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Home My WebLink AboutTimes-Advocate, 1985-05-15, Page 34Ai; r Roma 1 6@deecerAm FINANCIAL STATEMENTS DECEMBER 31, 1984 THE HURON COUNTY BOARD OF EDUCATION NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1984 AUDITORS' REPORT To the supporters of the Huron I.' County Board of Education We have examined the balance sheet of The Huron County Board -of Education as at December 31, 1984 and the revenue fund statement of revenue and expenditures and the capital fund statement of operations 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 as of December 31, 1984 and the results of its operations 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 15, 1985 Chartered .>iecountants. :license No. 352. Sr\r19r•7r 1 IRE HURON COUNTY BOARD OF EDUCATION BALANCE SHEET DECEMBER 31, 1984 (with comparative amounts at December 11, Cash and term deposits Accounts receivable Government of Ontggrio Local taaati(n - Supplementary taxes Other school boards Sundry Prepaid expenses ASSETS REVENUE FUND CAPITAL FUND Accounts receivable Due from •e fund Capital outlay to be recovered in future years (statement 1) Due from revenue fund RESERVE F()'7D TRIIsr FUND Cash Investment, - at cost which approximates market valor On hehalf of the Board Director Director t1•U70,1:7 t 366,7:9 1,6.'0,551 1,,70,156 0,012 105,571 10,155 2,912,421 75,505 200 107,194 23,351 2.'0,7,640 74,418 3.15811.1 1115 A':0 (01'(3Y RE•"t'E FUND Arcounts payable: Local taxation - ov^r requisition (statement 2) Trade accounts payable and accrued charges Other school- boards Due to capital fund Due to reserve fund 1094 113; 8 122."5') 1,597,175 106,611 7,1170,526 7,275 49 N•5 56400 _ Reserve for vnrking Ends (note 11 '825,000 t2a0nxs.n„6 $2..517 0018 t2 908 not 82.5.17„079 CAPI141. FUYD 1.1'.0.5'.4 197,719 1,79:,,99 7,215. 12,315 19,590 225 , 000. ! 'S 5 225 7,'75 7.275 1,412,•.14 21107.,510 11.19'1004 42,(312,010 $ 9,1,3 f 177,9,t Ir,1,061 12,115 Holdbacks payable Unmatured debenture debt (note 4) $ 7.5110 8 7.500 1.481.'1•. • 11,1'. ,111 I1 _59,:05 8•',01:,5'30 011. 0:t: FUDD Equity in ',serve funds (rote 6) 8 .4q.. -"S 8._-_1:.„115 0,261 Trust flints (not. 7): • Aallnre, hrgtnninit of rear Add - tnvect.rnt 140•,0. Principal err"Ipts 5 197,916 brdort ,w., els R,lanre, ep,b.,'f year 8 179,271 8 170,711 77,53.1 16,4.1 _ 15,455 7,000 217.217 .'9,156 74,001 107.015 179,2'0 8, 1`17,916 8 l .0x7';1 1. Accounting policies The financial statements have been prepared by the Board in accordance 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 unsutured debenture debt and expense relating to sick leave benefits. With regard to unmacured 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 secs 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 ars included as expenditures in the period due. Fixed assets, described as capital outlay to be recovered in future years, are included on the balance sheet only to the extent of the balances of the related unmatured debenture debt outstanding and of any related temporary financing at the end of the fiscal year. -, 4 2. Retirement gratuity plan 'Jnder the sick leave benefit plan, unused sick leave can accumulate, and employees may become entitled to a cash payment when they leave the Board's employment. To become eligible for this benefit, an employee must have twelve years of service with The Huron County Board of Education. The amount of such benefits accumulated to December 31, 1984, to the extent that they can be claimed as cash payments by employees on retirement is S7,285,000. This amount does not i4iclude 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 1984, the Board paid 8225,000 to employees who left the Board in 1983, (8310,000 paid in 1983). 3. Reserve for working funds The reserve for working funds at December 31 is applicable to the elementary and secondary school operations of the Board as follows: 1984 1983 Elementary Secondary 8275,000 8275,000 550,000 450,000 5825.000 8725.000 4141 2 TNF 11118110 r"UNTY BOARD OF EDUCATION R'VFNl7F FPNO STAIFNFNT'OF 'REVENUE AND EXPENDI I"8'S YFAR EN3I0 DE(FMBFR 11 1086 (v., Ar. 'par ar I�tr anoint s for T6070 .p.•nd,r•.rr en.Inr<. ptn,n,tl.13 n . nrrsl ade„n.. • n 1 ...pot., sever, 1041n.rt(40 el ,4t npr,atin', 104 ,.,(0,..,,nre _ It An.p..,t scion 7,,11 frr, ,spiral r.prn•f,torr (nen-allorablr) 0111o, aper If Int r'e'nd, t ore ".ht charges ant capital 14an ,n ..... t (n•tr 51 •pr,st.n8 erre d,forrs, rxrinding trancfrr4 l•,.1 rxpred,t•.rr 9•-, •,.ry •f e,prdit...el' o•l er s: h....'i 6•. srds ,c,sernment of Canada •111v,d11)4 Ct.., 'evens., exclo4,„g tr,nalrr4 fr„n ........ 3,1a) rer,•vrry ,f r.prnftforrs Net rtprnditurt f to res rcr. Financed by, Transfer fro, fro) rr neve fund transfer to 'even,' fond for wnrFing (nods Cnvernment of Ontario - g 1 legislative grant Local tsoation - •d in current year 0,0v14.14 yea,', over (motet) raga. ' 'nn ++n 1rr (nvrr) req',, n of tr,.. for rear (note Al (Ser err o0p ,nv.