O. Reg. 137/12: DETERMINATION OF BOARDS' SURPLUSES AND DEFICITS


Published: 2012-06-04

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ontario regulation 137/12

made under the

Education Act

Made: May 30, 2012
Filed: June 4, 2012
Published on e-Laws: June 5, 2012
Printed in The Ontario Gazette: June 23, 2012


Amending O. Reg. 488/10

(DETERMINATION OF BOARDS’ SURPLUSES AND DEFICITS)

1. (1) Section 2 of Ontario Regulation 488/10 is amended by adding the following subsection: 

(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.

(2) Subsection 2 (1) of the Regulation is amended by striking out “each” in the portion before paragraph 1 and substituting “the”.

(3) Subsection 2 (4) of the Regulation is revoked.

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

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.

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.

(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.

(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.

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 clause 177 (1) (a) 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 clause 177 (1) (a) 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.

(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.

(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.

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

2.4 (1) 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 clause 177 (1) (a) 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 clause 177 (1) (a) 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.

(2) 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. Determine the number of years that have passed since the 2012-2013 fiscal year.  For example, if the board’s surplus or deficit is being determined for the 2016-2017 fiscal year, the number of years that have passed is 4.

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

3. Multiply the amount determined under subsection 2.3 (3) for the 2012-2013 fiscal year,

i. by 1, if the number determined under paragraph 2 is equal to or greater than 1,

ii. by the number determined under paragraph 2, if the number determined under paragraph 2 is less than 1 but greater than 0, or

iii. by 0, if the number determined under paragraph 2 is less than or equal to 0.

Commencement

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

 

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