PUBLIC 2013-2014 DRAFT AUDITED FINANCIAL STATEMENTS A generous man will himself be blessed, for he shares his food with the poor. Proverbs 22:9 Created, Draft First Tabling Review November 18, 2014 November 20, 2014 D. Bilenduke, Senior Coordinator of Finance P. De Cock, Comptroller of Business Services & Finance RECOMMENDATION REPORT Vision: At Toronto Catholic we transform the world through witness, faith, innovation and action. Mission: The Toronto Catholic District School Board is an inclusive learning community rooted in the love of Christ. We educate students to grow in grace and knowledge and to lead lives of faith, hope and charity. G. Poole Associate Director of Academic Affairs A. Sangiorgio Associate Director of Planning and Facilities S. Pessione Associate Director of Business Services, Chief Financial Officer and Treasurer Angela Gauthier Director of Education REPORT TO REGULAR BOARD Page 68 of 371
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PUBLIC
2013-2014 DRAFT AUDITED FINANCIAL STATEMENTS
A generous man will himself be blessed, for he shares his food
with the poor.
Proverbs 22:9
Created, Draft First Tabling Review
November 18, 2014 November 20, 2014
D. Bilenduke, Senior Coordinator of Finance
P. De Cock, Comptroller of Business Services & Finance
RECOMMENDATION REPORT
Vision:
At Toronto Catholic we transform the world
through witness, faith, innovation and action.
Mission:
The Toronto Catholic District School Board is an
inclusive learning community rooted in the love of
Christ. We educate students to grow in grace and
knowledge and to lead lives of faith, hope and
charity.
G. Poole
Associate Director of Academic Affairs
A. Sangiorgio
Associate Director of Planning and Facilities
S. Pessione
Associate Director of Business Services,
Chief Financial Officer and Treasurer
Angela Gauthier
Director of Education
REPORT TO REGULAR BOARD
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Page 2 of 4
A. EXECUTIVE SUMMARY
This report provides the Board with the 2013-14 draft audited financial statements for approval.
The 2013-14 Financial Statements reflect an in-year Public Sector Accounting Board (PSAB)
surplus of $26.740 million and an accumulated surplus of $123.453 million. The in-year
operating surplus / (deficit) position for Ministry reporting is ($8.903) million in-year deficit and
an accumulated ($6.647) million deficit.
B. PURPOSE
1. The attached statements for fiscal 2013-14 have been audited by KPMG following their
Audit Plan presented to and accepted by the Audit Committee at their meeting on
September 24, 2014.
2. The Auditors gave an in depth presentation on their audit findings to the Audit
Committee at their meeting held on November 18, 2014.
3. Committee members were given an opportunity to question staff as well as KPMG both
with and without staff present.
C. BACKGROUND
Per Regulation 361(9)(1) of the Education Act, the Audit Committee reviews the draft annual
audited Financial Statements before they are presented to Board for approval.
D. EVIDENCE/RESEARCH/ANALYSIS
1. Attached is the 2013-14 draft audited Financial Statements for the Toronto Catholic
District School Board. The 2013/14 Financial Statements reflect an in year Public Sector
Accounting Board “PSAB” surplus of $26.740 million and an accumulated surplus of
$123.453 million.
2. This report also provides a final financial report based on Ministry reporting requirements
(Appendix A) and the explanations of material budget variances for revenues and
expenditures are as follows:
i. Revenue changes due to decline in enrolment of 235 Average Daily Enrolment
(ADE) amounting to $2.5M. In addition, Capital revenues have been moved to
Deferred Capital Contributions and Proceeds of Disposition.
ii. Teachers’ Salaries and Benefits expenses have increased due to the following:
a) 1 of 3 Professional Development days paid and Maternity Leaves increased above
budget by $2.8M.
b) New attendance recognition payment amounting to $0.8M
c) Teachers Salary expenses increased due to teacher qualifications and related work
experience upgrades.
d) Benefits and Gratuity expenses increased by $8.1M
e) Average Teacher Salaries increased by $280 resulting in an overall increase in
salaries by $1.6M
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Page 3 of 4
iii. Occasional teacher deployment is less than planned due to new sick leave plan.
iv. Education Assistants expenditure category is lower than the budgeted due to reduced
supply educational assistant costs.
v. The Classroom Computers expenditure category is lower than budget due to minor
capital equipment expenditures reclassified as capital fixed assets.
vi. The cost of commissions and health insurance provided to Visa students increased
due to the higher number of non-resident Visa Students.
vii. The cost of professionals and paraprofessionals are lower than budget due to savings
realized in contracted support staff and minor capital equipment expenditures have
been reclassified as capital fixed assets.
viii. Library and Guidance salaries are higher than budgeted due to higher average salaries
and movement on the salary grid.
ix. In-School Administration salary expenses are lower than budget due to the averaging
of 10 month and 12 month School Secretary salaries.
x. Co-ordinators and Resource Teachers are higher than budgeted due to movement on
the salary grid and benefits
xi. Continuing Education expenditures increased due to larger than anticipated number of
instructional hours delivered.
xii. Trustee expenses for Constituency Assistants, telephone, data and internet services,
professional development decreased due to less usage.
xiii. Board Administration expenses are lower than budgeted due to savings realized in
legal fees, savings in printing costs by implementing an electronic agenda
management system and online pay stubs, and the reclassification of minor capital
equipment costs to capital fixed assets.
xiv. Transportation expenditure variance is due to an invoice for 2013-14 expensed in the
2012-13 fiscal year.
xv. School Operations and Maintenance expenses is lower than budget due to minor
capital equipment expenditures reclassified to capital fixed assets.
3. The in-year deficit for Ministry reporting is ($8.903) million for 2013-14 and the
accumulated deficit is ($6.647) million. A summary of In-Year and Accumulated
Operating Surplus / (Deficit) has also been attached as Appendix B.
4. The Ministry of Education Financial Statements and Schedules (EFIS) for the 2013-14
fiscal year have been finalized and submitted by the November 15, 2014 deadline to
avoid a 50% monthly cash flow penalty. Any changes arising from Board approval of the
statements will result in the resubmission of EFIS without penalty.
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5. After a comprehensive discussion at the Audit Committee meeting of November 18, 2014
the committee endorsed the 2013-14 Draft Financial Statements as attached and
recommends their approval by the Board of Trustees.
E. STAFF RECOMMENDATION
That the Regular Board of Trustees approves the 2013-14 audited financial statements as
recommended by the Audit Committee.
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APPENDIX A
Toronto Catholic District School Board
Interim Financial Report
For the Period Ending August 31, 2014
($ thousands)
Actual Revenues &
Spending 2013-14
Variance to
Rev. Est
Budget
(Estimates)
Budget
(Revised
Estimates)
$ Increase
(Decrease)
% Increase
(Decrease)to Aug 31/14 to Aug 31/14 % of Budget Spent Notes