HomeMy WebLinkAboutTimes Advocate, 1991-07-03, Page 3AUORONS REPORT
To Thorniness of
The Niddltltl qty Bard of ileum
tab hems smarmed the *lance Sheet of The Masses Soar*
at Nuclei* es at Decanter 31, 1.190 and the Ranee land statsard a
Operathar owl the Capital 1111* Station* of Op6cwr co. for the yethen
ended. Mess f1"r"'tea stat sate an the responsibility of the hoard's
gnagit. Our renonsiblity is esrofinancialr
itathnb bawd on cur atditne an npd++lon m the
Me been wn0ucted az hldit of these ftmen Tal stablest, in
accordeon withaccepted
require tbetM p Porton the audit to obtain aaaemehls asnzenoe
as to bather the financial statements ars free of weterial aistateeent.
M audit includes eraminiag, an a tent basis, evidence the
*unto and diselas nen 1n the fbnoclel statents. M audit iso
includes =messing the accouretine principles used and significant
ennetes wade ky na p- t well ei enlisting the overell
fre.scnahle beans for elm: We belLave that aur .silt pacovlde. e
In cur opinion, thew Mona/ statewnb present fairly, in
.11 material respects, the Minna Position albs Mlddlaeet Canty
Bond of aduoetion es at December 31, 1190 and the results at its
operations for the yerr than ended in acoordaoae with themoaning
prioctplss deszlbed )n tote 1 to the finarial steteents.
a
Codon, Ontario 11-
›c-crc-07
�
Phil 28, 1991
Mnlcipal Auditors' Licence 001086 Chartered Aooaataata
CAPITAL FUND STATEMENT OF OPERATIONS
FOR 7HE YEAR 844040 DECEAM(R 31. 1990
landings - Stcathroy DdntrIct Oollayiat.
Institute - rooftop
- Cord Donne Saoarder ,
School - music roam
- Sahhdale Public School -
additfois and rarovmtians
- Delaien Cenral Public School -
-Portman and month=
Oapiters
Site Mschese - Stnthroy
11uton:ens ad Reapint
Laurence Clafas
$ 214,561 $
225,756
1,270,222
1282
171,473
455,921 -
64,000 538,103
568,081 445,120
461,491
342,613 743,850
22!.965 19.759
3,651,510 1,916,305
CANSILEIIMIZED
Capital a1 iters frac the *vans Rrd 2,239,273 1,916,305
Win/nod Capital oitlay 1.612.237
CIEINELISIDELEUILIEIGNINEILIN
1i11611_1111B8
111111273
Beak
Ammon receivable
Local tertian
berolcipel vy
Other school kande
Cavement of Ontario
Government a Croda
Other rrcceivabmlas
Prepaid ewe=
Indy reallaitlan
Ibfinncrd Capital Outly
- bwrve lusnds
to to r ooversd
in !Muse Years
MANCE SHEET
AS AT DECENNER 31, 1990
1220 lti!
$ 606,676 9 _
251,471 760,169
334,859 1,307,636
2,961,048 1,607,419
264,035 157,627
500.424 56,049
162,787 166,232
39,219 1,463,665
1-112.237
6,952,756 5,578,997
788,966 371,967
59.711 88.301
17,601,433 95,999,087
LIMILLII3S
Bank - current acoant
- loan
Accosts payable and aoaudOwer rowieltton - nits
iia 3211Utl
Other school boards 1
Other
Trade emasts�payab1. and
shale* �itti�easa
Dai to nacos Rad
ININEELLINISMusgo - Mote 2
ISIL1aLd191 Jv1ddI=111 - Nibs 4
. 't 411E low
See 10q notes Director a Nw:stlnn
$ - $ 359,005
1,500,000 360,000
604,467
661,348 116,879
2,597,975
7a.-966
6,152,756
1,568,966
59.711
$7,601,433
3,231,126
371.997
4,736,997
1,171,987
M_103
95,999,067
imaminame
B usiness administration
General adlalnlstratlan
Plant operation and meihntenewa
Transportation
P inion fees
capital expenditure
Other operating ati expeditures
Debt charge
Hon-oi era:ingm capital borrowing
'Litton fres
Other school boards
Oarerle ret of Ontario
Government of Canada
Mher revs** LdivSdumL
fro :ate treetcs
a
Gmeamant Ontario
Genre
ss1 mla93t1atlt+ grant
Local en
Prior year's over (*Or) reptelti0n
Decrease (*mean) 11) reserves and
reserve fun*
Wool teeatlon raised during the year
Met under (aver) requisition
to be
anal* tositsegoot years
REVENUE FUND STATEMENT OF OPERATIONS
FOR THE YEAR SNOW MEMO 31. 1990
IILDINDELIamg
112O 1112
$ 233,331 $ 245,539
298,201 244,637
131,039 115,911
26,435,165 25.376,532
3,154,643 3,269,919
4,344,244 4,026,249
202,6$8 177,967
