HomeMy WebLinkAboutTimes Advocate, 1991-07-03, Page 411WWWWW111111r
p
ewe Neel
▪ beesseme
THEEX COUNTY BOARD OF EDOCATION
FINANCIAL
STATEMENTS DECEMBER 31, 1990
M
MIDDLES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENOIO DEMOB 31, 1990
1.
The financial statements hew ten R 'd by the d using
aooau ting principles the are pcssOClB d by tem miWand
of tlnetlon
end ere considered apprapriabe for Ontario sd o1 Boards. Thew
prLhedples an in wonders with gesrally scooped amounting
principles swept s follow
(a) agGINBUIGZIaltina
Bewna and espenditun ere a000tnted for on the accrual ward
swept for:
(1) 0_ tc h 7s nide tto the end athe fiscal interest wah debenture
rens trom rOe ttshe date of pig)
year,
(11) Mo prodigies* is aide to reed the liability for retirement
end/or rick lime benefits =ruing over the rocking lives
of etplaieas,
(b) P1>ssu
(c)
Pied assets are charged to current expenditure; unless thorned
by lung -Lew debt. PrionipSlintat chews on net
long -tem liabilities are ii included
cchewschewss expenditures in the period
ds. rind assets including Capital Leese, described s Capital
outlay to be remand d in Altura years, are 1x 1'.1.d on the
balance sheet only to the extent of the Warms of the related
net long -tom ) ahl l ttlse autstaoding and of the related
ternary financing at the and of the fiscalyeer.
Reserves and Reserve Pard. represent funds eppc hated far
general and specific purpose ed ars deryd or credited to
reals fund operations In the ysr apprepriated or dread don.
The amounts s an Weaves end Swerve Pods enappcvvsd�by the
ar
B oard and e within the nets defined in the PQtlluuooestt Wt.
(4) Ude/over Bpdsitlm eines
The difference between the net . *diturs of ay year and the
amaats relived to finers thew expenditures is carried forward
to thesnhssquesnt yef either or reduce the net
efrom w
2.
Reserves are cseprised�f+-_
1439
11111011
asimostary pawl $ 400,aoo
penalSsairukcy
_SWAM
600,000
leedle 11231/
w drier
Ministry equity
Board equity
Pleat projects
PoYtY
246_31$
145,093
397.550
7ss.944
1404
4 400,000
_SWAM
e00,000 '
225,000
1,270
624
145,093
371.907
11,566,966 41,171.987
In 1986 the Booed sold ass of Its alaentery sdnc1s for 669.658. In
acwcdehce with elnist y policy the finds are required to he set aside
Ina separate Resew Pon to b used at the discretion of the
Ministry. A000c4Sngly, the revaaa is not ir,r1"'r•'a in the aaoural1 ted
r�cplrr (deficit) r,.3„nat1a . In 1986 the Board expended portion
of them reams prrlaaly set upon approved Ministry capital
.eperditur.s. The retainng Rods will be used 1n future yews.
Funds tier low been allocated for specific purposes have been lowed
to them revue Rod interest free to b used for general operations
of the Board.
nr.t1 LI Alli 1r
(1) sualsagalicklaraltleasUal
M aplayeS shell Wanting! to the moot d o abeam on
ntirse1t if. iowmdietaelyy gnus to retirement, the employes Bas
�oep�epd tan cc sore rev* yes 0f service with the Bond
or its pcedeossmon end 11 the employee a 1fi1L the requirements
of we of the Collaring:
(a)
1s not a antributor to the Ontario Twines' pension Plan
end le 60 or sore yews old or 15 the lege albmilde for
receipt of a Retixeseht Ckabrity established by the
Collective Prat art applicable to the retiring aployea)
(b) is a cantributoe to the Ontario Tamihews' Pesten Plan and
is.sligahle for n wreared pension under the then misting
provisiar of the Ontario Th edecs' Pension Plan Act)
is a oontrilutor to the Ontario Tesdere' Banca Plan. is
60 or more, and is eligible for a reduced peerlahurder the
the existing prorisiae of the Ontario lemdme e' Pension
Plan Act.
(C)
(d) is a contributor to the Ontario Trsrlhere' Birchen Plan and
qualifies for an Mcly retirement incentive plan meant
under Board Polley $00.-9 or othendw.wauld qualify 1f ohm
were avellehla, mod is lass then sixty (60) years of ape
and not eligible for an umdhl edpessiQu, thet tanrher
shall also Qlalify for a net cement ty payment.
The Retirement Gratuity is calculated on the following basis:
(1) For Teachers
Aacusllatd Sidi Leans
;a a wegse of yy hem x 1 x Mn el Salary on
2 200
(11) For Other Personal
Penellated Side Leave
�a Maxus of 240 Owe x ,l x 8891:13.ar_Psabol Salary 0n
2 240 mettramenc. Secluding
Overtime
(1111
1,.
