DRAFT AUDITED FINANCIAL STATEMENTS A generous man will himself be blessed, for he shares his food with the poor.

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PUBLIC REPORT TO REGULAR BOARD 2013-2014 DRAFT AUDITED FINANCIAL STATEMENTS A generous man will himself be blessed, for he shares his food with the poor.

De Cock, Comptroller of Business Services & Finance RECOMMENDATION REPORT Vision: At Toronto Catholic we transform the world through witness, faith, innovation and action.

1 PUBLIC REPORT TO REGULAR BOARD DRAFT AUDITED FINANCIAL STATEMENTS A generous man will himself be blessed, for he shares his food with the poor. Proverbs 22:9 Created, Draft First Tabling Review November 18, 2014 November 20, 2014 D. Bilenduke, Senior Coordinator of Finance P. De Cock, Comptroller of Business Services & Finance RECOMMENDATION REPORT Vision: At Toronto Catholic we transform the world through witness, faith, innovation and action. Mission: The Toronto Catholic District School Board is an inclusive learning community rooted in the love of Christ. We educate students to grow in grace and knowledge and to lead lives of faith, hope and charity. G. Poole Associate Director of Academic Affairs A. Sangiorgio Associate Director of Planning and Facilities S. Pessione Associate Director of Business Services, Chief Financial Officer and Treasurer Angela Gauthier Director of Education Page 68 of 371

2 A. EXECUTIVE SUMMARY This report provides the Board with the draft audited financial statements for approval. The Financial Statements reflect an in-year Public Sector Accounting Board (PSAB) surplus of $ million and an accumulated surplus of $ million. The in-year operating surplus / (deficit) position for Ministry reporting is ($8.903) million in-year deficit and an accumulated ($6.647) million deficit. B. PURPOSE 1. The attached statements for fiscal have been audited by KPMG following their Audit Plan presented to and accepted by the Audit Committee at their meeting on September 24, The Auditors gave an in depth presentation on their audit findings to the Audit Committee at their meeting held on November 18, Committee members were given an opportunity to question staff as well as KPMG both with and without staff present. C. BACKGROUND Per Regulation 361(9)(1) of the Education Act, the Audit Committee reviews the draft annual audited Financial Statements before they are presented to Board for approval. D. EVIDENCE/RESEARCH/ANALYSIS 1. Attached is the draft audited Financial Statements for the Toronto Catholic District School Board. The 2013/14 Financial Statements reflect an in year Public Sector Accounting Board PSAB surplus of $ million and an accumulated surplus of $ million. 2. This report also provides a final financial report based on Ministry reporting requirements (Appendix A) and the explanations of material budget variances for revenues and expenditures are as follows: i. Revenue changes due to decline in enrolment of 235 Average Daily Enrolment (ADE) amounting to $2.5M. In addition, Capital revenues have been moved to Deferred Capital Contributions and Proceeds of Disposition. ii. Teachers Salaries and Benefits expenses have increased due to the following: a) 1 of 3 Professional Development days paid and Maternity Leaves increased above budget by $2.8M. b) New attendance recognition payment amounting to $0.8M c) Teachers Salary expenses increased due to teacher qualifications and related work experience upgrades. d) Benefits and Gratuity expenses increased by $8.1M e) Average Teacher Salaries increased by $280 resulting in an overall increase in salaries by $1.6M Page 69 of 371 Page 2 of 4

