The Lucknow Sentinel, 1987-04-29, Page 23Lucknow Sentinel, Wednesday, April 29, 1987 -Page 11
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1987 AUDITOR'S REPORT AND
FINANCIAL STATEMENT
as at December 31, 1986
Of EDU
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, 1986 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, 1986 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
March 9, 1987
CHARTERED ACCOUNTANTS
- License No. 1217
THE HURON COUNTY BOARD OF EDUCATION
BALANCE SHEET
December 31, 1986
(with comparative amounts at December 31, 1985)
ASSETS LIABILITIES AND EQUITIES
STATEMENT 1
R Fund
1986 1985 R Fund
Cash and term deposits S 1,705,130
Accounts receivable:
Government of Ontario 1,777,756
Local taxation -
Supplementary taxes '24'.622
Other school boards '103,733
Sundry 60,204
Prepaid expenses
$ 806,312
1,662,337
33,255
473,766
53,581
3.671,505 3,029,271
122,711 114,777
$ 3,794,216 $ 3,144,048
Capital Fund
Accounts receivable $ 225
Due from revenue fund 7,275
Capital outlay to be recovered in
future years (statement 3) 287.601 495,826
S 225
7;275
295,101 5 503.,326
Reserve Fund
Due from revenue fund $ 188.417 S 159,022
Trust Funds
Cash
Investments - at cost which
approximates market value
On behalf of the Board
Director
Director
1986 1985
Accounts payable:
Local taxation. • over requisition
(statement 2) 5 465,645
Trade accounts payable and accrued
charges (note 8)
Other school boards
Due to capital fund
Due to reserve fund
Reserve for working funds (note 3)
Capital Fund
Holdbacks payable
Unmatured debenture debt (note 4)
Reserve Fund
Equity in reserve fund (statement 4)
Trust Funds
20,038 ' S 17,902 Awards payable
Equity in trust funds (statement 5)
(note 6)
190.307 183,907
5- 210.345 $ 201,809
1.903, 630
184,049
2,573,524
7,275
188.417
195.692
1,025,000
$ 3,794,216
5 400.348
1,537,589
114,814
2,052,751
7,275
159,022
166,297
925,000
$ 3,144,048
$ 7,500 $ 7,500
287,601 496,826
$ 295,101
$ 188.417
$ 8.310
202,035
$ 210.345
$ 503.326
$ i59.022
$ 5,540
196,269
$ 201,809
THE HURON COUNTY BOARD OF EDUCATION
REVENUE FUND STATEMENT OF REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31, 1986
(with comparative amounts for 1985)
1986
Expenditures
Business administration
General administration
Computer services
Instruction
Plant operation and maintenance
Transportation
Tuition lees
Capital expenditure (non -allocable)
Other operating expenditure
Debt charges and capital loan Interest (note 5)
Non-operating expenditures, excluding transfers
Ko reserves
Total expenditure
Recovery of expenditures:
Other school boards 115.770 1,017,005 1,132,775 128.286
Government of Cantle 18.311 18,311
Individuals 1,585 • 68,620 70,205 1,445
Other revenue. excluding transfers Irom reserves 36,149 56,816 92,965 22,833
Total recovery of expenditures ^^ 153,504 1,160,752 1,314,256 150,564 1,300,773
Net expenditure • 21,849,027 17,336,238 39,185,265 20,314,826 16,292,071 36,606,897
Financed by:
Transfer from (to) reserve funds (statement 4) (29,395) (29.395) (48.754) (61.083) (109.817)
Transfer to revenue fund reserve for working funds (50,000) (50,000) (100,000) (50.000) (50,000) (100,000)
Government of Ontario - general legislative grant 14.342.721 11,190.670 25,533.391 13,454,728 10,367,399 23.822,127
Local taxation - raised In current year 7,497,134 8,389,432 13,866,566 6,845,496 8,239,742 13,085,238
Previous year's over (under) requisition 172,823 227,525 400,348 286,179 _ 23,518 309,897
Elementary
Schools
S 203,710
234,661
20,201
17.156.471
1.634,773
2,069,832
25,505
494,058
31,841
88.251
_ 43,228
•
22,002,531
STATEMENT 2
1985
Secondary Elementary
Schools Total Schools
S 207.825 S 411,535 5
239,401 474,062
20.610 40,811
13.519.323 30,675,794
1,695,163 3,329,936
1.630.645 3,700,477
942,535 968,040
25,250 519,308
32,484 64.325
148.716 236,967
214,867
225,616
15,9% ,184
1;555,482
1,963,860
17,741
61,371
21.625
375,897
35.038 78,266 44,788
18.496,990 40,499,521 20,465,390
Secondary
Schools
S 214,868
225,615
7,959
12.465,478
1,636, 226
1.804,190
909,014
69.477
21,625
221.537
66.291
17,442,280
1,057.237
26.411
53.810
12,751
1,150,209
Total
S 429,735
451,231
15,918
28.441, 882
3,191,708
3,568,050
926,755
130,840
43.250
597.434
1 1 1.079
37,907,870
1.183.523
26,411
55,255
35,584
Under (over) requisition of taxes for year (note 7) S
21,982,878 17,708,232 39,870,910
20,487,849 16,519,598 37,007,245
(113,651) S (371,994) S (485,845) 6 (172.623) S (227.525)
_(400.346)
A.W. Clark
Chairman of the Board
STATEMENT 3
THE HURON COUNTY BOARD OF EDUCATION
CAPITAL FUND STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31,1986
(with comparative amounts for 1985)
Sources of recovery of capital expenditures:
Capital expenditures out of revenue fund
Debenture principal payments included in
revenue fund expenditures
Ontario Education Capital Aid Corporation
debenture writedown
Capital expenditures:
Land and buildings
Furniture and equipment
Net recovery of prior years' capital
expenditures
Unrecovered capital* expenditures, beginning
of year
1986
S 1.025.061
208.225
1.233,286
484,775
540.286
1,025, 061
208.225
495,826
Unrecovered capital expenditures, end of year 5 287,601
1985
5 485.420
513.120
473.348
1,471.888
80,641
404,779
.485_420
986 468
1,482,294
5 495,826
STATEMENT 4
THE HURON COUNTY BOARD OF EDUCATION
CONTINUITY OF RESERVE FUNDS
YEAR ENDED ,DECEMBER ,31, 1986
(with comparative amounts for 1985)
Elementary reserves:
Future capital expenditures -
Ministry equity
Future capital expenditures -
Board equity
Retirement gratuities
Secondary reserves:
Capital improvements
Retirement gratuities r,
Total
Balance
beginning
of year
Transfers
from (to)
revenue fund
Balance
end
of year
$ 6,022 $ 6,022
6,293 6,293
48,754 48,754
61,069 61,069
36,890
61,063 5 29,395 90,458
97,953 29,395 127,348
36,890
$ 159,022 5 29,395
$ 188,417
STATEMENT 5
THE HURON COUNTY BOARD OF EDUCATION
CONTINUITY OF TRUST FUNDS
YEAR ENDED DECEMBER 31, 1986
(with comparative amounts for 1985)
Balance, beginning of year
Add:
Trust funds received in year
Investment Income
1986
5 196,269
16,702
25,439
238,410
Deduct Awards 36,375
Balance, end of year S 202,035
1985
$ 187,916
16,554
23,907
228,377
32,108
S 196,269
"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