^q r.•(•c) 11•n'nta v t 10(,7)) 0..,105 11,0111 15,'.In,955 1,'.!4,077 1.721.9)9 :7,105 V10.404 11,741 .14,986 97,116 14,118,915 10,7„5,401 1'194' 1001 .crr .od.ev - -.. ._. i.0,.nt,ry, Sr..n.I.ry_ •,h.,ols 17,111 '7,•••1, 5r1n••1• t 117,)05 $ 107,617 :11,588 '.15369'. 11,7.44 77,481 12,505,571 76,111g5)3 1,717,657 1,117.504 1.709.111 1,410,311 105,531 077,710 116.697 446.177 11,047 21,808 }71,558 618,544 110,970 706,096 19,071,645 16,1110,540 1.171.804 1.171,9314 40,197 411 107 . 75.212 75.715 441917 _ 57,119 1,781,115 1,107,710 16, 718 110 1S,52 1, 110 5 1.4,711 8 111 nil 1r.S 61., 17 •06 51 7.97', 1 �: 751.510 I2,n.1,7165 1,175,16) 1,571,161 1.610,806 1,610.671 77,725 75. 850 421.711 R.ane, 57,607 81,140 7,0124 ' 271,020 10,475 7' SAS 38,068,110 16,715„(187 171 1,080 15,971 28,774 1.,:111,116 1,125,717 36,010 65,185 flue 381 _12'2.11° 15,,566, 162 Trl s1 $ 117.712 1%,!1,9..9 15,'11 107 •.el 0'.7,1'4 1,:20,167 77i,114 510, 111 ,141.7117 671,852 11,210 1'.,771,111 1,1710 16,916 67,165 .1,157,401 11, '•iii 610 (14 410) (36,8001 1.105 • 1,195 11,10,0001 (100,0001 (t1n,nnn1 (Inn,nrn, 1• .17,114 30, 702,056 21,115,772 17,("7,465 0,910,694 11,051,9,1 655 41 1,Son 5,801,657 17,147,7 6,171,620 5.617,078 1I,7A1,4011.7A1.4971 179,157 756,960 675,121 00,410 175, RAO 116,197 11.6:4,2 -CS 16,275,51-i 1'7,045,050 10,'17 6911 15 /1 1, '11 1 714 010 1'85,,591 ! 117,781) $ ()17,5'.0) t 11'9,1-'71 t_.(14..''..!0"2.1 t--(4.71 7111 STATEMENT 3 THE HURON COUNTY 90ARD OF EDUCATION CAPITAL FUND STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1984 (with comparative amounts for 1983) .7 (See accompanying notes Sources of recovery 3f capital expenditures: 2apital expenditures Jilt .1f revenue fund Dehentare principal payments inc L,Ided in revenue fund expenditures Capital expenditures: '.and and buildings Furniture and equipment Yet recovery of prior years' capital expenditires Unrecovered capital expenditures. beginning .if veal Unrecovered capita: expenditures, end of year t-984 1983 S 970,'96 3 547,095 52� 36 1,49 ,332 5292232 1.1'6,3_. 592,435 371,546 371,361 - 275 549 9'1,'96 64 ,04-5- 522,236 5 522,36 529,_32 2,004,530 2,533,762 $1.482.294, 82.004.530 1T 4. Unmatured debenture debt • Of the unmatured debenture debt outstanding of $1,482,294, principal and interest repayments for the next five years are as follows: 1985 1986 1987 1988 1989 Remaining balance Principal Interest Total S 513,120 8 87.,315 S 597,435 476,174 54,850 531,024 313,000 27,488 340,488 62,000 13,243 75,243 55,000 8,760 63,760 1,419,294 188,656' 1,607,950 63'000 9,750 72,750 $1.482294 5198 406 51.680.700 5. Debt charges and capital loan interest The revenue fund expenditure for debt charges and capital loan interest includes principal and interest payments as follows: 1984 1983 £lesencary Secondary Elementary Second*'] Principal payments on long-term debt including contributions to sinking funds 4343,236 5179,000 8360,232 8169,000 InJerdst payments thereon 71,750 42,558 92,591 52,027 $414,986 8221.558 8452.823 5221.027 6. Reserve fund The fund relates .to disposals of certain surplus properties. The Board was not obligated to reduce the current Province of Ontario grants in this amount on condition chit such funds be placed in a reserve fund and used for future capital expenditures. Changes in the fund balance are as follows. 1984 1983 Elementary Secondary Total Tota 3alance, January 1 512,3:5 812,315 513,500 Transfers from (to) the revenue fund 5)6,390 36,890 (1,185) 3alance, December 31 812.315 136.890 549.205 $12.315 '.rust funds '.rust funds generally represent accumulated donations received by the Board from individual, corporate and institutional sources. These funds ai•e 7 .sed to provide various scholarships, bursaries and awards to students in Huron :aunty schools and to assist with other educational projects not funded by the 9. Over or under -requisition The School's Administration Aet provides that the difference between the amount requisitioned from a municipality and the amount that should have been requisitioned based on the actual level of expenditure and grants is tobetreated as an over requisition or under requ' ' ' n. The attached financial statements reflect a net over requisition from ounicipalities in 1984 of 8322,540 which will be deducted from the tax requisition by the School Board in 1985. 9. Collective agreement The 1984-1985 Collective Ag with the Ontario Secondary Teachers' Federation District :10.:5 has not yet been ratified. Under a "'Terns of Emplavment" aemorandum, the secondary school teachers were paid a salary inc of 4% over amounts under the 1483-1984 Collective Agreement for the period from September 1, 1984 to December 31, 1986. This additional expenditure has been provided for in these financial statements. 10. Comparative amounts Certain of the 1983 comparative figures have been revised to reflect adjustments made to the 1)83 grant from the Government of Ontario; such adjustments were not material in amount.