The Lucknow Sentinel, 1973-07-04, Page 16•
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Current Assets
TI1E .I UCKNOWNTARIO, WEDNESDAY, J41.y
SENTINEL, L.,UCKNQW�. Q
•
e ' toren .: ourBour
For the year. ended December 31st.,
Auditor's Report
TO THE HURON COUNTY
BOARD OF EDUCATION
I have examined the Balance Sheet. of 'the Huron County.- Board.
of Education as at December 31, 1972, and the Statements of Revenue
Fund -Revenue and Expenditure, and Source and Application . of
• :Capital Funds for 'the year ,then ended. My examination included a
' general review, of -the accounting procedures and such tests of account-
ing : xecords and other supporting evidence .as I considered necessary • .
in the circumstances.
In my opinion these Financial Statements present fairly -the
financial position .of the Board as at December .31, 1972 and the,
results of its. operations and the source and application of its capital
funds for the year then ended, inaccordance with. accounting prin-
ciples generally accepted for Ontario school boards applied on a basis.
consistent with that of the preceding year. •
A. . M. HARPER,
Municipal Auditor -4440.
Goderich, Ontario,
May .30, 1973.
BALANCE SLEET
as at December 31 1972
ASSETS
Revenue .Capital.
Fund hand
Cash $ 104,391 $
Accounts Receivable
Municipalities 3,535
Government of Ontario 299,860: 250,000
Other 66,463.
Due, from Capital funds • • 141,973
Other current assets ' 43,005
Total ' Current -Assets .
Fixed Assets'
a Deficit as at January 1, 1969 reduced by
Ontario Government Assistance
in respect thereof .
Total Assets
LIABILITIES.
Current Liabilities
Accounts payable
Municipalities -over -requisitions
Other
.Due to revenue fund .....,'..............
Total •Current .Lisbilitiet►
Unmatured . debenture debt .
Reserve for working funds '
Investment in fixed assets
Total , Liabilities.
Approved on behalf of the
659,227 250,000
24,312,291
: 91,020
$750,247, $24,562,291
$ 42,463 , $
`507,784
141,973
550,247 141,973
7,710,317
200;000.
_16,710,001 •
$ 750,247 ' $24,562,291
Board,. '
E. C. HILL, Chairman.
D. ,J. COCHRANE, Chief Executive. Officer.
REVENUE FUND'
Statement of Revenue and Expenditure
For Secondary Purposes
Far the year ended . December 31, 1972
EXPENDITURE
Business Administration $ 82,658
Computer Services ..: `. 1,364
Instruction 4,004322
Educational *Services 68,488
Attendance, Health. and Food Services 8,513
Plant Operation 492,207
Plant. Maintenance. 18,354
Transportation ..• 401,590
Tuition Fees .27620
Capital
Expenditures {Non -Allocable) ' 11,273
Other 'Operating Expenditure ... • ..... 38829
Debt Charges on Capital Borrowing 379,975.
Non -Operating Expenditure, excluding Transfers
to Reserves;. ,
Total _Expenditure .
RECOi3 OF EXPENDITURE' „
Other SrhooL Boards
Goverment of Ontario, Tuition Fees
and Mlsc ellaneous
Government of Canada
Ind�d
Other Revenue, excluding Transfers
from Reserves
Net Expenditure
Net Expenditure, financed by: ..
Government of Ontario,
General Legistlative Grants
Local Taxation:
1971 Over (Under) Requisition 163,378
Local Taxation raised in 1972 .1,254,828
Decrease (Increase) in Reser*,es .... (97,000) 1,321,206 5,141,248.
•
Net Under (Over) Requisition. Required to be
Applied to 1973 Taxation ........... • ...
32,806
$5,816,579
642,728
10,818
14,847 '
18,042
7,663 694,098
$5,122,481
3,820,042
18,767
C(1110,1
972
a
NOTES:
(1) Other revenue includes transfers, from the capital fund, proceeds
from the sale of assets, insurance claims, earnings on temporary,
investments, reimbursements for services and other miscellaneous
items • that are in the nature •of recovery of expenditure.
(2) Local taxation includes the' total of the:1972 requisition on muni.
cipalities, supplementary taxes, license fees for trailers, taxes
• levied directly by school boards and any other amounts provided
by municipalities over and above the: requisition.
REVENUE FUND
Statement of Revenue and Expenditure
For Elementary Purposes
For the year ended December .31, 1972
EXPENDITURE '
Business Administration
Computer Services 0.
Instruction
Educational Services
Attendance, Health and .Food • Services
Plant Operation
Plaint .Maintenance
Transportation
Tuition Fees
Capital Expenditures (Non -Allocable)
Other. Operating Expenditure
Debt Charges on Capital Borrowing.
Non -Operating Expenditure, excluding Transfers
to Reserves '
Total Expenditure
RECOVERIES OF EXPENDITURE •
Other School Boards
Government of Ontario, Tuition Fees and Mis-
cellaneous
Government of Canada
Individuals
Other Revenue, excluding Transfers
from Reserves
Net 'Expenditure
Net Expenditure financed by: '
Government -of Ontario 4,153,614
General. Legislative Grants
Local Taxation: 0
1971 Over (Under) Requisition. 37,981
Local Taxation raised in 1972 1,511,312
(103,000) 1,446,293 5,599,907
$'87,771
.1,448
3,665,432
78,592
3,522
418,194
49,096 - •
508,801
18,323•
103,247
33,272
• 616,168
20,880
$5,604,746
13,766
4,014
8,168
200
2,387 28,535.
5,576,211
Decrease ,(Increase) in Reserves
Net Under (Over) Requisition . 'required, to be
applied to 1973 Taxation
423,696)
Statement of Source and AppIitatiOfl
of Capital Funds
For the year ended December 31, 1972
SOURCE
Unexpended' Funds at. Beginning of Year '.
Long -Terni Liabilities, at Par:
Sold to Province of Ontario Education Aid
Curporation 250,00(
Capital Expenditures from the Revenue Fund
Federal Sales Tax, Refund
Total
APPLICATION
Fixed Assets and Work in Progress:'
Buildings
Furniture and Equipment '. ........ . • • • .
Other Payments, on. Projects: .
• °Administrative Costs. . • ........:....:... '.. .
School, cites-Adzi�lnis.trative Offices Site
Buses. . .. ........................ ............. ... . ..
Unexpended Funds .at end of year
Total
$ 240,066
69,071
5,059
38,190
53;471
$ 13,226'
250,000
242,012
8,646
513,:
405,E
108,02
$51304