The Goderich Signal-Star, 1982-06-09, Page 26PAGE 10A—GODERICH SIGNAL -STAR. WEDNESDAY. JUNE 9. 19112
981 AUDITOR'S REPORT AND
FINANCIAL STATEMENT
• ' ' • . • - AT DECEMBER 31st, 1E61
THE HURON COUNT
BOARD OF EDUCATI
41,
(6211/41.01(4141,11
•
MDITPRS'..REPOR7,
To the Sopport.ers of The Huron
County goard rol'EdIcaet66.
. 1.e have examkned the 4nce he: of:The '.6.C,n ROAVI
4
.E4dtdit011 at terember 11'.• 1981 and the,revenaie (.114 r» -nu r end
•
•
-expe414.tures ancf,the rapite) fun4 statement .f operat,.ons f.r the 7e.: then
endn4, luor exauftmation?as nide" tn accordance 4ith AeAer ,acceined
staMar,le'., and accotd.hgly inel.efed such tests...i4 other procvdures as we
consi.fered mecessarY in the circimbstances,
in one operrion, these finanxfa1 statements present far!:
fioanc.S40 golIttion of the goard 4.5 4t, 13:eceranej• 11. 1981 andthe results 'of It:.
.41,.f4tVtlAtt for the ylarMen ended 'ft arCordanxe with the•aunt,nx principiVs
Aescribe.-ft* note 1 fa the financial statemen.ti rpplre4 AU c.n',;t,tent
wrth• thxt Of the preceding'year', •
•
tOmfon, C46444.
Mawr,. Tlft2
•
.
Ch:rrtered Accoontants
License So. 23+.
THE HURON COLNTY BOARD OF EDUCATION '
tAPITAL'FUND STATEmEN7 OF OPERATIONS,
YEAR ENDED DECEMBER 31,1981
(With comparative amoonts for 1980i:
. ' . ?e•
-...
Sources of recovery of capital expenditures:
:ap.tal 'expenditures out of revenue,fwrick
T•ehenture principal. piyments incl.:led in
, •re'ienue fund expenditures
expenditures:
- ,
Furniture And equipment
t „
Net recovery of pri,r years' .7apital
egnenditures
,
laIrtrnverel capital expenditures. beginning
, Wyeir
Unrecuvered ,ap.til eXpenditares. end, of veir
. ,
STATIMM 3
1981 1980
.$ 488,623 5 216,453
. •
504,379 698.524
7--993,002 914 977
297,415
191.208
488.623
81,781 •
134 672
216.453 ,
504,379 '698,524
•
•
3 571,422 4.269,946
53,067,043 53,571,422
RA4:40
OcrOge 3r, t/H1
cretiparati.ye' mnnunts at December 51 19"i01
, AsSe/
ROV4sui MVP
%.'
Accovintg recervaWte:
Government-, ol OntariO .•
L.Scbt tava on
V114er Xe4,txrfvon 1s14tement 24
Supplement:try tIves ,
Other school hoards
Sundry
PrepA's4 expenses, ,
CAPITAL illSD
c�,/1t5 ret.4.10.thie:
one from rever,,e f.n4
Capital outlay to be cornveco4 ,n fur, ye.frs
istAtemenr
Duo fe,m r.verhi, f,h4
RFSFRVF.F1.4D
• TR! 411
'Crib
inve(rmeurs ,t v,nate
6r i• ,f ;tie5..r1
•
•
•
4.;
1.1)81 .14RO
STATEMENT 1
•
1:1tOiLiTiPS myTiur/y
•' , 1919 1980
„• tEJENUE rum)
5. 1.614 ;5 91,630 Accounts ;table': -, •
Loral ta - over ,requisi t
(st.tement 2)
1.230.`i40 926.166 /
Tr. -t- atr.unts payable and A(crued
•
. 4.
1.111° .
i4,6A1 8.4.4 ,
1.792.A11 1,174.614
' 74.%15 61./22
51 ..86? .411 51 ,z4,3„841
, 5. 21; 1/4
'i :I T., './:', •
0:16%.ua1 1,571,4i/
: l.1,1-4yr4m. 53,l7H.11.2
5id,eu".. 5
•
j,6.168 "
•
1,..rector
Dit:error
(barges (note 1)
Other J.
•
fine y. capital f.nd
Due t. rt.nrvP fond
Re,,rve for vnrking fonds (note..4)
Holdtia,es pill
ru debenture debt 6iot,
i •
reServ. fiel, inote•
. .1r .
teg,L.ng
inc „me
,pil.re.eipts
•
CAPrTAL FUND
PFSTRVE FIND
RUST FUND
•
•
•
$ A7,R71
51.222,414 164.174
100,71R 92.521
')12d,T42 1,074,5O6
7,275 7,275
12,000 12,000
„19,275 19.25
,525.00 150.000
• 51,867e41.7 51.243.841
$ 17,500 5 7,500
1,067,4141 1,571,422 "
53,074443 53,518,911
5, 12,000 5 , 12,000
•
S 5 )66.6,7q
JA.447 11,01 .
