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O. Reg. 161/11: DETERMINATION OF BOARDS' SURPLUSES AND DEFICITS

filed May 11, 2011 under Education Act, R.S.O. 1990, c. E.2

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ontario regulation 161/11

made under the

Education Act

Made: May 4, 2011
Filed: May 11, 2011
Published on e-Laws: May 16, 2011
Printed in The Ontario Gazette: May 28, 2011

Amending O. Reg. 488/10

(Determination of Boards’ Surpluses and Deficits)

1. (1) Paragraph 2 of subsection 1 (1) of Ontario Regulation 488/10 is revoked.

(2) Subsection 1 (1) of the Regulation is amended by adding the following paragraph:

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

(3) Subsection 1 (2) of the Regulation is revoked.

2. (1) Paragraph 2 of subsection 2 (1) of the Regulation is revoked.

(2) Subsection 2 (1) of the Regulation is amended by adding the following paragraphs:

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.

(3) Section 2 of the Regulation is amended by adding the following subsection:

(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.

Commencement

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

 

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