O. Reg. 271/12: DETERMINATION OF BOARDS' SURPLUSES AND DEFICITS

Link to law: http://www.ontario.ca/laws/regulation/r12271
Published: 2012-09-12

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ontario regulation 271/12

made under the

Education Act

Made: August 29, 2012
Filed: September 12, 2012
Published on e-Laws: September 12, 2012
Printed in The Ontario Gazette: September 29, 2012


Amending O. Reg. 488/10

(DETERMINATION OF BOARDS’ SURPLUSES AND DEFICITS)

1. (1) Paragraph 1 of subsection 2.3 (1) of Ontario Regulation 488/10 is amended by striking out “clause 177 (1) (a)” and substituting “subclause 177 (1) (a) (ii)”.

(2) Paragraph 2 of subsection 2.3 (1) of the Regulation is amended by striking out “clause 177 (1) (a)” and substituting “subclause 177 (1) (a) (ii)”.

(3) Subsection 2.3 (3) of the Regulation is amended by adding the following paragraph:

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. 

(4) Section 2.3 of the Regulation is amended by adding the following subsection:

(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. 

2. (1) Paragraph 1 of subsection 2.4 (1) of the Regulation is amended by striking out “clause 177 (1) (a)” and substituting “subclause 177 (1) (a) (ii)”.

(2) Paragraph 2 of subsection 2.4 (1) of the Regulation is amended by striking out “clause 177 (1) (a)” and substituting “subclause 177 (1) (a) (ii)”.

(3) Paragraphs 1 to 3 of subsection 2.4 (2) of the Regulation are revoked and the following substituted:

1. Take the total of any amount determined under this subsection in a previous fiscal year and the amount determined under subsection 2.3 (3) for the 2012-2013 fiscal year.

2. Subtract the amount determined under paragraph 1 from the amount determined under paragraph 3 of subsection 2.3 (3) for the 2012-2013 fiscal year.

3. Take the lesser of the amount determined under paragraph 2 and the amount determined under paragraph 5 of subsection 2.3 (3) for the 2012-2013 fiscal year.

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 under paragraph 2. 


(4) Section 2.4 of the Regulation is amended by adding the following subsection:

(3) 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 any amount determined under this subsection in a previous fiscal year and the amount determined under subsection 2.3 (4) for the 2012-2013 fiscal year.

2. Subtract the amount determined under paragraph 1 from the amount determined under paragraph 3 of subsection 2.3 (4) for the 2012-2013 fiscal year.

3. Take the lesser of the amount determined under paragraph 2 and the amount determined under paragraph 4 of subsection 2.3 (4) for the 2012-2013 fiscal year.

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 under paragraph 2. 

Commencement

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

 

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