O. Reg. 274/23: DETERMINATION OF BOARDS' SURPLUSES AND DEFICITS

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ontario regulation 274/23

made under the

Education Act

Made: August 17, 2023
Filed: August 18, 2023
Published on e-Laws: August 18, 2023
Published in The Ontario Gazette: September 2, 2023

Amending O. Reg. 488/10

(DETERMINATION OF BOARDS’ SURPLUSES AND DEFICITS)

1. Section 1 of Ontario Regulation 488/10 is amended by adding the following subsections:

(1.1) For each fiscal year, the following amount shall be excluded in the determination of a board’s accumulated surplus or accumulated deficit:

1.  The amount of accumulated surplus used by the board in the fiscal year to acquire land, not including buildings or fixtures.

. . . . .

(4) The following amount, determined as of the first day of the 2022-2023 fiscal year, shall be excluded in the determination of a board’s accumulated surplus or accumulated deficit:

1.  The amount of the adjustment made to the board’s opening accumulated surplus or deficit for asset retirement obligations.

(5) For each fiscal year beginning in the 2022-2023 fiscal year, the following amount shall be excluded in the determination of a board’s accumulated surplus or accumulated deficit:

1.  The amount of accumulated surplus, if any, used by the board in the fiscal year for asset retirement obligations.

2. The Regulation is amended by adding the following section:

In-year surplus and in-year deficit: 2022-23 and subsequent years

9. (1) For the purposes of the determination of a board’s in-year surplus or in-year deficit for each fiscal year beginning in the 2022-2023 fiscal year, the following amount shall be excluded:

1.  The amount recognized in the board’s revenue or expenses in the fiscal year for asset retirement obligations.

Commencement

3. This Regulation comes into force on the day it is filed.

 

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