HomeMy WebLinkAboutClinton News-Record, 1984-05-23, Page 15.47
CLINTON NEVAS-RECORD, WED SpA' , ► ' 23, 1
PAGE 15
FINANCIAL STATEMENTS
DECEMBER 31, 1983
AUDITORS' REPORT
To the Supporters of The Huron
County Board of Education.
We have examined the balance sheet of The Huron County Board of
Education as atDecember 31, 1983 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 at December 31, 1983 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 13, 1984.
Chartered Accountants..
License No. 641.
TRE HURON COUNTY BOARD OF EDUCATION
CAPITAL FUND STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1983
(with comparative amounts for 1982)
So,i`rces of recovery of capital expenditures:
Capital expenditures out of revenue fund
Debenture principal payments included in
revenue fund expenditures
Capital expenditures:
Land and buildings
Furniture and equipment
Net recovery of prior yearn' capital
expenditures
Unrecovered capital expenditures, beginning
of year
Unrecovered capital expenditures, end of year'
(See accompanying notes)
STATEMENT 3
1983,
$ 647,095
529,232
1,176,327
371,546
275,549
647,095
1982
$ 815,112
533,281
1,348,393
510,466
304,646
815,112
529,232 533,281
2,533,762 3,067,043
$2.004.530 $2,533,762
THE HURON COUNTY BOARD OF EDUCATION
BALANCE SHEET
DECEMBER 31,'1983
(with comparative amounts at December 31, 1982)
ASSETS
Cash
Accounts receivable:
Government of Ontario
Local taxation -
Outstanding 1982 Requisitions
Supplementary taxes
Other school boards
Sundry
Prepaid expenses
REVENUE FUND
CAPITAL FUND
Accounts receivable
Due from revenue ,fund '
Capital outlay to be recovered in future years
(statement 3)
Due from revenue fund
RESERVE FUND
TRUST FUND
Cash
Investments - at cost which approximates
Market value
On behalf of the Board
Director
Director
(See accompanying notes)
1983
1982
$ 866,749
1,471,628 $1,794,757
37,000
200 1,464
101,221 397,985
23,351 37 397
2,463,149 2,268,603
" 74,438 79,360
$2,537,587 $2,347.963
•
LIABILITIES AND EQUITY
REVENUE FUND
Bank loan and overdraft
1983
STATEMENT 1
Accounts payable:
Local taxation - over requisition
(statement '2) $ 425,730
Trade accounts payable and accrued
charges 1,169,548
Other school boards 197,719
1,792,997
Due to capital fund 7,275
Due to reserve fund 12,315
19,590
Reserve for working funds (note 3)
. 225 $ 225 Holdbacks payable'
7,275 7,275 Unmatured debenture debt (note 4)
2,004,'530 2,533)762
$2.012.030 $2,541,262
12,315 $ 13.500 Equity in reserve funds (note 6)
$' 9,261
„169,968
7,826
162,971
$ 179.229 $ 170.799
Trust funds (note 7):
Balance, beginning of year
Add
Investment income
Principal receipts
Deduct awards
Balance, end of year
CAPITAL FUND
RESERVE FUND
TRUST FUND
725,000
1982
$ 129,889
316,287
1,073,976
182,036
1,702,188
7,275
13, 500
20,775
625,000
$2,537,587 $2.347,963
$ 7,500 $ 7,500
2,004,530 2,533,762
$2,012,030 $2;541.262
12.315 $ 13,500
$ 170,799
26,421
7,000.
204,220
24,991
179.229
170,514
23,477
1,000
194;991
24,192
170,799
$ 179.229 $ 170,799
THE HURON COUNTY BOARD OF EDUCATION
REVENUE FUND STATEMENT OF REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31, 1983
(with comparative amounts for 1982)
Expenditure:
Business administration
General administration
Computer services
Instruction
Plant operation and maintenance
Transportation
Tuition fees ,
Capital expenditure (non -allocable)
Other operating expenditure
Debt charges and capital loan interest (note 5)
Non-operating expenditures, excluding transfers to reserves
Total expenditure
Recovery of expenditures:
Other school boards
Government of Canada
Individuals
Other revenue, excluding transfers from reserves
Total recovery of expenditures
Net expenditure
Financed by:
Transfer from (to) reserve fund
Transfer to revenue fund reserve for working funds.
