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HomeMy WebLinkAboutThe Lucknow Sentinel, 1984-05-23, Page 10c• FINANCIAL. STATEMENTS DECEMBER 3i, 1983 To the Supporters of The Huron • .County Board of Education. .We have AUDITORS' REPORT examined the balance sheet of The Huron County Board of Education as at December 31, 1983 and the revenue fund statement of revenue and and the capital fund statement of operations for the year then ended. Our examination was'.made in 'accordance with generally accepted auditing expenditures standards, and considered accordingly :included such tests and other procedures as we necessary in the circumstances. ,In, our opinion, these financial statements present fairly, the financial position of the Board as at December 31, 1983 and .the results of its gpe;rations,for the year then ended in accordance.with the•ac.counting principles described in note l to the financial' statements applied on a basis consistent with that of the preceding year. London, Canada. March 13 1984, Chartered Accountants. License No. 641. Cash Accounts receivable: Government of Ontario Local taxation - Outstanding 1982 Requisitions Supplementary taxes Other school boards Sundry THE HURON COUNTY BOARD OF EDUCATION BALANCE 'SHEET DECEMBER 31.1983 (with comparative amounts at December 31, 1982) ASSETS REVENUE FUND 1983 • $ 866,749 1,471,628 200 101,221 23 351 3147!!5 .:,., . dax 1982 $1,794.757 37,000. 1,464 397,985 37 397 THE HURON COUNTY BOARD OF EDUCATION CAPITAL FUND STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1983 (with comparative amounts for 1982) Sources, of recovery of capital expenditures: Capital expenditures out of revenue fund Debenture principal p yments included in revenue fund expenditures Capital expenditures: Land and buildings Furniture and equipment Net rec.overy,of prior years' capital expenditures Unrecovered, capitalexpenditures, beginning. of 'year Unrecovered capital expenditures, end of year. (See accompanying notes) 1 • 1983 • STATEMENT 3 1982 $ 647,095 $ 815,112 529,232 533 281 1.176;327 T.-373 371,546 275.549 647,095 510,466 304,646 815.112 529,232 533,2.81 2,533,762 3,067,043 $2.004.530 $2.531,762 LIABILITIES- AND' EQUITY REVENUE FUND Bank loan and overdraft Accounts payable: Local taxation - over requisition (statement 2) Trade accounts payable and accrued charge• Other school boards .STATEMENT 1 1983 $ 425,730 1,169.548 197719 1982 $ 129,889 316,287 1,073,976 . 182,036 a f • 1. Accounting policies accordance THE HURON COUNTY BOARD.OF EDUCATION NOTES TO THE'FINANCIAL STATEMENTS DECEMBER 31, 1983 The financial statements have .been prepared by the Board in with principles that are considered appropriate for Ontario School Boards on a, basis 'consistent with that of the preceding year. These principles are in accordance with generally accepted accounting principles except as prescribed by the Ministry of Education•and noted as follows: (a) Accrual accounting The accrual method •for reporting revenue and expenditure has been used with the exception of reporting of charges for unmatured debenture debt and expense relating to sick leave benefits. With regard to unmatured debenture debt, principal' and interest charges are not accrued from the. due date of payment to the end of the, fiscal year. Note 2, below setts out the "accounting followed for sick leave benefits. (b). Fixed assets and unmatured debenture debt Fixed assets ,are charged to current expenditure unless financed by long-term debt. Principal and interest charges on unmatured debenture debt are included'in expen.diiture.in the period due. Fixed assets, described as'capital outlay to be recovered in, future years, are included on the balance sheet only' to • related unmatured debenture debt outstanding financing at•the end of the fiscal year. the extent of the balances uf the and of any related temporary 2. :Retirement gratuity plan Under the sick leave'5enefit plan, unused sick leave 'can accumulate, and employees may. become entitled to a cash 'payaent when they leave the Board's employment. To become, eligible for this benefit, an employee must have twelve yearsof•service with The'Huron County Board of Education. The amount of such benefits accumulated to December 31, 1983, to the' extent that they can be claimed as cash payments by employees on retirement is $6,561,000. This amount does not include any estimate .in respect of sick leave accumulated by employees of the Board who do not yet' qualify to claim the gratuity. No provision has been made in respect of this contingent liability in these financial statements. During 1983, the Board paid $310,000 to employees who left tha Board in 1982, ($112,000 paid in 1982). 3. Reserve for working funds. ' The reserve for working funds aE December 31 is applicable to the elementary and 'Secondary school operations of the Board as follows D 0 A