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Education Act

ONTARIO REGULATION 488/10

Determination of Boards’ Surpluses and Deficits

Consolidation Period: From June 16, 2016 to the e-Laws currency date.

Last amendment: O. Reg. 220/16.

This is the English version of a bilingual regulation.

CONTENTS

1.

Accumulated surplus and accumulated deficit

2.

In-year surplus and in-year deficit: 2010-2011

2.1

In-year surplus and in-year deficit: every fiscal year after 2010-2011

2.2

In-year surplus and in-year deficit: 2011-2012

2.3

In-year surplus and in-year deficit: 2012-2013

3.

In-year surplus and in-year deficit: 2013-2014 and 2014-2015

4.

In-year surplus and in-year deficit: 2013-2014 to 2015-2016

5.

In-year surplus and in-year deficit: 2013-2014 and subsequent years

6.

In-year surplus and in-year deficit: 2016-2017

7.

In-year surplus and in-year deficit: 2017-2018 and subsequent years

Accumulated surplus and accumulated deficit

1. (1) The following amounts, determined as of the last day of the 2009-2010 fiscal year, shall be excluded in the determination of a board’s accumulated surplus or accumulated deficit:

1. The amount of accrued interest on debt owed by the board.

2. Revoked:  O. Reg. 161/11, s. 1 (1).

3. The amount of funds available to principals for school purposes that are not included in the estimates adopted by the board of its revenues and expenses.  These funds include funds raised by school councils.

4. The amount payable by the board in respect of the following matters:

i. Retirement benefits for employees of the board.

ii. Post-employment benefits for employees of the board.

iii. Compensated absences for employees of the board.

iv. Termination benefits for employees of the board.

v. Vacation pay for employees of the board.

5. The amount used by the board to acquire land, not including buildings or fixtures, that was recognized in revenue.  O. Reg. 488/10, s. 1 (1); O. Reg. 161/11, s. 1 (1, 2).

(2) The following amount, determined as of the first day of the 2014-2015 fiscal year, shall be excluded in the determination of a board’s accumulated surplus or accumulated deficit:

1. The amount of the board’s liability for contaminated sites. O. Reg. 79/14, s. 1.

In-year surplus and in-year deficit: 2010-2011

2. (0.1) This section only applies for the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2010-2011 fiscal year.  O. Reg. 137/12, s. 1 (1).

(1) The following amounts, determined as of the last day of the fiscal year, shall be excluded in the determination of a board’s in-year surplus or in-year deficit:

1. The amount of the increase or decrease, as compared to the previous fiscal year, of accrued interest on debt owed by the board.

2. Revoked:  O. Reg. 161/11, s. 2 (1).

3. The amount of the increase or decrease, as compared to the previous fiscal year, of funds available to principals for school purposes that are not included in the estimates adopted by the board of its revenues and expenses.  These funds include funds raised by school councils.

4. The amount determined as follows:

i. Calculate the amount that would have been payable by the board in the previous fiscal year in respect of the matters set out in subsections (2) and (3) if the agreements that existed on August 31, 2010 governing those matters applied.

ii. Calculate the amount that would have been payable by the board in the current fiscal year in respect of the matters set out in subsections (2) and (3) if the agreements that existed on August 31, 2010 governing those matters applied.

iii. Subtract the amount determined under subparagraph i from the amount determined under subparagraph ii.

5. The amount taken from the board’s education development charge accounts and used by the board for the purpose described in clause 16 (2) (a) of Ontario Regulation 20/98 (Education Development Charges — General) made under the Act.

6. The amount used by the board to acquire land, not including buildings or fixtures, that was recognized in revenue in the fiscal year.  O. Reg. 488/10, s. 2 (1); O. Reg. 161/11, s. 2 (1, 2); O. Reg. 137/12, s. 1 (2).

(2) The matters referred to in paragraph 4 of subsection (1) are the following:

1. Retirement benefits for employees of the board.

2. Post-employment benefits for employees of the board.

3. Compensated absences for employees of the board.

4. Termination benefits for employees of the board.  O. Reg. 488/10, s. 2 (2).

(3) In addition to the matters set out in subsection (2), vacation pay for employees of the board shall also be a matter for the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2010-2011 fiscal year.  O. Reg. 488/10, s. 2 (3).

(4) Revoked:  O. Reg. 137/12, s. 1 (3).

In-year surplus and in-year deficit: every fiscal year after 2010-2011

2.1 The following amounts, determined as of the last day of each fiscal year after the 2010-2011 fiscal year, shall be excluded in the determination of a board’s in-year surplus or in-year deficit:

1. The amount of the increase or decrease, as compared to the previous fiscal year, of accrued interest on debt owed by the board.

2. The amount of the increase or decrease, as compared to the previous fiscal year, of funds available to principals for school purposes that are not included in the estimates adopted by the board of its revenues and expenses.  These funds include funds raised by school councils.

