The purpose of this document
is to summarize our understanding of the requirement for Local Governments
to include their fiscal obligations for Retirement Benefits, Post
Employment Benefits, Compensated Absences and Termination Benefits
in their financial statements.
This is to advise you that
beginning with the 2002-03 financial statements, District School Boards
will be required to include in their note disclosure the actuarially
determined amount of their employee future benefits liability. To
assist school boards with the cost of implementing this financial
reporting requirement, the ministry will be providing an amount of
$360,000 to boards in 2002-03. The funds will be distributed evenly
to each District School Board ($5,000 per board).