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2010-11 YEAR END FINANCIAL REPORT

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

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2010-11 YEAR END FINANCIAL REPORT

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  1. 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

  2. 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

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

  4. 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

  5. York Catholic District School Board 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

  6. York Catholic District School Board 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

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

  8. York Catholic District School Board Operating Revenues 2010-11 Actual

  9. York Catholic District School Board 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%

  10. 2010-11 YEAR END FINANCIAL REPORT 2010-11 Financial Operating Results

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

  12. York Catholic District School Board 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)

  13. 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

  14. 2010-11 YEAR END FINANCIAL REPORT 2010-11 Deferred Revenue (Ministry Required)

  15. 2010-11 YEAR END FINANCIAL REPORT 2010-11 Accumulated Surplus/Deficit: Details

  16. 2010-11 YEAR END FINANCIAL REPORT 2010-11 Compliance Results = Board operating results + Committed ASD-AFC activity Ministry Compliance

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

  18. 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

  19. 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

  20. 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.

  21. 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

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

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

  24. 2010-11 YEAR END FINANCIAL REPORT

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

  26. 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

  27. 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

  28. 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)

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

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

  31. 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.

  32. 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

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

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

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

  36. 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

  37. 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

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

  39. 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)

  40. 2010-11 YEAR END FINANCIAL REPORT 2010-11 Financial Operating Results

  41. 2010-11 YEAR END FINANCIAL REPORT

  42. 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.

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