3 iii. iv. Occasional teacher deployment is less than planned due to new sick leave plan. Education Assistants expenditure category is lower than the budgeted due to reduced supply educational assistant costs. v. The Classroom Computers expenditure category is lower than budget due to minor capital equipment expenditures reclassified as capital fixed assets. vi. vii. viii. ix. The cost of commissions and health insurance provided to Visa students increased due to the higher number of non-resident Visa Students. The cost of professionals and paraprofessionals are lower than budget due to savings realized in contracted support staff and minor capital equipment expenditures have been reclassified as capital fixed assets. Library and Guidance salaries are higher than budgeted due to higher average salaries and movement on the salary grid. In-School Administration salary expenses are lower than budget due to the averaging of 10 month and 12 month School Secretary salaries. x. Co-ordinators and Resource Teachers are higher than budgeted due to movement on the salary grid and benefits xi. xii. xiii. xiv. xv. Continuing Education expenditures increased due to larger than anticipated number of instructional hours delivered. Trustee expenses for Constituency Assistants, telephone, data and internet services, professional development decreased due to less usage. Board Administration expenses are lower than budgeted due to savings realized in legal fees, savings in printing costs by implementing an electronic agenda management system and online pay stubs, and the reclassification of minor capital equipment costs to capital fixed assets. Transportation expenditure variance is due to an invoice for expensed in the fiscal year. School Operations and Maintenance expenses is lower than budget due to minor capital equipment expenditures reclassified to capital fixed assets. 3. The in-year deficit for Ministry reporting is ($8.903) million for and the accumulated deficit is ($6.647) million. A summary of In-Year and Accumulated Operating Surplus / (Deficit) has also been attached as Appendix B. 4. The Ministry of Education Financial Statements and Schedules (EFIS) for the fiscal year have been finalized and submitted by the November 15, 2014 deadline to avoid a 50% monthly cash flow penalty. Any changes arising from Board approval of the statements will result in the resubmission of EFIS without penalty. Page 70 of 371 Page 3 of 4

4 5. After a comprehensive discussion at the Audit Committee meeting of November 18, 2014 the committee endorsed the Draft Financial Statements as attached and recommends their approval by the Board of Trustees. E. STAFF RECOMMENDATION That the Regular Board of Trustees approves the audited financial statements as recommended by the Audit Committee. Page 71 of 371 Page 4 of 4

5 APPENDIX A Toronto Catholic District School Board Interim Financial Report For the Period Ending August 31, 2014 ($ thousands) Budget Assessment Variance Assessment Actual Revenues & Spending Variance to Rev. Est Budget (Estimates) Budget (Revised Estimates) $ Increase % Increase (Decrease) (Decrease) to Aug 31/14 to Aug 31/14 % of Budget Spent Notes OPERATING REVENUES Legislaive Grants (Grants for Student Needs) 494, ,488 (329) (0.1%) 509,162 14, % Municipal Taxes 423, ,497 (0) (0.0%) 405,721 (17,776) 95.80% Tuition Fees 7,582 10,098 2, % 9,655 (443) 95.61% Rental Income 2,591 2,585 (6) (0.2%) 2, % Various Other Revenues 49,993 14,469 (35,524) (71.1%) 7,768 (6,701) 53.68% OPERATING REVENUES 978, ,137 (33,343) (3.4%) 935,175 (9,962) 98.95% 1 OPERATING Classroom Instruction Teachers 2 Salary 510, ,968 (34,838) (6.8%) 480,225 (4,257) % Benefits 56,027 55,668 (359) (0.6%) 66,625 (10,957) % Other % 615 (75) % Occasional Teachers 3 Salary 19,648 19,648 (0) (0.0%) 16,765 2, % Benefits 2,279 2, % 1, % Other % % Educational Assistants 4 Salary 40,823 40,486 (337) (0.8%) 39, % Benefits 11,289 12,422 1, % 12, % Other % % Classroom Computers 6,872 6,622 (250) (3.6%) 2,741 3, % 5 Textbooks and Supplies 19,275 19,106 (169) (0.9%) 20,899 (1,793) % 6 Professionals and Paraprofessionals 7 Salary 34,707 34,548 (158) (0.5%) 34, % Benefits 6,901 7, % 8,486-1, % Other 6,898 7, % 4,199 3, % Library and Guidance 8 Salary 16,542 16,506 (35) (0.2%) 18,897 (2,391) % Benefits 2,316 2,311 (5) (0.2%) 2,664 (353) % Other % 2 (2) 0.00% Staff Development Salary 1,705 1, % 1, % Benefits % % Other % % Department Heads Salary 2,433 1,526 (907) (37.3%) 1, % Benefits % % Other % % Total Classroom 740, ,857 (34,565) -4.67% 713,835 (7,978) % Change X:\Shared\ YEAR-END\Appendix A-Interim FS Expenditure Summary (2) Page 72 of 371

