HomeMy WebLinkAboutThe Lucknow Sentinel, 1988-04-27, Page 19Lucknow Sentinel, Wednesday, April 27, 1988 -Page 19
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1988 AUDITOR'S REPORT AND
FINANCIAL STATEMENT
as at December 31, 1987
AUDITOR'S REPORT
To the Supporters of the Huron
County Board of Education:
i
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
March 9, 1988
CHARTERED ACCOUNTANTS
License No. 1217
19
THE HURON COUNTY BOARD OF EDUCATION
BALANCE SHEET
December 31, 1987
(with comparative amounts at December 31, 1986)
ASSETS
Fund
Cash and term deposits
Accounts receivable:
Government of Ontario
Local taxation -
Supplementary taxes
Other school boards
Sundry
Prepaid expenses
yb
1987
S 433,404 S
1,703,716
986,129
536,040
3,659,289
127`189
S 3,786,478
Capital Fund
Accounts receivable S 225
Due from revenue fund 7,275
Capital outlay to be recovered In future years
(statement 3) 113,327
LIABILITIES AND EQUITY
STATEMENT 1
1986 Revenue Fund 11187 1186
1,705,130 Accounts payable:
Local taxation - over, requisition of taxes
1,775,963 ,(statement 2) (note 7) S 430,283 S 483,852
Trade accounts payable end accrued
24,622 charges 1,918,710 1,903,830
103,733 Other school boards 83,144 184,049
60,264
3,869,712
122,711
2,432,117
Due to capital fund 7,275
Due to reserve fund 222,086
Reserve for working funds (note 3)
229,361
2,571,731
7,275
188,417
195,692
1,125,000 1,025,000
$ 3,792,423 $ 3,786,478 $ 3,792,423
f 225
7,275
287.601
1 120,827 ' 295,101
Reserve Fund
Due from revenue fund S 222,086
Trust Funds
Cash
Investments - at cost which approximates
market value 199,307
Capital Fund
Holdbacks payable
Unmatured debenture debt (note 4)
S 7,500 S 7,500
113,327 287,601
120,827 295,101
Reserve Fund
S 188,417 Equity In reserve fund (statement 4) S 222,086 9 188,417
S 21,073 5 20,038
On behalf of the Board
Director
Director
190,307
S 220,380 S 210,345
Trust Funds
Awards payable 5 6,886
Equity In trust funds (statement 5) (note 8) 213,894
S 8,310
202,035
$ 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)
5007
Elementary Secondary
Schools Schoou
Expenditures
Business administration
General administration
Computer services
• Instruction
P420 operation and malnt.nance
TrsnaponatIon
Tuhbn Fars
Copan expenditure (non-.tiocaefe(
Oahe °dentin .xpendltur.
Debt chanes end capital loan Interest (note 5)
Mort -ods esOnd «prantum. excluding
transfers to reserves
Tsui npendliw.
'.cowry .4.r eenenereir
Oahe school beard.
Oowrwaarhf 05 Camelia
Udivhrr.ts
081.. n.erara, aschelate Irsestars Iran ularrnet
Tete reamers el eg.nslres.
rhe .apndabre
Innesiced ay'.
Tura*. Vera (55) rse5rw hands 11.r.aa .l 4)
Tnewear is Pawnee Mehl '51810a feu raAVy Moab
O..ererera at Ofnrfe - general I.11felelhe parr
Local saaauan • rafted 8, come4 ,ser
Prsnsa. Mar's ever hurler) re4dsalsn
Over requisition or taxes for yew frau. 71
To1I
209,204 6 215,207
239,493 240,204
57,444 59,075
10,437,013 14,964,219
2,023,300 1,120,223
2,105,350 1,471,93
24,719 99,99
271,435 39,111
15,078 15,601
43,442 147,93
34,94 01,101
424,471
415,797
111,811
33,401,302
3,049,821
3,487,343
1,023,783
19,710
30,97
191,041
9,041
23,545,49 30,79,411 44,114,101
120,1130 1,/30,91
3.39 19,170
244,440 333,111
188,701 1,111,713
1,81/,81
9,675
478,69
1,430,49
33,171,19 11628683 41,114,117
(17,1295 2469"`
(11.985 (11,19)
11,111,49 11,96,49
1278,711 1,413641
111,040 371,111
(31,96)
(130,983
17,123,471
14,771,714
w.02
23,411,311 18,142,1111 43,244.880
f (111,321) 8 (288.631) 1 (431.39)
Elementary
Schools
t 203,710
234,011
20,201
17,151,471
1,134,773
2,0«,132
29,505
414,09
31,91
9,251
43,228
22,002,91
111,770
1,130
74,18
19,604
91,441,307
(30,1301
14,141,111
7,417,134
172,421
11,881,«7
1 (110644)
• ION
Secondary
Schools
1 207,125
231,401
20,010
13,610,323
1,95,163
1,130,95
92,631
26,260
32,49
141,711
35,/31
18,411,160
1,117,111
111,311
stun
9,614
1,188,712
17,311,231
(21,311)
ROAM
11,11164N
0,114,41/
• 127,91
17,781,111
1 (371.112)
Total
• 411,536
474,062
40,111
30,675,704
3,329,036
3,710,477
69,040
8111,39
54,326
214,97
78,211
40,419,621
1,133,171
16,311
18,181
12,130
1,314,388
15,1«,330
(28,3695
(19,1305
21,91,«4
13,116,911
488,345
28,188,117
4 (443,91)
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
Debenture principal payments Included In
revenue fund expenditures (note 5)
Capital expenditures:
Land and buildings
Furniture and equipment
$ 1,653,290 $ 1,025,061
174,274
1,827,564
208,225
1,233,286 fl
856,790 484,775
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
Capital outlay to be recovered In future
years, end of year
287,601 495,826
$ 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
Elementary reserves:
Future capital expenditures -
Ministry equity S 6,022
Future capital expenditures -
Board equity 6,293
Retirement gratuities
Secondary reserves:
Capital Improvements
Retirement gratuities
Total
48,754
61,069
36,890
90,458
127,348
$ 188,417
Transfers
from (to)
✓ fund
6 57,929
Balance
end
of year
S 6,022
6,293
106,683
57,929 118,998
(24,260)
(24,260)
S 33,669
12,630
90,458
103,088
$ 222,086
STATEMENT 5
THE HURON COUNTY BOARD OF EDUCATION
CONTINUITY OF TRUST FUNDS
YEAR ENDED DECEMBER 31, 1987
(with comparative amounts for 1986)
Balance, beginning of year
Add:
Trust funds received In year
Investment Income
Deduct swards
Balance, end o1 year
1.87 198/1
$ 202,035 3 198,269
21,045 16,702
18,484 25,439
241,574 238,410
27,880 36.375
3 213,894 f 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 r
R.B. Allan
Director of Education
and Secretary -Treasurer