Government of Ontario - general legislative grant
Local taxation - raised in current year
Previous year's over (under) requisition
Under (over) requisition of taxes for year (note 8)
(See accompanying notes)
1983
Elementary
Schools
$ 161,737
165,662
7,441
13,741,519
1,375,961
1,619,896
22,225
421,733
59,681
452,824
39,425
18,068,110
Secondary
Schools
$ '171,055
175,206
7;870
12,041,064
1,571,163
1,600,471
752,889
8,400
83,350
221,028"
72,585
:Total
$ 332,792'
340,868
15,311
25,782,583
2,947,124
3,220,367
175,114
430,133
143,037
673,852
112,010
16,705,081 34,773,191
•
1,125,737 1,125,737
36,916 36,916
1,980 65,185 67,165
25,821 10,881 06,702
27,801 1,238,719 1,266,520
18,040,309 15,466,362 38,506,671 .
1,185,
12,803,653
6,123,620
90 418
18,218.-876
$ (178.367)
(100,000)
9,949,778
5,637,878
225,869
15 713 525
$ (247,163)
1,1015
(100,000)
21,953,431
11,761,498
316,287
33,932,401
$ (425.730)
Elementary
Schools
144,507
132,092
5,257
12,461,920
1,202,861
,'92,266
25,289
' 149,139
69,812
487,416
33.868
1982
Secondary
Schools
STATEMENT 2
$ 154,061
140,825
5,605
11,018,021
1,429,032
1,449,102
793,143
418,698
96,051
220,982
64,970
Total
298,568
272,917
10,862
23,479,941
2,631,893
3,041,368
818,432
567,837
165,863
708,398
98,838
16,304,427 15,790,490 32,094,917
1,002,
1,626
16,952
990,095
33,848
81,622
3,857
19,580 1,109,422
991,097
33,848
83,248
20,809
1,129,002
16,284,847 14,681,068 30,965,915
(1,500) (1,500)
(100,000) (100,000)
11,038,397 9,854,039 20,892,436
5,352,147 5,259,443 10,611,590
(13 779) (106,545) (120,324)
IiIIIIiIg 14,906,937 31,282,202
*_ J90.:41r8) $ (225.869) $ (316_.2$7)
THE HURON COUNTY BOARD OF EDUCATION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1983
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 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 sets 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 expenditure 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.
2. Retirement gratuity plan
Under 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, 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 ontingent liability in
these financial statements. During 1983, the Board paid $31 000 to employees who
left the Board in 1982, ($112,000 paid in 1982).
3. Reserve for working funds
The reserve for working funds at
December 31 is applicable to the
elementary and secondary school operatiotls of the Board as follows:
1983 1982
Elementary $275,000
Secondary 350,000
$725.000 •8625.000
Unmatured debenture debt
, $275,000
450 000
--\Of the unmatured debenture debt outstanding of 82,004,530, principal
and interst repayments for the
1984
.1985
1986
1987
1988
Remaining balance
next five years are as follows:
Principal Interest Total
$ 522,236 $114,307 $ 636,543
513,120 84,315 597,435
476,174 54,850 531,024
313,000 27,488 340,488
62,000 13,243 75,243
1,886,530 294,203 2,180,733
118;000 18,510 136,510
82,004,530 $312.713 $2.317,243
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:
1983 1982
Elementary Secondary Elementary Secondary
Principal payments on long-term
debt including contributions
to sinking funds $360,232 8169,000 $373,281 $160,000
Interest payments thereon 92,591 52,027 114,135 60,983
8452.823 $221,022 .1487.416 $220.983
6. Reserve fund
The reserve 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 that such funds be placed in a reserve fund and
used for future capital expenditures. Changes in the
follows:
reserve fund balance are as
1983 1982
Balance, January 1 $13,500 $12,000
Transfers from (to) the revenue
fund (1,185) 1,500
Balance, December 31 812.315 8,13,500
7. Trust funds
Trust funds generally represent accumulated donations received by
the Board from indi dual, corporate and inatitutianal sources. These funds° are
used to provide various scholarships, bursaries and awards to students in Huron
County schools and to assist with other educational projects not funded by the
Board.
8. Over or under requisition
The School's Administration Act 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 to be treated
as an over requisition or under requisition. The attached financial statements
reflect a net over requisition from municipalities in 1983 of $425,730 which will
to deducted from the tax requisition by the School Board in 1984.
9. Comparative amounts
Certain of the 1982 comparative figures have been revised to reflect
adjustments made to the 1982 grant from the Government of Ontario; such
adjustments were not material in amount.