DETERMINATION OF BOARDS' SURPLUSES AND DEFICITS

CONTENTS 1. Accumulated surplus and accumulated deficit 2. In-year surplus and in-year deficit: 2010-2011 2.1 In-year surplus and in-year deficit: every fiscal year after 2010-2011 2.2 In-year surplus and in-year deficit: 2011-2012 2.3 In-year surplus and in-year deficit: 2012-2013 3. In-year surplus and in-year deficit: 2013-2014 and 2014-2015 4. In-year surplus and in-year deficit: 2013-2014 to 2015-2016 5. In-year surplus and in-year deficit: 2013-2014 and subsequent years 6. In-year surplus and in-year deficit: 2016-2017 7. In-year surplus and in-year deficit: 2017-2018 and subsequent years 8. In-year surplus and in-year deficit: 2021-2022 and subsequent years 9. In-year surplus and in-year deficit: 2022-23 and subsequent years 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. Revoked: O. Reg. 161/11, s. 1 (1). 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. 5. The amount used by the board to acquire land, not including buildings or fixtures, that was recognized in revenue. O. Reg. 488/10, s. 1 (1); O. Reg. 161/11, s. 1 (1, 2). (1.1) For each fiscal year, the following amount shall be excluded in the determination of a board’s accumulated surplus or accumulated deficit: 1. The amount of accumulated surplus used by the board in the fiscal year to acquire land, not including buildings or fixtures. O. Reg. 274/23, s. 1. (2) The following amount, determined as of the first day of the 2014-2015 fiscal year, shall be excluded in the determination of a board’s accumulated surplus or accumulated deficit: 1. The amount of the board’s liability for contaminated sites. O. Reg. 79/14, s. 1. (3) For each fiscal year beginning in the 2021-2022 fiscal year, the amount determined for the board under subsection 8 (1) for the applicable fiscal year, multiplied by -1, shall be excluded in the determination of a board’s accumulated surplus or accumulated deficit. O. Reg. 204/22, s. 1. (4) The following amount, determined as of the first day of the 2022-2023 fiscal year, shall be excluded in the determination of a board’s accumulated surplus or accumulated deficit: 1. The amount of the adjustment made to the board’s opening accumulated surplus or deficit for asset retirement obligations. O. Reg. 274/23, s. 1. (5) For each fiscal year beginning in the 2022-2023 fiscal year, the following amount shall be excluded in the determination of a board’s accumulated surplus or accumulated deficit: 1. The amount of accumulated surplus, if any, used by the board in the fiscal year for asset retirement obligations. O. Reg. 274/23, s. 1. In-year surplus and in-year deficit: 2010-2011 2. (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. O. Reg. 137/12, s. 1 (1). (1) The following amounts, determined as of the last day of the 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. Revoked: O. Reg. 161/11, s. 2 (1). 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. 5. 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. 6. The amount used by the board to acquire land, not including buildings or fixtures, that was recognized in revenue in the fiscal year. O. Reg. 488/10, s. 2 (1); O. Reg. 161/11, s. 2 (1, 2); O. Reg. 137/12, s. 1 (2). (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). (4) Revoked: O. Reg. 137/12, s. 1 (3). 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. O. Reg. 137/12, s. 2. 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. O. Reg. 137/12, s. 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. O. Reg. 137/12, s. 2. (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. O. Reg. 137/12, s. 2. 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 subclause 177 (1) (a) (ii) 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 subclause 177 (1) (a) (ii) 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. O. Reg. 137/12, s. 2; O. Reg. 271/12, s. 1 (1, 2). (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. O. Reg. 137/12, s. 2. (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. 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. O. Reg. 137/12, s. 2; O. Reg. 271/12, s. 1 (3). (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. O. Reg. 271/12, s. 1 (4). 2.4 Revoked: O. Reg. 220/16, s. 1. In-year surplus and in-year deficit: 2013-2014 and 2014-2015 3. 