6 APPENDIX A Toronto Catholic District School Board Interim Financial Report For the Period Ending August 31, 2014 ($ thousands) Budget Assessment Variance Assessment Change Actual Revenues & Spending Variance to Rev. Est Budget (Estimates) Budget (Revised Estimates) $ Increase % Increase (Decrease) (Decrease) to Aug 31/14 to Aug 31/14 % of Budget Spent Notes Non-Classroom Principal and Vice-Principals Salary 35,626 36,885 1, % 37,005 (120) % Benefits 4,413 4, % 4,805 (64) % Other (0) (0.0%) % School Office 9 Salary 17,915 17,858 (57) (0.3%) 16,642 1, % Benefits 4,574 4, % 4, % Other 1,742 1, % 1, % Co-ordinators and Consultants 10 Salary 6,347 6, % 7,050 (565) % Benefits % 1,117 (281) % Other (0) (0.0%) % Continuing Education 11 Salary 19,132 19, % 19,135 (3) % Benefits 2,511 2, % 3,118 (608) % Other 1,869 1, % 2,533 (664) % Total Non-Classroom 95,217 97,286 2, % 97,413 (127) % Administration Trustees 12 Salary % % Benefits % % Other % % Director/Supervisory Officers Salary 3,325 3, % 3, % Benefits % % Other % 404 (404) 0.00% Board Administration 13 Salary 11,625 11, % 11, % Benefits 2,557 2, % 2, % Other 4,740 4,490 (250) (5.3%) 2,740 1, % Total Administration 23,819 23, % 21,409 2, % Transportation 14 Salary % % Benefits % % Other 27,196 26,963 (233) (0.9%) 25,358 1, % Total Transportation 28,351 28,118 (233) (0.8%) 26,501 1, % School Operations and Maintenance 15 Salary 45,213 45, % 42,577 2, % Benefits 12,609 12, % 12, % Other 32,638 31,677 (960) (2.9%) 29,775 1, % Total School Operations and Maintenance 90,459 89,729 (730) (0.8%) 84,922 4, % TOTAL OPERATING 978, ,959 (33,310) (3.4%) 944, % IN YEAR OPERATING SURPLUS/DEFICIT (33) (8,904) ESTIMATES AND ACTUAL OPENING SURPLUS 2,255 CUMULATIVE UNAPROPRIATED SURPLUS/DEFICIT (33) (6,649) X:\Shared\ YEAR-END\Appendix A-Interim FS Expenditure Summary (2) Page 73 of 371

7 Toronto Catholic District School Board Interim Financial Report For the Period Ending August 31, 2014 APPENDIX A EXPLANATIONS OF MATERIAL BUDGET VARIANCES FOR REVENUES AND EXPENDITURES Revenues changes due to decline in enrolment by 235 ADE ($2.5M) and Capital Revenues moved to Deferred Capital Contributions and Proceeds of Disposition. Teachers Salaries & Benefits expenses increased due to the following: a) 1 of 3 Professional Development days paid & Maternity Leaves increased above budget ($2.8M) b) New attendance recognition payment ($0.8M) c) Teacher Salary expenses increased due to teacher qualifications & related work experience upgrades ($1.9M) d) Benefit & Gratuity expenses increased ($8.1M) e) Average Teacher Salaries increased by $280 resulting in an overall increase in salaries ($1.6M) Occasional teachers deployment less than planned due to new sick leave plan. Savings in Educational Assistants due to reduced Supply costs Classroom computers are lower than budgeted as eligible expenditures have been reclassified as capital fixed The cost of commissions and health Insurance provided to Visa Students increased due to the higher number of The cost of Professionals and Paraprofessionals decreased due to savings realized in Contracted Support Staff and the reclassification of minor capital equipment expenditures to capital fixed assets. 8 Library & Guidance Average Salaries is higher than budgeted due to movement on the salary grid In-School Administration salary expenses is lower than budget due to the averaging of 10 month and 12 month School Secretary Salaries. Co-ordinators and Resource Teachers are higher than budgeted due to movement on the salary grid and benefits. Continuing Education expenditures increased due to larger than anticipated number of instructional hours Trustee expenses for Constituency Assistants, Telephone Data and Internet Services, Professional Development decreased due to less usage. Board Administration expenses are lower than budgeted due to savings realized in Legal fees, savings in printing costs by implementing E-scribe, online pay stubs and movement of the minor capital equipment costs to capital. 14 Transportation variance is due to invoices for expensed in the fiscal year. 15 School Operations and Maintenance expenses is lower than budget due to eligible capital expenditures reclassified to fixed assets. X:\Shared\ YEAR-END\Appendix A-Interim FS Expenditure Summary (3) Page 74 of 371