Fee en- eedMrs deployed on a Tar tenth Basis
Ammllatad Sid; Sawa
xa a Perles of 200 news x .l xIngabic Mahal Salary on
2 200 Retirement, Excluding
overlies
isdduui. Payment tfor the wo retiredemployeeseiplloyided ies duriingthe 1990 masted in which mime
$541,636 (1989 - 9594,683).
The want of the contingent liability in respect of employees
who asst the altglhtlity require sten of the plans at Demobs
s
31, 1990 1; estimated to be $637,166 (1989 - $532,616)•.
(11)
The.schx d beard joined tie Ontario Sdwol Board Insurance
�edselpm affective Jewry 1, 1987, for a five year period._Bute b a nciprmxl lnnxeros =mew booed under the
Insurance Act inuring geneal i.htttty. Pads are
dvarrd by the toed to the on an arnx.1 bbsasis teed m
a sere $24,845 (196�i20,477). meob*fes�e liability of ale3 is
$10,000,000 pr oo urnicc , with.no aural agpcegube amount.
(itt)'1hs Ioad•hi currently redwing Its salary agreersldt ibe' ``
accedence with the Pay equity tagis AaoocdingIy the
Board hes set tp Sara tamer, fiend, ltd of the previous year'•
way arise
ars
salary
a td reviiew ffiaoffset eadjust adjustments, =net
be deteatload until the calplation of negotiations, but will
b retroeeti.ve to January 1, 1990.
4.
Of them* ]cop -fine liabilities outstanding of $65.722 (1989 -
4100.057), principal men ting to $59,711 (1909 - 180,104) paw
interest amounting to $6,011 (1969 - $11.953) is payed& over time
next five years s follwc
1991
1992
1993
1994
1995
rcicalpal Intend Luta
$ 70,476
14.095
15,138
*$ 3,854 9 34,332
1,608 15,703
549 ' 15,687
$ 59,711 $ 6,011 $ 65.722
/
1
1. mitabigatioLailitbUsiLlastaa
•
gu Beare 1118 aipmEtbros fat arbt dttpq)es ed capitalen
l
labor* Mahar Rl a l iiAsst.prgssiits as toU
f -- 1240 1504
Principal a
I a b
al ] ale 1t MIltlmtf 2S, 393 1 37.676
Int p austs'm ]agates lute Bides _x.312 11456
1 $,3115 $ 46,132
6. Z rtwLIM&
Test olds dxdnl.hred by the hoard multi g to 11.070.526 (1959 -
$807,676) hes not been included In the 'Beldame Sheet' oar have their
opretic:W bean irchries in the Ilene ee Ped Statement of
Operations'.
7. pans1m m9fs
•
A11 on-teechfng employee of the tined are eligible to be =lbw d
the ionlN cipal aploye Patirsatt *yaw which is a multi
aQ1Oymc final svurags pry thotttdbi24cy pin 1'player oaltrih iU
aide to Lbs plan arrlrg tie yes by the e= eras* is $307.661
(1959 - $277,291). Them amounts hove been lnelid,d in employee
benefits agrees in the fhnencisl stem:rite.
AUDITOR'S REPORT
Tb the Truster of
The middlemen (laity nosed of Sloction
l m have uummlom4 the Balena, Sheet of t1e Trust Ands of The
t4lddaessex
County Board of ttduntion as et D.oaeher 3I, 1990, sed the
Stetson* of Oontiniity of Ttuat Pods for the year then ended. lbws
financial rotate mats an the rmapmahbility of the Beard's mroepaamnt.
os ity .agrees an Winton on these financial
statements • teepdon our t.
Ye here ccnductad aur audit of thew financial statements hA
accords a with generally aarnptad auditing &tended,. 'hose standards
as to MASS
the se to obtain reasonable asszenos
i bathe the f�1 cial aand �tat: m- - ariths lofrem 1 material eisetatement.
An edit includes are ning, on a test bola. wdencs magtertlnd ttn
sella and I1 banes in the financial statements. M edit iso
include amesssirg the accounting principles used and significant
aetlashss rids by eaagaalt, as wall as evaluating the overall
financial stateoot pnssotatiao. M believe that ar audit provide
resemble bels favour opinion.
In.our opinion, the Mewled stetem its pceswht fairly, in
ell material rempeete, the finencial position of the Trust Funds
Wales* aunty Board d !Moltkeona
Dtor 31,1990 and for the
et
continuity of That ands for the year then ended in accordance with
aooauoti g principles prescribed for School Breeds.
lesion, Ontario
Meld* 28, 1991
Limnos W. 001000
Chartered Accountants
NOTES 10 THE CONTINUITY OF TRUST FUNDS STATEMENT
FOR 7HE YEAR ENDED mamma 31, 1990
1. Foosuntinglibranlw
•
The
tm
et
uk
fStThpp princi� pcvscd�lbea by m)UAt.txyacs ac Wortlao eleth
ar=arm ooasldmced appropriate for Ontario enrol Board Truer Pada.
