You're using an outdated browser. This website will not display correctly and some features will not work.
Learn more about the browsers we support for a faster and safer online experience.

Important: This version of the e-Laws website will be upgraded to a new version in the coming weeks.
You can try the beta version of the new e-Laws at ontario.ca/laws-beta.

Education Act

ONTARIO REGULATION 488/10

DETERMINATION OF BOARDS’ SURPLUSES AND DEFICITS

Historical version for the period December 8, 2010 to May 10, 2011.

No amendments.

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. The amount payable by the board in respect of acquisitions that are,

i. described in subsection (2), and

ii. paid for out of the board’s accumulated surplus.

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. O. Reg. 488/10, s. 1 (1).

(2) The acquisitions referred to in paragraph 2 of subsection (1) are acquisitions that meet the criteria for capitalizing a tangible capital asset set out in the document entitled “School Board and School Authority Tangible Capital Assets: Provincial Accounting Policies and Implementation Guide”, revised April 2010, which is available for public inspection at the offices of the Education Finance Branch of the Ministry of Education and on the Ministry’s website. O. Reg. 488/10, s. 1 (2).

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. The amount of amortization in the fiscal year of acquisitions that are,

i. described in subsection 1 (2), and

ii. paid for out of the board’s accumulated surplus.

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. O. Reg. 488/10, s. 2 (1).

(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).

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