1 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT November 15, 2011 Presented by: John A. Sabo, Associate Director - Leading Services.

1

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

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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

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2010-11 Financial Results2010-11 Financial Results

FINANCIAL OPERATING

RESULTS

FINANCIAL OPERATING

RESULTS

4


Financial Operating Results

Overview

2010-11 Financial Operating Results

Operating Revenues

Operating expenses:

By Function & By Object

Financial Operating Results & Accumulated Surplus


5



OVERVIEW

No Compliance Deficit

Compliance with Ministry Envelopes Special Education Admin & Governance (within 15% limitation)

Pupil Accommodation



6



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



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





8

Operating Revenues 2010-11 Actual


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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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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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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CUMULATIVE RESULTS

CUMULATIVE RESULTS

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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)



13

Final Position: Accumulated Surplus 2010-11



Boards will focus on Board Established Accumulated Surplus – Available for Compliance plus Ministry Required Deferred Revenues


2009-10 Restated Amounts


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 COMMITTED SINKING FUND INTEREST EARNED

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2010-11 Deferred Revenue (Ministry Required)



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





2010-11 Accumulated

Surplus / (Deficit)








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 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



2009-10 Restated Amounts (after Eliminations)


2010-11 Accumulated

Surplus / (Deficit)








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





11:

($1,955,520)

Ministry Compliance

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Accumulated Deficit History 1988 - 2011


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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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

19



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

20

Accumulated Surplus/Deficit - UFC



Note: Vacation Pay Accrued will be Board responsibility -50% 2011-12 & 50% 2012-13. Equal amount has been set aside within AS-AFC.



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



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Future Employee Benefits Payable (PSAB)

• Externally calculated actuarial valuations

• Significant $’s: Future implications

Refer to Note 7 Notes to the Consolidated Financial Statements


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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RECONCILIATION:Operating Revenue &

ExpensesTo

Consolidated Revenue & Expenses

RECONCILIATION:Operating Revenue &

ExpensesTo

Consolidated Revenue & Expenses

24


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

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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



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



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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)


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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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The Consolidated Statement of Operations Revenues includes DCC revenue


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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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.


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

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Notes for 2010-11

Of particular note:(1) Note #1: Contains basis of accounting: consolidated financial statements are

prepared under a special purpose fair presentation framework. (2) Note #2: Changes in accounting Policies: provides details of restatements(3) Note #4: Asset held for sale relates to sale of land subsequent to year end

(September 15, 2011)(4) Note #8: Refinancing debenture issue subsequent to year end(5) Note #16: Budget Data restatement

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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




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



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



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



38



OVERVIEW &RECOMMENDATIONS

OVERVIEW &RECOMMENDATIONS

39



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)


40




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





2010-11 Accumulated

Surplus / (Deficit)








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





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.



1 2010-11 YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT November 15, 2011 Presented by: John A. Sabo, Associate Director - Leading Services.

Documents

board operating results

financial statements

audited financial statements

compliance results

auditors report

board anna

school classroom

operating revenues expenses