF Year end Balance Summary

  28. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT

  29. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT

  30. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT

  31. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT

  32. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT

  33. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT • Audited Consolidated Financial Statements • Management Report – responsibility to financials • Auditors’ Report (NOT qualified re School Funds) • CONSOLDIATED STATEMENT OF FINANCIAL POSITION • Incorporates PSAB liabilities (Employee Future Benefits/Vacation Accrual/LTD Interest Accrual)/Restricted Reserves as Deferred Revenues • NEW – TCA and Accumulated Surplus/Deficit • CONSOLIDATED STATEMENT OF OPERATIONS (formerly Financial Activities) • CONSOLIDATED STATEMENT OF CASH FLOW • NEW – CONSOLIDATED STATEMENT OF CHANGES IN NET DEBT • Notes to Consolidated Financial Statements

  34. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT Audited Financial Statements • Pre 04-05 Reporting: • Balance Sheet • Revenue Fund Stmt of Operations • Capital Fund Stmt of Operations • Reserve Funds – Stmt of Continuity • PSAB: 04-05 to 08-09 • Stmt of Financial Position • Stmt of Financial Activities with Fund Stmts (Operating/Capital/ School Activities) • Stmt of Changes in Financial Position • Note: Negative “Net Financial Position” • PSAB: 2009-10 • Stmt of Financial Position • Stmt of Operations (No Fund Stmts) • Stmt of Cash Flow • Stmt of Changes in Net Debt • Note: “Accumulated Surplus” Statements requiring publication

  35. York Catholic District School Board 2009-10 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) • Board Statements audited by Grant Thornton

  36. York Catholic District School Board 2009-10 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: TCA) and (New) Accumulated Surplus of the Board. • An analysis and reconciliation of the Statement of Financial Position is included in the 2009-10 Year End Financial Report to the Audit Committee (refer Appendix D)

  37. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT

  38. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT Audited Consolidated Financial Statements The Consolidated Statement of Operations Revenues includes the One Time Grant/Receivable from the Province of $424,180,098.

  39. 2009-10 YEAR END FINANCIAL REPORT Audited Consolidated Financial Statements The Consolidated Statement of Operations Revenues includes the One-Time Grant/Receivable from the Province of $424,180,098.

  40. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT 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. NEW FOR 2009-10: TCA expenditures were deducted and amortization expenses were added.

  41. 2009-10 YEAR END FINANCIAL REPORT 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. NEW FOR 2009-10: TCA expenditures were deducted and amortization expenses were added.

  42. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT New for 2009-10 • All Notes for 2009-10 are new • Of particular note: • Note #2: Change in Accounting Policy (PSAB 1200&3150) including restatement of 2008-09 comparative data • Note #3: Accounts Receivable from Province (One time grant) • Note #10: Tangible Capital Assets • Note #11: Accumulated Surplus • Note #14: Budget Data restatement • Note #15: Transportation Consortium • Note #16: Future Accounting for Contributions Used for Capital – an unusual note on future new policy to recognize Govt transfers and external contributions used for TCA over remaining service life of asset, thereby, eliminating Accumulated Surplus from TCA

  43. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT • AUDITORS’ REPORT TO AUDIT COMMITTEE • Audit Results, Reportable matters • Auditor’s Report • Management Representation Letter • Internal Control Findings • Letter of Independence • PSAB Accounting Developments • Auditing Developments

  44. York Catholic District School Board 2009-10 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

  45. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT • 2009-10 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)

  46. 2009-10 YEAR END FINANCIAL REPORT 2009-10 Financial Operating Results

  47. 2009-2010 YEAR END FINANCIAL REPORT 2009-10 Board YE Financial Position Board’s Working Fund Surplus Ministry Req’d Capital Acc’d Surplus & Def’d Rev

  48. York Catholic District School Board 2009-10 YEAR END FINANCIAL REPORT RECOMMENDATIONS THAT the Board approve the 2009-10 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 2009-10 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.

  49. York Catholic District School Board • PSAB IMPLEMENTATION • Does it improve funding/grants Positive results from CWT • What changed this year? • Capitalization of Assets ($ .852 billion) • Financial Statement Presentation • Accumulated Surplus (formerly negative Financial Position) • What changes next year? • Deferred Capital Contribution implementation? • Resulting effect: Accumulated Deficit • We’ll keep you posted

  50. 2009-10 YEAR END FINANCIAL REPORT Questions

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