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Capital Asset Valuation Update and Emerging Issues for District School Boards

This presentation by Marion Jarrell outlines the current status and emerging issues regarding capital asset valuation for District School Boards (DSBs). Most records have been updated, but a few remain outstanding. The audit by the Office of the Auditor General of Ontario (OAGO) identified data problems, prompting ongoing data cleansing efforts. By the end of March, information will be uploaded to the Province, detailing financial positions, net expenses, and net assets of the broader public sector, with critical timelines for reporting.

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Capital Asset Valuation Update and Emerging Issues for District School Boards

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Presentation Transcript

  1. Status & Emerging Issues Presented by Marion Jarrell

  2. Capital Asset Valuation Project • DSB’s have updated a majority of their records • Still a few records outstanding • Non-permanent structures (Portables) • 45 DSBs have locked, 17 SAs have locked • 27 DSBs remaining, 8 SAs remaining • OAGO did interim audit and found some data problems – currently doing data cleansing • Target Completion: end of March

  3. Upload of Info to Province • Extract info from EFIS and uploaded • Statement of Financial Position • Schedule 20 • March Inter-entity reports • Account reconciliation, adjustments and elimination entries entered • OAGO beginning audit on March 1st.

  4. March Reports • A similar process will be used for the March Report information • Upload from EFIS • Account reconciliation, adjustments and elimination entries entered • TIMELINES ARE CRITICAL to meet provincial accounts.

  5. What will it look like? • Province will report Net Expenses and Net Assets of the Broader Public Sector with a supporting schedule for school boards. • “Net Expenses” will be • DSB PSAB expenditures • Adjusted for capital assets • Less: Local Taxation & Other Revenues

  6. Question & Answer Period

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