YEAR END FINANCIAL REPORT Audited Financial Statements York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT November 15, 2011 Audited Financial Statements For Year Ended August 31, 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 AGENDA 2010-11 Financial Results Financial Operating Results Cumulative Results Reconciliation from Operating to Consolidated Financial Statements Audited Consolidated Financial Statements Auditors’ Report to Audit Committee Overview & Recommendations

York Catholic District School Board FINANCIAL OPERATING RESULTS 2010-11 Financial Results FINANCIAL OPERATING RESULTS

York Catholic District School Board 2010-11 Financial Results Financial Operating Results Overview 2010-11 Financial Operating Results Operating Revenues Operating expenses: By Function & By Object Financial Operating Results & Accumulated Surplus

York Catholic District School Board YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 2010-11 Financial Operating Results OVERVIEW No Compliance Deficit Compliance with Ministry Envelopes Special Education Admin & Governance (within 15% limitation) Pupil Accommodation

York Catholic District School Board YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 2010-11 Financial Operating Results OVERVIEW Comparative 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

York Catholic District School Board YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 2010-11 Financial Operating Results

York Catholic District School Board Operating Revenues 2010-11 Actual

York Catholic District School Board Expenses by Function & Object Operating Expenses Expenses by Function & Object BY FUNCTION BY OBJECT $ 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% $ 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%

YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 2010-11 Financial Operating Results

York Catholic District School Board 2010-11 Financial Results CUMULATIVE RESULTS

York Catholic District School Board YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 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)

YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT Final Position: Accumulated Surplus 2010-11 Boards will focus on Board Established Accumulated Surplus – Available for Compliance plus Ministry Required Deferred Revenues

YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 2010-11 Deferred Revenue (Ministry Required)

YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 2010-11 Accumulated Surplus/Deficit: Details

YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 2010-11 Compliance Results = Board operating results + Committed ASD-AFC activity Ministry Compliance

2010-11 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT Accumulated Deficit History 1988 - 2011

2010-11 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT Note: Excludes General School Budget balance carry-forwards to isolate true Board Working Fund Surplus

2010-11 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT Note: Excludes General School Budget balance carry-forwards to isolate true Board Working Fund Surplus

YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 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 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 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

2010-11 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT Future Employee Benefits Payable (PSAB) Externally calculated actuarial valuations Significant $’s: Future implications Refer to Note 7 Notes to the Consolidated Financial Statements

RECONCILIATION: Operating Revenue & Expenses To York Catholic District School Board 2010-11 Financial Results RECONCILIATION: Operating Revenue & Expenses To Consolidated Revenue & Expenses

2010-11 YEAR END FINANCIAL REPORT

AUDITED CONSOLIDATED FINANCIAL STATEMENTS York Catholic District School Board 2010-11 Financial Results AUDITED CONSOLIDATED FINANCIAL STATEMENTS

2010-11 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 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

2010-11 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 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) 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

2010-11 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 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: 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 REPORT York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT

2010-11 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT Audited Consolidated Financial Statements The Consolidated Statement of Operations Revenues includes DCC revenue

2010-11 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 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.

2010-11 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT Notes for 2010-11 Of particular note: Note #1: Contains basis of accounting: consolidated financial statements are prepared under a special purpose fair presentation framework. Note #2: Changes in accounting Policies: provides details of restatements Note #4: Asset held for sale relates to sale of land subsequent to year end (September 15, 2011) Note #8: Refinancing debenture issue subsequent to year end Note #16: Budget Data restatement

2010-11 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT Comparatives 2009 to 2011

2010-11 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT Comparatives 2009 to 2011

AUDITOR’S REPORT TO AUDIT COMMITTEE York Catholic District School Board 2010-11 Financial Results AUDITOR’S REPORT TO AUDIT COMMITTEE

2010-11 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 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

2010-11 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 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

York Catholic District School Board 2010-11 Financial Results OVERVIEW & RECOMMENDATIONS

York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 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)

YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT 2010-11 Financial Operating Results

YEAR END FINANCIAL REPORT 2010-11 YEAR END FINANCIAL REPORT

2010-11 YEAR END FINANCIAL REPORT York Catholic District School Board 2010-11 YEAR END FINANCIAL REPORT 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.