HomeMy WebLinkAboutTimes Advocate, 1991-07-03, Page 2;T rCT
J �a
AIWTOR'S REPORT
.770
To tee Tnataus a
The l fid ssaa Ozty Board a laLatlra y
of ales
tion Ywd
Caurationn and the o Despimbar 31.1910 aped the leivessee FWd Btat�rrpt of
add. Sthe. flaandall sateraste are to .tal Iltred aationat al Ib 1 for the a Se bons
ran.gemt ohms re pansiblity 1s to can a le idlst1 t2 is ao.cd •
��antEaa.
f',.....1.1 Mahwah, booed an our audit.
Ns have conducted our Ada of them financial ataitannts in
accordemosswit 1) sUY •coated auditing.tandarde. Thome etandorde
reign as to Mahar the financial statements Ferias tbe : to obtain n""al a star t.
An audit balsam araidning, an a met basis, evidence the
ainat* and as.,4n .., . In the financial statements. M aunt so
locales asesesing the aoouxting Principles used and •igliftcaut
arthhatas mode by a naaaint, mall as evaluating tis+ overall
finocial s� cant . 1U bairn that cur audit provide a
remoorobla for cur canton.
Incur gonion, them financial stat eats presort fairly, in
all srtarial ...pact*, ths financial position of lh.Itlddle.ek.Coanty
Board of al,oetio, as at December 31, 1990 and the result* of is
operations for the than ended in accordance with the amounting
principles dear ibad in Ibt 1 to the financial atatae.a.
locdon, Criteria
Iamb 20,.19911991
Maoieipel Auditors' Licence 001050 chartered comuntants
CAPITAL FOND STATEMENT Of OPERATIONS
FOR Tui YEAR OWED DECEMIER 31, 1990
ChniDLIZOICOLION
• - Strathroy District Oallmmi.t*
Institut* - roofing
- load Dorchester B.oanday
a3no1 - music coos
- eo<didele Public School -
additiar and renovations
- Warms Ombral Public school -
additions and renovations
- Portables
Captors
Cite Amines - etrathroy
Furniture ad BQltpent
Inauence Claim
120
1212
5 214,561 $ -
225,756
1,270,222 171,473
456,921 -
04,000 516,103
566,001 445,120
461.491 -
342,e13 743,650
2L.665 • 19.751
3,651,510 1,919,305
ntpiit� tun fro the Became 11nd 2,239,273 1,910,305
Unnamed capital outlay 1.612.237 -
111111111-11111111
$ Mil 9 x11
s eased
THE MIDDLESEX COUNTY BO
FINANCIAL STATEMENTS
a OWi
Mourns receivable
Loaf taxation
eamicipal Other school Eo d
le
Ontario
Oweamantaseent of Canals
Other receivables
FroPald shim
Wet r
Miaowed Oepdtfl Why
R�laEMB - Beans Fade
OTtaov
utl•y to be seaeaed
Arturo
years
BALANCE SHUT
'AS AT DECEMBER 31, 1990
1l19 111!
$ 806.676 5 -
251,471 760,169
336,059 1,307,636
2,961,048 1,607,419
264,035 157,627
500,424 56,049
182,787 106,232
39,219 1,463,965
1.612.227
6,952,756 5,538,997
750,966 371,907
59 711 5•.101
$7,001,433 0,999,087
LIEWILIWILLISESI
Bank - current amount
- loan
haunts plyab a and acme liabllitis
Over regulation - NM*
Other school howls l
Trade aamourts psyehle and
accrued �ptiiass
Due to resew Sod
- late
un' int*; -'afar l i - Sae 4
at the Bawd
se. X1115 Rdsetcs et RR,c.tian
* - $ 359,005
1,500,000 360,000
604,467
661,348 116,879
2,597,97S 3,531,126
795.966 371.917
6,152,756 4,738,997
1,550,966 1,171,987
'51.711 56.122
$7.801,433 18,999,087
N
Business addnlstr$tian
(amoral ad/Mantra/tan
uta saviat
Plant operation and maintenance
aiition
Transportation
Capital
ture
Other operating expenditures
Debt charges capital
Non-operating
1311:13EZLEE_WOILLon
Tuition fees
Other whoa boards
comma* at Ontario
Government individualsa Omuta
from morns
transform
Oaraemaht a Ontario
Waal
Excelt a
taxation
gr
Prior year's over (Misr) raqulsitlon
roorr.awM.• moonrise) 14 reserves ad
rns !tends
ear
Met leder Qvert
( reglisltlm Goad audios raised *Aria wo b.
applied to ataapuet yeas.
