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Education Act

ONTARIO REGULATION 488/10

DETERMINATION OF BOARDS’ SURPLUSES AND DEFICITS

Historical version for the period May 11, 2011 to June 3, 2012.

Last amendment: O. Reg. 161/11.

This is the English version of a bilingual regulation.

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) Revoked: O. Reg. 161/11, s. 1 (3).

In-year surplus and in-year deficit

2. (1) The following amounts, determined as of the last day of each 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).

(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) For the purposes of the 2011-2012 and 2012-2013 fiscal years, the amount determined as follows shall be included in the determination of a board’s in-year surplus or in-year deficit:

1. Take the amount payable by the board in respect of vacation pay for employees of the board, determined as of the last day of the 2009-2010 fiscal year, which was excluded in the determination of the board’s accumulated surplus or accumulated deficit.

2. Add the amount determined under paragraph 4 of subsection (1) in respect of vacation pay for employees of the board, determined as of the last day of the 2010-2011 fiscal year, which was excluded in the determination of a board’s in-year surplus or in-year deficit.

3. Divide the amount determined under paragraph 2 by 2. O. Reg. 161/11, s. 2 (3).

3. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 488/10, s. 3.