HomeMy WebLinkAboutThe Citizen, 1988-04-27, Page 14mi
1988 AUDITOR'S REPORT ano
FINANCIAL STATEMENT
as at December 31, 1987
AUDITOR'S REPORT
To the Supporters of the Huron
County Board of Education:
We have examined the balance sheet of The Huron County Board of Education as at December 31,1987
and the revenue fund statement of revenue and expenditures, the capital fund statement of operations,
the continuity of reserve funds and the continuity of trust funds for the year then ended. Our examination
was made in accordance with generally accepted auditing standards, and accordingly included such tests
and other procedures as we considered necessary in the circumstances.
In our opinion, these financial statements present fairly the financial position of the Board and the trust
funds of the Board as at December 31, 1987 and the results of its operations and the continuity of trust
funds for the year then ended in accordance with the accounting principles described in note 1 to the
financial statements applied on a basis consistent with that of the preceding year. .
London, Canada CHARTERED ACCOUNTANTS
March 9, 1988 License No. 1217
THE HURON COUNTY BOARD OF EDUCATION STATEMENT 1
BALANCE SHEET
December 31, 1987
(with comparative amounts at December 31,1986)
ASSETS LIABILITIES AND EQUITY
1987 1986 Revenue Fund 1987 1988
Cash and term deposits $ 433,404 $ 1,705,130 Accounts payable:
Accounts receivable:Local taxation - over requisition of taxes
Government ol Ontario 1,703,716 1,775,963 (statement 2) (note 7)$ 430,263 S 483,852
Local taxation -Trade accounts payable and accrued
Supplementary taxes 24,622 charges 1,918,710 1,903,830
Other school boards 986,129 103,733 Other school boards 83,144 184,049
Sundry 536,040 60,264 2,432,117 2,571,731
3,659,289 3,669,712
Prepaid expenses 127,189 122,711 Due to capital fund 7,275 7,275
Due to reserve fund 222,086 188,417
229,361 195,692
Reserve for working funds (note 3)1,125,000 1,025,000
$3,786,478 S 3,792,423 S 3,786,478 s 3,792,423
Capital Fund Capital Fund
Accounts receivable $ 225 S 225 Holdbacks payable S 7,500 s 7,500
Due from revenue fund 7,275 7,275 Unmatured debenture debt (note 4)113,327 287,601
Capital outlay to be recovered In future years
(statement 3)113,327 287,601
• 120,827 • 295,101 120,827 295,101
Reserve Fund Reserve Fund
Due from revenue fund $ 222,086 S 188,417 Equity In reserve fund (statement 4)$ 222,086 s 188,417
Trust Funds Trust Funds
Cash S 21,073 S 20.038 Awards payable S 6,686 $8,310
Investments - at cost which approximates Equity In trust funds (statement 5) (note 6)213,694 202,035
market value 199,307 190,307
On behalf of the Board
Director
Director
$ 220,380 S 210,345 S 220,380 s 210,345
THE HURON COUNTY BOARD OF EDUCATION STATEMENT 2
REVENUE FUND STATEMENT OF REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31,1987
(with comparative amounts for 1986)
1987 1986
Elementary Secondary Elementary Secondary
Schools .*» Schools Total Schools Schools Total
Expenditures;
Business administration $209,264 S 215,207 S 424,471 8 203,710 8 207,625 8 411,535
General administration 239,493 246,294 485,787 234,661 239,401 474,082
Computer services 57.444 59,075 116,519 20,201 20,610 40,811
Instruction 18,437,013 14,964,289 33,401,302 17,156,471 13,519,323 30,675,794
Plant operation and maintenance 2,023,306 1,826,223 3,849,529 1,634,773 1,695,163 3,329,936
Transportation 2,185,350 1,671,993 3,857,343 2,069,632 1,630,645 3,700,477
Tuition Fees 24,799 998.984 1,023,783 25,505 942,535 968,040
Capital expenditure (non-allocable)275,631 586,159 863,790 494,058 25,250 519,306
Other operating expenditure 15,079 15,508 30,587 31,841 32,484 64325
Oebt charges end capital loan Interest (note 5)43,462 147,583 191,045 88,251 148,718 238,967
Non-operating expenditures, excluding
transfers to reserves 34,644 25,101 59,945 43,228 35,038 78,268
Total expenditure 23,545,665 20,758,416 44,304,101 22,002,531 18,496,990 40,499,521
Recovery of expenditures:
Other school boards 120,050 1,806,801 1,926,851 115,770 1,017,005 1,132,778
Government of Canada 16311 16,311
Individuals 3,205 79,870 83.075 1,585 88,620 70,205
Other revenue, excluding transfers from reserves 246.446 233,112 479,558 36,149 56,816 92,965
Total recovery of expenditures 369,701 2,119,783 2,489,484 153,504 1,160,752 1,314,256
Net expenditure 23,175,964 18,638,633 41,814,617 21,849,027 17,336,238 39,185,265
Financed by.