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 subclause 177 (1) (a) (ii) 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 subclause 177 (1) (a) (ii) 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. O. Reg. 220/16, s. 1. In-year surplus and in-year deficit: 2013-2014 to 2015-2016 4. For the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2013-2014, 2014-2015 and 2015-2016 fiscal years, the amount determined as follows shall be included: 1. Take the total of every amount determined in a previous fiscal year under this section or under this section’s predecessor, subsection 2.4 (2). 2. Add the amount determined under subsection 2.3 (3) for the 2012-2013 fiscal year. 3. Subtract the amount determined under paragraph 2 from the amount determined under paragraph 3 of subsection 2.3 (3) for the 2012-2013 fiscal year. 4. Take the lesser of the amount determined under paragraph 3 and the amount determined under paragraph 5 of subsection 2.3 (3) for the 2012-2013 fiscal year. 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. O. Reg. 220/16, s. 1. In-year surplus and in-year deficit: 2013-2014 and subsequent years 5. (1) 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 every amount determined in a previous fiscal year under this subsection or under this subsection’s predecessor, subsection 2.4 (3). 2. Add the amount determined under subsection 2.3 (4) for the 2012-2013 fiscal year. 3. Subtract the amount determined under paragraph 2 from the amount determined under paragraph 3 of subsection 2.3 (4) for the 2012-2013 fiscal year. 4. Take the lesser of the amount determined under paragraph 3 and the amount determined under paragraph 4 of subsection 2.3 (4) for the 2012-2013 fiscal year. 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. O. Reg. 220/16, s. 1; O. Reg. 246/17, s. 1 (1). (2) Despite subsection (1), for the purposes of the determination of the in-year surplus or in-year deficit for the Greater Essex District School Board for the 2016-2017 fiscal year, the amount determined as follows shall be included: 1. Take the amount determined under paragraph 3 of subsection 2.3 (4). (The amount determined under paragraph 3 of subsection 2.3 (4) is the amount determined by going through the determination process set out in paragraphs 1 through 3 of subsection 2.3 (4).) 2. Subtract the amount determined under subsection 2.3 (4) for the 2012-2013 fiscal year. 3. Subtract the amount determined under the predecessor of subsection (1), subsection 2.4 (3), for the 2013-2014 fiscal year. 4. Subtract the amount determined under the predecessor of subsection (1), subsection 2.4 (3), for the 2014-2015 fiscal year. 5. Subtract the amount determined under the predecessor of subsection (1), subsection 2.4 (3), for the 2015-2016 fiscal year. 6. Divide the amount determined in paragraph 5 by 12. 7. Take either of the following amounts: i. The amount determined under paragraph 6. ii. An amount selected by the board, and reported to the Minister, that is greater than the amount determined under paragraph 6 but does not exceed the amount determined under paragraph 5. O. Reg. 246/17, s. 1 (2). (3) Despite subsection (1), for the purposes of the determination of the in-year surplus or in-year deficit for the Windsor-Essex Catholic District School Board for the 2016-2017 fiscal year, the amount determined as follows shall be included: 1. Take the amount determined under paragraph 3 of subsection 2.3 (4). (The amount determined under paragraph 3 of subsection 2.3 (4) is the amount determined by going through the determination process set out in paragraphs 1 through 3 of subsection 2.3 (4).) 2. Add the amount payable by the board for the 2015-2016 fiscal year, determined as of the last day of that fiscal year, 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. Subtract the amount determined under subsection 2.3 (4) for the 2012-2013 fiscal year. 4. Subtract the amount determined under the predecessor of subsection (1), subsection 2.4 (3), for the 2013-2014 fiscal year. 5. Subtract the amount determined under the predecessor of subsection (1), subsection 2.4 (3), for the 2014-2015 fiscal year. 6. Subtract the amount determined under the predecessor of subsection (1), subsection 2.4 (3), for the 2015-2016 fiscal year. 7. Divide the amount determined in paragraph 6 by 12. 8. Take either of the following amounts: i. The amount determined under paragraph 7. ii. An amount selected by the board, and reported to the Minister, that is greater than the amount determined under paragraph 7 but does not exceed the amount determined under paragraph 6. O. Reg. 246/17, s. 1 (2). (4) Despite subsection (1), for the purposes of the determination of the in-year surplus or in-year deficit for the Greater Essex District School Board for the 2017-2018 fiscal year and the following fiscal years, the amount determined as follows shall be included: 1. Take the total of every amount determined in a previous fiscal year under this subsection. 