3. The amount used by the board to acquire land, not including buildings or fixtures, that was recognized in revenue in the fiscal year. 

4. The amount taken from the board’s education development charge accounts and used by the board for the purpose described in clause 16 (2) (a) of Ontario Regulation 20/98 (Education Development Charges — General) made under the Act.  O. Reg. 137/12, s. 2.

In-year surplus and in-year deficit: 2011-2012

2.2 (1) For the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2011-2012 fiscal year, the amount determined as follows shall be excluded:

1. Calculate the amount that would have been payable by the board on the last day of the 2010-2011 fiscal year in respect of the matters set out in subsection (2) if the agreements that existed on August 31, 2010 governing those matters applied.

2. Calculate the amount that would have been payable by the board on the last day of the 2011-2012 fiscal year in respect of the matters set out in subsection (2) if the agreements that existed on August 31, 2010 governing those matters applied.

3. Subtract the amount determined under paragraph 1 from the amount determined under paragraph 2.  O. Reg. 137/12, s. 2.

(2) The matters referred to in paragraphs 1 and 2 of subsection (1) are the following:

1. Retirement benefits for employees of the board.

2. Post-employment benefits for employees of the board.

3. Compensated absences for employees of the board.  O. Reg. 137/12, s. 2.

(3) For the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2011-2012 fiscal year, the amount determined as follows shall be included:

1. Take the amount described in subparagraph 4 v of subsection 1 (1), determined as of the last day of the 2009-2010 fiscal year.

2. Add the portion of the amount determined under paragraph 4 of subsection 2 (1) for the 2010-2011 fiscal year that is in respect of vacation pay for employees of the board.

3. Multiply the result determined under paragraph 2 by 0.5.  O. Reg. 137/12, s. 2.

In-year surplus and in-year deficit: 2012-2013

2.3 (1) For the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2012-2013 fiscal year, the amount determined as follows shall be excluded:

1. Calculate the amount payable by the board on the last day of the 2011-2012 fiscal year 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 2012-2013 fiscal year 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 by 0.75.  O. Reg. 137/12, s. 2; O. Reg. 271/12, s. 1 (1, 2).

(2) For the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2012-2013 fiscal year, the amount determined under subsection 2.2 (3) for the 2011-2012 fiscal year shall be included.  O. Reg. 137/12, s. 2.

(3) For the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2012-2013 fiscal year, the amount determined as follows shall be included:

1. Take the portion of the amount described in paragraph 4 of subsection 1 (1), determined as of the last day of the 2009-2010 fiscal year, that is in respect of compensated absences and sick leave credit gratuities for employees of the board.

2. Add the portion of the amount determined under paragraph 4 of subsection 2 (1) for the 2010-2011 fiscal year that is in respect of compensated absences and sick leave credit gratuities for employees of the board.

3. Add the portion of the amount determined under subsection 2.2 (1) for the 2011-2012 fiscal year that is in respect of compensated absences and sick leave credit gratuities for employees of the board.

4. Determine the expected average remaining service life of the employees of the board who are entitled to compensated absences or sick leave credit gratuities, determined as of the first day of the 2012-2013 fiscal year.

5. Divide the result determined under paragraph 3 by the number determined under paragraph 4.

6. Take either of the following amounts:

i. The amount determined under paragraph 5.

ii. An amount selected by the board, and reported to the Minister, that is greater than the amount determined under paragraph 5 but does not exceed the amount determined under paragraph 3.  O. Reg. 137/12, s. 2; O. Reg. 271/12, s. 1 (3).

(4) For the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2012-2013 fiscal year, the amount determined as follows shall be included:

1. Take the portion of the amount described in paragraph 4 of subsection 1 (1), determined as of the last day of the 2009-2010 fiscal year, that is in respect of retirement benefits and post-employment benefits for the things described in subclauses 177 (1) (a) (i) and (iii) of the Act for employees of the board.

2. Add the portion of the amount determined under paragraph 4 of subsection 2 (1) for the 2010-2011 fiscal year that is in respect of retirement benefits and post-employment benefits for the things described in subclauses 177 (1) (a) (i) and (iii) of the Act for employees of the board.

3. Add the portion of the amount determined under subsection 2.2 (1) for the 2011-2012 fiscal year that is in respect of retirement benefits and post-employment benefits for the things described in subclauses 177 (1) (a) (i) and (iii) of the Act for employees of the board.

4. Multiply the amount determined under paragraph 3 by 0.1.

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.  O. Reg. 271/12, s. 1 (4).

2.4 Revoked: O. Reg. 220/16, s. 1.

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. O. Reg. 220/16, s. 1.

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. O. Reg. 220/16, s. 1.

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. O. Reg. 220/16, s. 1.

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. O. Reg. 220/16, s. 1.

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. O. Reg. 220/16, s. 1.

 

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