Transfer from (to) reserve funds (statement 4)(57,929)24,260 (33,669)(29,395)(29,395)
Transtsr to revsnua fund raaarva for working fund*(50,000)(50,000)(100,000)(50,000)(50,000)(100300)
Government of Ontario • general legislative grant 15,116,465 12,005,494 27,123,979 14,341,110 11,190,486 25,531,598
Local taxation - raised In current year 6,276,716 6,492,002 14,770,718 7,497,134 6369,432 13366,566
Previous year's over (under) requisition 112,040 371312 483,852 172,823 227,525 400,348
23,401,312 18,843,568 42,244,880 21,961,067 17,706,050 39,669,117
Over requisition of taxes for year (note 7) S (225,326) 3 (204,935) 8 (430,263) 8 (112,040) 8 (371,812) »(483,852)
J. Jewitt
Chair of the Board
STATEMENT 3
THE HURON COUNTY BOARD OF EDUCATION
CAPITAL FUND STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1987
(with comparative amounts for 1986)
1987 1986
Sources of recovery of capital expenditures:
Capital expenditures out of revenue fund $ 1,653,290 $ 1,025,061
Debenture principal payments included in
revenue fund expenditures (note 5)174,274 208,225
1,827,564 1,233,286
Capital expenditures:-
Land and buildings 856,790 484,775
Furniture and equipment 796,500 540,286
1,653,290 1,025,061
Net recovery of prior years' capital
expenditures 174,274,20 8,225
Capital outlay to be recovered in future
years, beginning of year 287,601 495,826
Capital outlay to be recovered in future
years, end of year $ 113,327 S 287,601
STATEMENT 4
THE HURON COUNTY BOARD OF EDUCATION
CONTINUITY OF RESERVE FUNDS
YEAR ENDED DECEMBER 31, 1987
(with comparative amounts for 1986)
Balance
beginning
of year
Transfers
from (to)
revenue fund
Balance
end
of year
Elementary reserves:
Future capital expenditures -
Ministry equity
Future capital expenditures -
$ 6,022 $6,022
Board equity 6,293 6,293
Retirement gratuities 48,754 • 57,929 106,683
Secondary reserves:
61,069 57,929 118,998
Capital improvements 36,890 (24,260)12,630
Retirement gratuities 90,458 90,458
127,348 (24,260)103,088
Total $ 188,417 $ 33,669 $222,086
STATEMENT 5
THE HURON COUNTY BOARD OF EDUCATION
CONTINUITY OF TRUST FUNDS
YEAR ENDED DECEMBER 31, 1987
(with comparative amounts for 1986)
1987 1986
Balance, beginning of year $ 202,035 $ 196,269
Add:
Trust funds received In year 21,045 16,702
Investment income 18,494 25,439
241,574 238,410
Deduct awards 27,880 36,375
Balance, end of year S 213,694 $ 202,035
“Copies of the audited financial reports from which these statements
have been extracted may be examined at the office of the Secretary-Treasurer,
Huron County Board of Education, 103 Albert Street, Clinton, Ontario’’
R.B. Allan
Director of Education
and Secretary-Treasurer