1,170,430 ' 796,752
265,179 158,773
11.5702
124.006 119.395
11.359.146 34,545,251
42,392
445,119
326.416
32.963
559-612 4
52,372
356,681
293,663
29;093
171.43$
_1416...511 105.22I
736.952,604 633.640.024
520.632,16a $17,305,366
.1,157,762) - 166,503
(245,310)
18.306.079
(56.825)
15,067,196
f ]
--1-111•7A2
216.952,604
816.952,604 $33.640,024
IECIZEDMMDZE
122g 1262
$ 233,331 $ 245,539
298,201 244,616
131,019 115,911
18,566,974 17,651,930
2,586,617 2,684,168
2,994,561 2,783,552
2,254.171 1,992,657
328,124 199,929
256,611 158,773
34,335 34,526
102.3:9 106.699
27,786,752 26,216,222
2,733,248 2,190,064
136,543 178,449
23,276 19,752
84,492 88,132
179.IOa 167.242
3.156.662 2.643.622
124,6)0,063 823,574,593
810,049.850 $ 9,536.433
(306,103) 338,285
(171,649) (56.125)
15,040,687 13,450,297
-___11.221 306.101
124,630,08) 123,574,893
1224 1219
9 466,662 $ 491,076
596,402 489,27S
262,076 231,822
47,002,159 43,0211,462
5,741,460 5,954,067
7,318,625 6,611,601
2,457,059 2,170,624
1,498.554 996,561
521,990 317,546
34,315 46,103
226.376 222.094
66,145,900 60,763,473
2.775,640 2,242,416
561,662 535,130
349,696 313,48
117,475 117,225
738.744 -IMAM
4.563.213 3.61.656
$61,582,667 $57,214,617
130,682.014 626,942,019
(1,463,665) 504,888
(416,979) (113,650)
33,346,766 28,517,495
1565 242) 1.461.665
861.582,6117 $57,214,617
lammainemoor
m= THE MIDDLESEX OUNTY BQARD OF
EDUCATION
FINANCIAL STATEMENTS DECEMBER 31, 1990
1.
NOTES TO THE NNANCIAVOTATEMENTS
FOR THE YEAR (840(0 OKEAISER 31. 1990
The d using
same ai lalLsrtieplles t heeens rlL.d bby one ltl lathy Ilduoetlm
and are centaur* appropriate for ibwtad School Boards. Thaw
principles are in
wept enencf� ws;whthn generally mcnptdcoca
anting
Principles(a) 1pMSl.dpp0<iltl0p
SOVIIIJO and expenditure ere accolntsd for on the anneal method
anept foe:
(1) 1b Dcovision ha sada for botanist on u0meburd debenture
debt from the donor payment teas end of the fiscal
Ymmr•
(11) )b provision is made to record the liability for retirement
and/or *at leave benefits exzeinq peer the wocici0g lives
a anplar s.
(b)Plea
a charged eto Curr expenditures unless finno d
long-teesty prprip.1 end
ergss on net
long -teem liabilities an *aided as
ds. Pied assets *eluding Qpital�de arched as Capital
outlay to be recovered in future years, are included on the
balance *est only to the extant of the bean*, of the related
net ated
teaporery�inancing it the liabilities auteteolhe fiscal yeaand of ther
(0)
Beearves and lissom Funds represent funds lab* for
gement and specifican
rpow d are clary.* or credit* to
ma* fund 'versa= Ll tholes( appropriated or drain don
The a menu in Benne, and arse (lad. are approved
Board and ane within the limits defined In the ala .tlon�Act.
(d)' Mgr/aver Bigtheitfcn of meg
The diffusions batman the net eapiodituras of any year and the
awunta received to fiance these .gsasditlrie 1. carried Borland
to the rn It er *either hareem or redlca the net
minus tae retepsy+cs.
2. angoenerdjgggraLagat
leasevin are mQrisd of:
peel
R6BaosLnp06
ity
equity
clans
Itintstay Board
Plant projects
Pay equity
1224 1219
$ 400,000 $ 400,000
400.000 400.c 3
600,000 600,000
246,316 225,000
1,270
624
145,093
145,- 093
397.855
756.968 171.967
81,566,966 $1,171,987
In 1986 the Board sold one of its elementary schools far $69,658. In
eccorderse withlaniniypolicy the Reds are required to be set aside
10.4 asperate Mnervs tO to toad at till disaatim Of the
Ministry. sccom'dinp1Y, the MIM) is not "luded 1n the acotmulated
eueplus
(deficit) ra,a•l.tim. In 1966 the Board agudd a portion
t! t)*he tures np previously set up on appro.* Ministry
umining Bands will be used Apure year,.
!Undo thin have been allocated for specific purposes have been to ped
to the revenue Red interest free to bound for general apraties,
of the hoard.
3.'