•
The fund reooide its Wows a d imposes on the camp Weis of
2 • I01dIll1loents
Weer sorts are reeled at met.
Pb.r yeere over five
Scholarship trust fu
Se acoespeyiog notes
TRUST FUNDS
SALAMI 3HIET
AS AT OEC MWhN 31, 1990
1490 1284
$ 976,805 9723.658
61.722 54.210
$1,070,527 4607,076
$ 965,753 $710,164
104.774 97.712
41,070,527 4607,876
STATEMENT OF CONTINUITY OF TRUST FUNDS
FOR THE YEA! ENDED DECEM$Ht 31, 1990
A. Mss MN TENS Wm F1va PIng
Belem - beginning of the year
B.
1410 151!
1 710.164
Winos - crpltal
476,362
lnu�cs;t 15,1)1
los.taa
a 965,753-
Mithdrwsl.
.41101_7 f d of them yMr
Balance - begbnitng of the year
Ravens
Capital contribution
Iatecest ..red
Inpenditures
Saline - end of the year
See pass peyLp nobs
$ 516.3'8
255.1E
63.911
125.241
$- 710,18
$ 97,712 $ 80,770
11.024
6.179
26,203
10_120 5_291
$ 104,774 $ 97,712
a
3. That ty
•
(a) }3a Pau hewn Owe rive Om
The Board administers s Per Tsar over Five Plan in accordance
with the current collective weenies with the teachers.
(b)
The folladrg sdalaebdp Rade were dslnistem d by the Board in
1990:
StaoBCBLUt1�Di1:
Outer Sdmolership Mer'
Mergers! Dee►ltddriel /recd
J. A. Q. Awards for While Speak ng
. S. Rn p Awed
1 r p
P. 8. Pull Ccunty Music Ward
Freda a Q ahem Menenald heard
M. C. Neeneld Awad
lie Marla Blair Hworial Ned
Hiddlese Junior lhraae Awad
Mouth Hlddlews Historical Snclety
lean 4 Doris liaison 91stary Awad
valleyvire Silver Aonivasary Award
Ethel Polled; Roadside Awad
Donald Mc(eaz& Autaaotive Nerd
Total - General:
1430
$
1,500
600
1,001
1,000
142
1,115
2,249
2,000
546
1,170
1,000
4,534
107
1302
$ 1,345
00
600
996
986
54
1,106
2,055
1,976
496
1,146
$ 16,966 $ 11,266
NOTES TO THE CONTINUITY OF TRUST FUNDS STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1990
nrsr1fl,r )kgoa1 s,wrds- -
North Mi4dlsses District High School, ed
Best William Public Me*
Brost William Optimists
Ceredoc South Public School
Th Alder den eaellBrodie yadtenocial herd in English
Wry
bather 00
roc moion
Mat wi1t luiellc School
Tia Alas N. Sbaset Scltrnaa Arad and ttr
Dem R. C epball Sports Nerd
Erb dad Learning Proem Award
Glencoe District High Schxd
Doctor Jin A. Mstladrran Scholarship
Mita acts herd
Visite Termly Scholarship
Leedom Public School
Rebecca Reward Oood Citizen heard
1430 PSN
$ 1,944 $ 1,683
303
301
1,234
1,000
769
917
10,341
7,097
1,552
297
302
1.221
1,000
686
696
10,267
3,079
1,453
1,011 1,000
;Medway litgh School
Donald tawltanzte Nesotlal Pad 1,0)0
Il de ton end District,Lions C1u b Awad 3,016
WW J. l ther. Nuc rick Phipps StudentAwed 2-x12
David *Mao Geography Arad
Judith Stern ArtScholarship Award
North Middlemen District H144Wheel
George Douglas Grieve 572
D. A. Lemont Award 4,022
----Ikea It eugltan Secretary of the lime Award 500
9r[hhill Ailsa Craig Junior Pewee Acrd 749
wake 1980 5,268
WW1 Pollodr seines Scholarship 5,044
1,004
3.001
2,765
(30)
(25)
7,430 7.022
Cabe Mane School
Them Ridacd B.emtrit Memorial Scholarship Pod
Prim Renew Public school
Aix two ieworial Rust Pied
Jas .7. Clecnethws ftglish Need
Stleadrathory District Cnllagiste Institute
ed Scholarship
Mond Mar 1S.a1 Pad
Jade sod 113.1a Blair
JawBdnolarsfhip
s a Ity111lahr lAaxteecrdd
Moot Midalamam
Itlossat
ScArltups
The Mor d Rae1ind lrfnaLc
Mrtedneter antral Shona
Sartre edbet Mandel Nerd
TOW - ,union &teals:
499
5.000.
563
744
5,051
5,041
3,156 3.144
2,222 1.905
248 237
1,010
1,427
20,000
2,501
1,003
1,404
20,000
2,500
2,761 2,757
1.016 _967
_ALIO _KAM
$ 104.771 $ 97.712
J