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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.