O. Reg. 220/16: DETERMINATION OF BOARDS' SURPLUSES AND DEFICITS
filed June 16, 2016 under Education Act, R.S.O. 1990, c. E.2
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made under the
Education Act
Made: June 1, 2016
Filed: June 16, 2016
Published on e-Laws: June 16, 2016
Printed in The Ontario Gazette: July 2, 2016
Amending O. Reg. 488/10
(DETERMINATION OF BOARDS’ SURPLUSES AND DEFICITS)
1. Sections 2.4 and 3 of Ontario Regulation 488/10 are revoked and the following substituted:
In-year surplus and in-year deficit: 2013-2014 and 2014-2015
3. For the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2013-2014 and 2014-2015 fiscal years, the amount determined as follows shall be excluded:
1. Calculate the amount payable by the board on the last day of the previous fiscal year (2012-2013 or 2013-2014, as the case may be) in respect of retirement benefits and post-employment benefits for the things described in subclause 177 (1) (a) (ii) of the Act for employees of the board.
2. Calculate the amount payable by the board on the last day of the relevant fiscal year (2013-2014 or 2014-2015, as the case may be) in respect of retirement benefits and post-employment benefits for the things described in subclause 177 (1) (a) (ii) of the Act for employees of the board.
3. Subtract the amount determined under paragraph 1 from the amount determined under paragraph 2.
4. Multiply the amount determined under paragraph 3,
i. by 0.5 for the 2013-2014 fiscal year, or
ii. by 0.25 for the 2014-2015 fiscal year.
In-year surplus and in-year deficit: 2013-2014 to 2015-2016
4. For the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2013-2014, 2014-2015 and 2015-2016 fiscal years, the amount determined as follows shall be included:
1. Take the total of every amount determined in a previous fiscal year under this section or under this section’s predecessor, subsection 2.4 (2).
2. Add the amount determined under subsection 2.3 (3) for the 2012-2013 fiscal year.
3. Subtract the amount determined under paragraph 2 from the amount determined under paragraph 3 of subsection 2.3 (3) for the 2012-2013 fiscal year.
4. Take the lesser of the amount determined under paragraph 3 and the amount determined under paragraph 5 of subsection 2.3 (3) for the 2012-2013 fiscal year.
5. Take either of the following amounts:
i. The amount determined under paragraph 4.
ii. An amount selected by the board, and reported to the Minister, that is greater than the amount determined under paragraph 4 but does not exceed the amount determined under paragraph 3.
In-year surplus and in-year deficit: 2013-2014 and subsequent years
5. For the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2013-2014 fiscal year and the following fiscal years, the amount determined as follows shall be included:
1. Take the total of every amount determined in a previous fiscal year under this section or under this section’s predecessor, subsection 2.4 (3).
2. Add the amount determined under subsection 2.3 (4) for the 2012-2013 fiscal year.
3. Subtract the amount determined under paragraph 2 from the amount determined under paragraph 3 of subsection 2.3 (4) for the 2012-2013 fiscal year.
4. Take the lesser of the amount determined under paragraph 3 and the amount determined under paragraph 4 of subsection 2.3 (4) for the 2012-2013 fiscal year.
5. Take either of the following amounts:
i. The amount determined under paragraph 4.
ii. An amount selected by the board, and reported to the Minister, that is greater than the amount determined under paragraph 4 but does not exceed the amount determined under paragraph 3.
In-year surplus and in-year deficit: 2016-2017
6. For the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2016-2017 fiscal year, the amount determined as follows shall be included:
1. Take the amount determined under paragraph 3 of section 2.3 (3). (The amount determined under paragraph 3 of subsection 2.3 (3) is the amount determined by going through the determination process set out in paragraphs 1 through 3 of subsection 2.3 (3).)
2. Subtract the amount determined under subsection 2.3 (3).
3. Subtract the amount determined under section 4 for the 2013-2014 fiscal year.
4. Subtract the amount determined under section 4 for the 2014-2015 fiscal year.
5. Subtract the amount determined under section 4 for the 2015-2016 fiscal year.
6. Subtract the amount funded by the Ministry in the 2015-2016 fiscal year with respect to the sick leave credit gratuities amount under section 42.1 of Ontario Regulation 195/15 (Grants for Student Needs - Legislative Grants for the 2015-2016 School Board Fiscal Year) made under the Act.
7. Subtract the amount of the one-time actuarial gain, or add the amount of the one-time actuarial loss, related to the change for the 2015-2016 fiscal year in the amount payable by the board with respect to sick leave credit gratuities, as set out in the board’s financial statements under section 252 of the Act.
8. Take the expected average remaining service life of the employees of the board that are eligible for a sick leave credit gratuity, as of the last day of the 2015-2016 fiscal year, as set out in the board’s financial statements under section 252 of the Act.
9. Subtract 1 from the amount referred to in paragraph 8.
10. Divide the amount determined under paragraph 7 by the amount determined under paragraph 9.
11. Take either of the following amounts:
i. The amount determined under paragraph 10.
ii. An amount selected by the board, and reported to the Minister, that is greater than the amount determined under paragraph 10 but does not exceed the amount determined under paragraph 7.
In-year surplus and in-year deficit: 2017-2018 and subsequent years
7. For the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2017-2018 fiscal year, and the following fiscal years, the amount determined as follows shall be included:
1. Take the total of any amount determined under this section in a previous fiscal year and the amount determined under section 6.
2. Subtract the amount determined under paragraph 1 from the amount determined under paragraph 7 of section 6.
3. Take the lesser of the amount determined under paragraph 2 of this section and the amount determined under paragraph 10 of section 6.
4. Take either of the following amounts:
i. The amount determined under paragraph 3.
ii. An amount selected by the board, and reported to the Minister, that is greater than the amount determined under paragraph 3, but does not exceed the amount determined in paragraph 2.
Commencement
2. This Regulation comes into force on the day it is filed.