1. YEAR END FINANCIAL REPORT Audited Financial Statements
York Catholic District School Board
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

2. York Catholic District School Board
AGENDA
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

3. York Catholic District School Board FINANCIAL OPERATING RESULTS
Financial Results
FINANCIAL OPERATING RESULTS

4. York Catholic District School Board
Financial Results
Financial Operating Results
Overview
Financial Operating Results
Operating Revenues
Operating expenses:
By Function & By Object
Financial Operating Results & Accumulated Surplus

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

6. York Catholic District School Board YEAR END FINANCIAL REPORT
YEAR END FINANCIAL REPORT
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

7. York Catholic District School Board YEAR END FINANCIAL REPORT
YEAR END FINANCIAL REPORT
Financial Operating Results

8. York Catholic District School Board
Operating Revenues
Actual

9. York Catholic District School Board Expenses by Function & Object
Operating Expenses
Expenses by Function & Object
BY FUNCTION
BY OBJECT $
Salaries & Wages 403,390, %
Benefits 58,879, %
Staff Development 1,507, %
Supplies & Services 22,227, %
Capital ,537, %
Fees & Contract. 24,701, %
Other , %
Total 517,019, % $
School Classroom ,339, %
School Non-classroom 51,190, %
Admin & Governance ,803, %
Pupil Transportation ,679, %
Pupil Accommodation 50,005, %
TOTAL ,019, %

10. YEAR END FINANCIAL REPORT
YEAR END FINANCIAL REPORT
Financial Operating Results

11. York Catholic District School Board
Financial Results
CUMULATIVE RESULTS

12. York Catholic District School Board YEAR END FINANCIAL REPORT
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)

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

14. YEAR END FINANCIAL REPORT
YEAR END FINANCIAL REPORT
Deferred Revenue (Ministry Required)

15. YEAR END FINANCIAL REPORT
YEAR END FINANCIAL REPORT
Accumulated Surplus/Deficit: Details

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

17. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
YEAR END FINANCIAL REPORT
Accumulated Deficit History

18. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
YEAR END FINANCIAL REPORT
Note: Excludes General School Budget balance carry-forwards to isolate true Board Working Fund Surplus

19. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
YEAR END FINANCIAL REPORT
Note: Excludes General School Budget balance carry-forwards to isolate true Board Working Fund Surplus

20. YEAR END FINANCIAL REPORT
YEAR END FINANCIAL REPORT
Accumulated Surplus/Deficit - UFC
Note: Vacation Pay Accrued will be Board responsibility -50% & 50% Equal amount has been set aside within AS-AFC.

21. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
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
 – Boards assume responsibility
Interest Accrual

22. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
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

23. RECONCILIATION: Operating Revenue & Expenses To
York Catholic District School Board
Financial Results
RECONCILIATION:
Operating Revenue & Expenses To
Consolidated Revenue & Expenses

24. 2010-11 YEAR END FINANCIAL REPORT

25. AUDITED CONSOLIDATED FINANCIAL STATEMENTS
York Catholic District School Board
Financial Results
AUDITED CONSOLIDATED FINANCIAL STATEMENTS

26. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
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

27. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
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

28. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
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 Year End Financial Report to the Audit Committee (refer Appendix D)

29. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
YEAR END FINANCIAL REPORT

30. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
YEAR END FINANCIAL REPORT
Audited Consolidated Financial Statements
The Consolidated Statement of Operations Revenues includes DCC revenue

31. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
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.

32. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
YEAR END FINANCIAL REPORT
Notes for
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

33. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
YEAR END FINANCIAL REPORT
Comparatives 2009 to 2011

34. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
YEAR END FINANCIAL REPORT
Comparatives 2009 to 2011

35. AUDITOR’S REPORT TO AUDIT COMMITTEE
York Catholic District School Board
Financial Results
AUDITOR’S REPORT TO AUDIT COMMITTEE

36. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
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

37. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
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

38. York Catholic District School Board
Financial Results
OVERVIEW &
RECOMMENDATIONS

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

40. YEAR END FINANCIAL REPORT
YEAR END FINANCIAL REPORT
Financial Operating Results

41. YEAR END FINANCIAL REPORT
YEAR END FINANCIAL REPORT

42. 2010-11 YEAR END FINANCIAL REPORT
York Catholic District School Board
YEAR END FINANCIAL REPORT
RECOMMENDATIONS
THAT the Board approve the 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 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.