aoaoopiying rotas
REVENUE FUND STATEMENT OF OPERATIONS
FOR THE YEAR ENDED Deals a 31. 1990
SL�L8
1911
5 233,331 $ 245,539
298,201 264,637
131,039 115,911
28.415,185 25,376,512
3,154,043 3,269,919
4,344,244 4,026,249
202,681 177.967
1,170,430 796,752
265,179 158,773
11,571
124.008 119.195
38.359.148 34,545,251
42,392 52,332
445.119 356,681
326,418 293,683
32,983 29.093
559.632° 173.439
1,1(1.114 105.227
136.932.604 033.640.024
420.632,164 117,305.350
:1.157,762) 166,503
1245,3)0) (56.825)
18.106,079 15,067,198
___L312.2121_1.13.1.212
4)6.952,604 $33.640,024
1220 110
$ 233.331 $ 245,539
298,201 244,618
131,039 115,911
16,566,974 17,651,930
2,506,617 2,684,168
2,996,581 2.783,552
2,254,371 1,992.657
328,124 199,129
256,511 158,773
34,335 34,526
102.26• 106.619
27,786,732 26,238,222
2,7)3,246 2.190,004
136,543 178,449
23,278 19,752
04,492 50,132
179.Ia 167.21
3.166.668 2.641.629
$24.630,053 923.574,593
110,049,550 9 1,536.633
(306,103) 338,395
(171.649) ($6,625)
15.040,687 13.450,217
__ALAI _ALCM
$24.630,091 023,574,503
1199 1401
9 666.662 $ 491,070
596,402 489,275
262.078 231,822
47,002,159 43,020,662
5,741,460 5,954,007
7,335.825 6,011,001
2,457,059 2.170,624
1,490.554 996,511
521,990 317,566
34,335 66,103
226.376 225.016
66.145.900 60,763,473
2,775,640 2.242,414
581,662 535,130
$69,696 113,435
117,475 117,225
72•.760 160.610
6_561.211 1.945.136
991.902.617 057,214.617
$30.602,014 $26,042,019
(1,663.065) 504.505
(414,979) (113450)
33,346.766 254317,495
) 1.461.aL
951.002101 957.214,617
MOT1S TO THE FINANCIAL STATS/WITS
FOR THE YEAR ENDED DECEMBER 31. 1190
The financial statements have Oman prepared by tha
Board using
accounting prlrpls task moa pracribad fy the etin)atry
*location
and are considered stefor __1_.
pritrpls ars in accordacwith
generally accepted accounting
principles except as foibls:
(•) AM.L_OOPptkla
Rwene and expenditure are aocanted far on the accrual method
except for:
(1) No prwiaicn amide for labored on tuartured debenture
debt from the dhoti of pymaat to the and of to fiscal
year.
(hl) )b provision is meds to record tie liability for retirement
and/or sick lave bwefia accruing over the wodcing live
. . of •^F3o ••s
(b) L1201Aliota!IOW assets are
lag-om debt. Principal financedd to current reperditures alms
ncipal Internet chases on Pat
t*
lag-mom liabilitls ars included an expenditures in tie period
4t*. Fixed masts irrl ling Capital Leese, described as Caput
outlay to be recovered La future years, are i,.-1..4.4 on tau
balanon first only to to extant of the balances of tau related
net long -t0 31.6/lttiis outstanding and of the related
tarp:racy financing et the and of to hired year.
(0)
Sesame and Reserve )'cods represent Sunda appropriated for
poral and specific surpass and are charged or credited to
TAho sun and Ray.ve Funds � +p�co drawn den.
S owed and an within the limits defined in the llluatitlontyhd .
(d) {/aver amisitfan ottani
The daione barman tee net supenditutree a any yea and the
to th▪ e _ fiance three syn m rs o earned forward
t9 the _ m either Lamm or redoe them*.
memo Erse reap yme.
•
2.
hfesaes are oorPrlad of:
E0NNONI 1229 1102
00,000
Y pbal 4 0.000 9 42.21000
800,000 900,000
1loalacc''t�� claims 246.315 225,000
Board equity - 16624
Plant aajacts Fel agllty in.5S551 145,0!2
M96 n1.987
91,588,966 $1,171,987
In 1950 tau Board sold ore of its alahntacy schools for 169,050. In
accordance with Ministry t hs Ends are arguing to hs sot aside
IDA seporaa O save to Orad at the discretion of the
ministry. Iomrdingly, the rev.ns is not included in the amaua.latad
s�tplus (deficit) calculation. In 1950 the load expended s portim
0( 15. as laxon ly est 14 ipproohod
remaining Sods w111 housed 50Skburlyy s.
Fads that has fan chock l for apeciflc payees hems been loved
to the revenue Sod Interest free to be used for peneral operations
of the Board.
3, '
(6)
M aply.s shell be entitled to the patent of an allowance on
achromat if, naadfat l prior to retirement, the =caves as
tan memo yews of service with ttr Board
or a Seedsm..enrs and if the eploy.s ellfills the requirements
a one a the folLringu
(•1
ie not • aukribator to the Ontario lenders' Pension Flan
rune is
of a moos yams
(qty a ap eligible the
a llattlw Agreement gnpliab1s t0 the rrtirinObg alWcyast
(b) is a oontribim to the Ontario 3eadros' Panel= Plan and
L, for an Uunueduced waft Under Ice than sedating
a the Ontario leaches' Pima= Man Act;
(e) is a omtrlbuar b0 the Ontario leerl1hcs' Paslah Flan, is
60 mace, and is eligible far 8 ceded peal= under tar
then lop pewlsim4
s of the Ontario 7aaao
s' nion
1
(d) is a o0atr
Qualifier
ado(
ware
and not
stall also
Pte Retiraant
(1) for
hammulated
to a Morula
(11) 9or Other
Aaoaaulatd
to a Mwkfaa
cAt
(111) Ear
Foocallatad
m s lrxlaa
Ilindirq foors�athha
is due.
$59729t-
The
it
41,636 (19x9 -
me amount at the
Mho cat tie ani
31, 1990 1s
The school
T
Reche c a
Insuranms Act
advanced ty
pest.
were *244{S
$10,000,000
' (111) The Board is
ambiance lei
Board has sat
salaryas t
t* deteoainsd
be retroscti
Of tae net lang-
t111
amest amount
next five yeas
1991 $ 30,4
1992' 14,
1993 15,1
1994 -
1995
* 59,7
5. peak charms mond
The were Fid
Interest include
Principal
interest Pni�ii
6, 133aLae09
Trust fade
*007,576) leve rot
ops euro been
Cperatias•.
7. Egalmlla4.Jgota
All
the Ontario
ahplcto final
mka�s to the
((1969b$277.291)•
9l
aspae.