2. Add the amount determined under subsection (2). 3. Subtract the amount determined in paragraph 2 from the amount determined in paragraph 5 of subsection (2). 4. Take the lesser of the amount determined in paragraph 3 and the amount determined in paragraph 6 of subsection (2). 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. O. Reg. 246/17, s. 1 (2). (5) Despite subsection (1), for the purposes of the determination of the in-year surplus or in-year deficit for the Windsor-Essex Catholic District School Board for the 2017-2018 fiscal year and the following fiscal years, the amount determined as follows shall be included: 1. Take the total of every amount determined in a previous fiscal year under this subsection. 2. Add the amount determined under subsection (3). 3. Subtract the amount determined in paragraph 2 from the amount determined in paragraph 6 of subsection (3). 4. Take the lesser of the amount determined in paragraph 3 and the amount determined in paragraph 7 of subsection (2). 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. O. Reg. 246/17, s. 1 (2). In-year surplus and in-year deficit: 2016-2017 6. For the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2016-2017 fiscal year, the amount determined as follows shall be included: 1. Take the amount determined under paragraph 3 of section 2.3 (3). (The amount determined under paragraph 3 of subsection 2.3 (3) is the amount determined by going through the determination process set out in paragraphs 1 through 3 of subsection 2.3 (3).) 2. Subtract the amount determined under subsection 2.3 (3). 3. Subtract the amount determined under section 4 for the 2013-2014 fiscal year. 4. Subtract the amount determined under section 4 for the 2014-2015 fiscal year. 5. Subtract the amount determined under section 4 for the 2015-2016 fiscal year. 6. Subtract the amount funded by the Ministry in the 2015-2016 fiscal year with respect to the sick leave credit gratuities amount under section 42.1 of Ontario Regulation 195/15 (Grants for Student Needs - Legislative Grants for the 2015-2016 School Board Fiscal Year) made under the Act. 7. Subtract the amount of the one-time actuarial gain, or add the amount of the one-time actuarial loss, related to the change for the 2015-2016 fiscal year in the amount payable by the board with respect to sick leave credit gratuities, as set out in the board’s financial statements under section 252 of the Act. 8. Take the expected average remaining service life of the employees of the board that are eligible for a sick leave credit gratuity, as of the last day of the 2015-2016 fiscal year, as set out in the board’s financial statements under section 252 of the Act. 9. Subtract 1 from the amount referred to in paragraph 8. 10. Divide the amount determined under paragraph 7 by the amount determined under paragraph 9. 11. Take either of the following amounts: i. The amount determined under paragraph 10. ii. An amount selected by the board, and reported to the Minister, that is greater than the amount determined under paragraph 10 but does not exceed the amount determined under paragraph 7. O. Reg. 220/16, s. 1. In-year surplus and in-year deficit: 2017-2018 and subsequent years 7. For the purposes of the determination of a board’s in-year surplus or in-year deficit for the 2017-2018 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 section in a previous fiscal year and the amount determined under section 6. 2. Subtract the amount determined under paragraph 1 from the amount determined under paragraph 7 of section 6. 3. Take the lesser of the amount determined under paragraph 2 of this section and the amount determined under paragraph 10 of section 6. 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 in paragraph 2. O. Reg. 220/16, s. 1. In-year surplus and in-year deficit: 2021-2022 and subsequent years 8. (1) For the purposes of the determination of a board’s in-year surplus or in-year deficit for each fiscal year beginning in the 2021-2022 fiscal year, the amount determined as follows shall be excluded: 1. Determine, in accordance with subsection (2), the amortization expense incurred by the board in the applicable fiscal year that is the result of capital asset costs. 