8 Appendix B Toronto Catholic District School Board Summary of In-Year & Cummulative Operating Surplus/(Deficit) Actual Actual Actual Actual Actual Actual Actual Actual Actual $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions Revenue , Expense , In-Year Surplus/(Deficit) (4.336) (14.508) (3.849) (8.903) Prior Year Accumulated Surplus/(Deficit) - (4.336) (18.843) (16.985) (9.207) Accumulated Surplus/(Deficit) (4.336) (18.843) (16.985) (9.207) (6.648) Page 75 of 371

9 Appendix C Submission Version: Board Working Version School Board Name: Toronto Catholic DSB School Year: Cycle: Financial Statements Schedule 5 - Detail of Accumulated Surplus/(Deficit) 1 Available for Compliance - Unappropriated Transfer to Accumulated Surplus Committed Capital oraccumulated SurplusAccumulated Surplus (Deficit) - Balance at Committed Sinking (Deficit) - In-Year (Deficit) - Balance at September 1 Fund Interest Earned Increase (Decrease) August 31 Col. 1 Col. 2 Col. 3 Col Operating Accumulated Surplus 2,255, ,902,650-6,647, Available for Compliance - Unappropriated 2,255, ,902,650-6,647,226 2 Available for Compliance - Internally Appropriated 2.1 Retirement Gratuities WSIB School Renewal (previously included in pupil accommodation debt reserve) Amounts previously included in pupil accommodation debt reserves that are not related to NPP or School Renewal Other Purposes - Operating: Reserve for Working fund Classroom Carryover 2,399, ,967 3,148, Reserve for Working Fund PDT Funds Contract Req 1,223, ,399 1,142, Committed Sinking Fund interest earned 579, , , Committed Capital Projects from Schedule 5.5 Other Purposes - Capital: Playground Equipment Brd Motion June , , , Available for Compliance - Internally Appropriated 4,442, ,571 4,999,146 3 Total Accumulated Surplus (Deficit) Available for Compliance (Sum of lines 1.2 and 2.14) 4 Unavailable for Compliance 6,697, ,346,079-1,648, Employee Future Benefits - retirement gratuity liability -101,381,258-8,448,438-92,932, Employee Future Benefits - Early Retirement Incentive Plan Employee Future Benefits - Retirement, Health, Dental, Life -3,122, ,991-2,775,925 Insurance Plans, etc Employee Future Benefits - other than retirement gratuity -10,314, ,961-10,088, Interest to be Accrued -5,326, ,721-5,359, School Generated Funds 8,003, ,407 8,552, Revenues recognized for land 202,156,255-25,549, ,705, Total Accumulated Surplus (Deficit) Unavailable for Compliance 90,015,133-35,085, ,100,839 5 Total Accumulated Surplus (Deficit) 96,713,132-26,739, ,452,759 Page 76 of November-14 9:29:20 AM Schedule 5 Page: 1

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FINANCIAL REPORT AS AT JANUARY 2017

REPORT TO REGULAR BOARD FINANCIAL REPORT AS AT JANUARY 2017 To do what is right and just is more acceptable to the LORD than sacrifice. Proverbs 21:3 Created, Draft First Tabling Review March 7, 2017 March