(1)
M anployee shell be entitled to the p tr�of an allowance on
oreoetphneeendt if, needisbly prior* nti the employee bee
ten the Bond
or Its Fn iwsrioc�and ifthe employes
e of the tsr.cpair ea
of are 0f the tabooing:
(a)
Lend a contributor to the Ontario Teschec. pension Plan
and 1s 60 moos years old or is the age eligible for
reosipt 0!. aatirmia t Gratuity asatahlishei by the
Calle tiy. applicable to the retiring ampinysa;
(b) is a centrlbutor to the Ontario Teaches' pension Plan and
is,slfg4hle for an *reduced pension under the then existing
provisions a the Ontario Teasers' Persica Plan Act;
(c) 1s a contributor to the Ontario Teaches• Pension Plan, is
60 or acre, and is eligible fr a reducd pennon oder the
herrn seining provprovisionsa
ials the Onbrlo Teaches' Pen**
Pla
(d) is a cootriiubor to the Ontario *when' Norton Plan and
goatifis for en aerly retirement incentive plan
under Moen Policy 1004 or ot1aiwiw.wlld quail r 1f ms
rare available, aid is less then *sty 60) yen a aye
end not shall elanqualify for reuarburomdne.ot �' that teacher
)t.
gratlaity peyaent.
The Ratirrmant Gratuity is calculated on the following basis:
(1) For Thenar*
Aconilated Sidi Leave
10. 14sxfaa red 2120 Osys n x Annual Salary COa 200
Ratios
(11) lac Other Baraarel
3P a iiiatair elf Me mgs 1 = Aeiptlat Meal Salary on
Overtime mclydinp
(1n) lex lb3-lradarh implored on a Ten Month Bela
Acoaallated 83dt teats
to ■ wrm+aa of 2m Dna a r 2 200
S slain m
Pudding for the plan 1s lswidad for 1n the year in which pelarnt
is da. Payment to retired enployese during 1990 aaenanbed to
=561,636 (1969 - 6594.683).
-The amount of the cawti gent liahllity Ln respect of aapdnyees
showiest the eligibility requiramsta of the plans et Deo**
31, 1990 is aetiratd to be 6637,166(1969 - 1577.615i-
(11) addlaiLlidaiLinnitlingwerminticausesau
•
Thr.school bond joie* theater* erio School Board Iowan
0:2:affective Jemmy 1, 1907, for a five year period.
Irmenenceta reciprocal Usurers,. limed under the
ohne bead general pSandlity. !lids are
advanced whinge on an angel basis basad on
pent 1i16 a clans. Catributicre to thein 1990
ren $24,645 (19M - 130,477). TLe anhame l� a OBh1a is
$10,000,000 per ccarriroe, with* annul wept* amount.
' (ill) The Rood'!s currently Its gamy 1n
aaoordespe with the Pay initty the
Boardy��; to offset
It the pthvina year's
salarliabilities that illy anwe
as a t a the review. Thus* if any, casept
be dateodnd until the coplation of negotiations, bit will
be Jetro.ctive to January 1, 1990.
4.
Of *ant loop -taus lhabilititl outstanding of 965,722 (1989 -
$100.057), principal aaontLp to $59,711 (1989 - 468,104) plus
interest
tnee r1to 1 (1989 - 111,953) la payable war the
1991
1992
1993
1994
1995
SSoalpal =mat ll:tal
9 30,478 $
14,095
15,138
3,654 9 34,332
1,606 15,703
S49 15,687
$ 59,711 4 6,011 $ 65,722
S. bt []ars. sed [senita fro +nta,.mt
Toa Ilawtape ltsd awepaodibre far debt deryes end capital loan
laltes.st include grandpa). ed !Marra parrots as Lo11 :
100 . 1222
Peinctpal means on
Where*d 1a lid ti $ s'2,3 su $ 17,676
$ 34,31S $ 46,132
6. TSlaab leis
Met Rnnda alainistared by the tamed tloaltieg to $1.070,526 (1969 -
$807,876) have Cot amen Included 1n the 7alanoe Stat• nor hews their
operettas teen included 1D the •Sever us Fund *atm* of
operations'
7. S>20
All non -teaching employees of the Bard are eligible to 1e sinters of
the *brio Mslcipel *ploy*, Retiree* System bids is a multi
srthiplanauYs cclyn tcheY mpoen. annuel 61tlae
687
(1969 - 6277,291)• 'dose anoints haus been included In employee
benefit" a>gere in the financial statements.
To the Trustees of
Ttr Mldlleesm County
we have alarmed
Middlsma Ginty hoard of
Statement of C1rnti city of
financial atatenenta areCur responsibility
is to
statem ata based an cur
We hem
accords** with generally
requid
as to
*ether t filar ci.1
M audit includes amaeinLp
amnion and disclaimer in
tneludms aaseLg the
1Ilencial statement preen
ntlaabla basis for oar
our all asertaall ore p, cb, the
leidilesen Voogd of
matinuiuva
an:oustieg of Toot t
principles
Icsdon, Ontario
Mends 26, 1991
Linens Nb. 001066
Bank
Investments
Pour years over tive plan,
Scholarahip trust
See accorpwylop notes
A.
B.
STATEMENT OF
FOR THE
Balance - .beg>1r1Lp
Addition,
withdcaials
Bala*, - end a the
Balance - begLsing
magnum
itutl
hnrar'tlt r
owned
manindifurn
Balance - end of tie
Son eacce'Penylnq nibs