2. Determine the amount of interest earned on the board’s sinking fund assets for the applicable fiscal year. 3. Determine the amount of interest that was expected to be earned on the board’s sinking fund assets during the life of the sinking fund under the applicable sinking fund agreements as of September 1, 2010. 4. Determine the average remaining service life (in years) of the capital assets that were supported through the sinking fund as of August 31, 2010. 5. Divide the amount determined under paragraph 3 by the number determined under paragraph 4. 6. Determine the accumulated interest earned on the board’s sinking fund assets on September 1 of the applicable fiscal year. 7. Take the total of the amounts determined under paragraphs 2 and 6. 8. Determine the amount of the operating revenue for the applicable fiscal year that the board elects to use to top up its accumulated surplus to address the potential gap between the accumulated interest that was expected to be earned during the life of the sinking fund assets and the accumulated interest to be earned as specified under the applicable sinking fund agreement. 9. If the amount determined under paragraph 6 is, i. greater than or equal to the amount determined under paragraph 3, subtract the amount determined under paragraph 5 from the amount determined under paragraph 8 and, if the amount determined under this subparagraph is greater than zero, it is deemed to be zero, ii. less than the amount determined under paragraph 3 and the amount determined under paragraph 7 is greater than or equal to the amount determined under paragraph 3, A. subtract the amount determined under paragraph 6 from the amount determined under paragraph 3, B. add the amount determined under paragraph 8 to the amount determined under sub-subparagraph A, and C. subtract the amount determined under paragraph 5 from the amount determined under sub-subparagraph B and, if the amount determined under this sub-subparagraph is greater than zero, the amount determined under this sub-subparagraph is deemed to be zero, and iii. less than the amount determined under paragraph 3 and the amount determined under paragraph 7 is less than the amount determined under paragraph 3, A. add the amounts determined under paragraphs 2 and 8, and B. subtract the amount determined under paragraph 5 from the amount determined under sub-subparagraph A and, if the amount determined under this sub-subparagraph is greater than zero, the amount determined under this sub-subparagraph is deemed to be zero. 10. Multiply the amount determined under paragraph 9 by -1. 11. Determine the lesser of, i. the amount of the board’s accumulated surplus (as a positive number) that it elects to use in the applicable fiscal year to offset the impact of the requirement under section 7, and ii. the amount determined for the board in the applicable fiscal year under section 7. 12. Take the total of paragraphs 1, 10 and 11. O. Reg. 204/22, s. 2. (2) The following capital asset costs apply with respect to determining the amortization expense referred to in paragraph 1 of subsection (1): 1. Capital asset costs funded by the board’s accumulated surplus. 2. Capital asset costs that meet one of the following criteria: i. The costs were incurred on or before August 31, 2010. ii. The costs were incurred on or after September 1, 2010 and the use of the accumulated surplus to fund the capital asset costs was approved by the Ministry. iii. The costs were incurred on or after September 1, 2010 but before September 1, 2019, and A. the use of the accumulated surplus to fund the capital asset costs was not approved by the Ministry, and B. the accumulated surplus at the end of the applicable fiscal year was greater than or equal to the product of one per cent and the board’s operating revenue for that fiscal year. O. Reg. 204/22, s. 2. (3) For the purposes of subsection (2), “capital asset cost”, in respect of a fiscal year, has the same meaning as “capital asset cost” in the legislative grant regulation for the corresponding fiscal year; (“coût des immobilisations”) “legislative grant regulation” means a regulation made under subsection 234 (1) of the Act. (“règlement sur les subventions générales”) O. Reg. 204/22, s. 2. In-year surplus and in-year deficit: 2022-23 and subsequent years 9. (1) For the purposes of the determination of a board’s in-year surplus or in-year deficit for each fiscal year beginning in the 2022-2023 fiscal year, the following amount shall be excluded: 1. The amount recognized in the board’s revenue or expenses in the fiscal year for asset retirement obligations. O. Reg. 274/23, s. 2.