1,400 1.564
i1D.7: . 1A.7u'l
21,.e.8 18.8'.5
170,5141 1A1.12t,
• 5 tio.51— 5 167..ew+
•
.1•51•N' p F' Nri T.ATF`11,Nr e1f, 1•'FVFN4.1, .11111 f
1PAR .1,F(F"RFR '1-181
11 ..spgr I • :••••• f i•
198f
!IV
1,d
1'1
el,1WtttAfy
Seh.nt,
1-•.t irP,
1•n,
•;.•i.• I; .1,0
•
•
.1 „:9,' •
164,1:1
5.171
At ,••
r . 1. t9*,."'W'
P, gr.! e. •• ••• e,! 1.0i 7,4R6
1. ..1 :.,,,...., ,,,,, 4,48%11, 1,120,565
• ,.04,..t.'. .C...1,/55 11.'80
lni' .,•• fe,, . ,..% , 4,04 i ,..4 4 •t. ft L •1 4 W.ltri
;;. 0 ot,pe.,..4,,.,....., ,.....,"-trt---1•,..lo : y ,o...••.rn .4.Z. • ..
”.'r "1',.,r....,v ,,,e .. ,..,f 0
• • . iN 1:-.7-.:47,7--e- - ---/-;:\u.1,,:,,,•4 .-... !.....,-., 0:
67N,A,
. ::,,,..," ,..,•.,‘,..: ,.;' .7, • 44 IA' 4... ,f4.0.• mt. 0 ..' .4. ' ''4.4'..
1.444 44,4% t.• .14, 20012
...., st g-14, ,e1,• •t. • ••••• .... •••r 1 ”.., .!••••‘ 7.a'k." •!. r:
• •
0 'i... "5, " 12.1V1•"•'
• t
1."1/8,
f • •
•61, sr,o
• , • 00 •• or
• •,,r,e, • .,,
• 1.41 l'.e.
• nfor
• „••••••
• •• 1.. • .• •• • . •
•
1.
li.-11
1,•111.1. 76.1,19
1%4'
' •
ORO .
Secondary
Srhonls
5 17R.Ree,
2.41"7
1.024,166
. 62,1*,4
6.62A
1.019,4',0
557.165
11.5'n
, 1_44-7'6
/64.7Ao
' 10.01
1:481,(171.
gnq,141
Iti,nact
12,710,01 11,4/1,44
4..140,5'1
1(14.R '6
12, 722,45)
1.11
STATEMENT 2
Total
5 141,167
16/,404
/R•471."',01
2,211,4RI•
/.140.4n
R1.761
tt,e11•4
140.141;
1,V •6"
1.1•11
I!, tilt
. 1.116.404
7.467.e."1 - 16,118,401
-4.14t.n66
fitt1.2q1)
11,46,,n46 •
s (25,61ii 5 (17.i!,11
r'
••
NOTES TOTHE.FINANclAL STATEMENTS
prptiElt 31. 19/11
1. A5.5.24fltti.221Jcle!
The financial statements have been ptepared by the Board in accurdante '
with prin(iples thalare considered appropriate for Ontario School Boards on a
basis :snsitentwith that.of the preceding .Jr These principles are in a‘cordante
with aenetally accepted ac,ounting principles except as pr.-Oct:bed by the 4inistry
of Education andnoted As follows,
,al Acfrual accountins 1
The accrual method for reporting revenue and expenditure has tx.en
-,sed yith the exception Of reporting of charges for ummatured debentiire debt. And
e•cpense relating to sick leave benefits. With regard to unmatured debenture -1, -It
princApal aea
nd Interst charges re not accrued from.the due date of payment t. the
end .f the fiscal year. Note . below sets out the A. -counting followed for
leave benefits
(b• F1xe.g.,..a?lets and un.u.Jtuted debenture:debt
Axed assets.are charged to current eXpenditure unless financed ny
long-term debt. Principal and interest charges nn uratured debenture,debi 'are
included in expenditure'In the period due.
Fixed assets. deNcribed ascapital outlay to he'recovered in future
•
Fears. are intruded on the halance sheet only tb the extent of the balances of the
related unmatured debenture debt outstanding and of any related temporary financiht
at the e•;.1 of the fiscul year. •
•
Rftlre.MPlit ratulte",plan,
lnder the sick leave benefit plan.,unused sick leave can accumulate.
. .
and employees may become entitled to.a cash payment when they 'rave the iloard',
empl6ymenU. T. Secomtl eligible for this benefit. en employee must. have twelve,,
years of service with The Hurnh'COunty-Floard of Education.
•' ThtaMount of such benefits acciimulated to December 31, 1'9161. t
the extent that they can be claimed as cash paStmehts'hy employees 'n retirement IS
' .
i4,7,11.000.' This amount dors not rnclude any estimate in respect of leave
4
accumulatei'lly employees Of:the Beard who'do not yet qualify to claim.the'gratuity.
No provision has been made in respect of this contingent liability'in these tinan:ial
statements. In January 1982. the Maid paid 5106.000 to employees who left the
Roar:1'in 1,,31
1. ColIctiye aireement ,
The 1981-1982 Collective Agreement with the foritario Secondary
•
. ,
School Ti Federation District '. 45 ratafied •.n :"I'arcn 1.-1982 These
financjal statements „I.:K.164e an accrual for 531,1.012 representing the retroactive
pe:rt,-411 of the ,r4s0.. increase for the period ge:ptember 1. 1481 to Griember 31.
4, . ReServe tor :::Orking funds
The retserve for working funds at't,ecember II_ 1181 is appiiiable to
the elementary and secondary school operations of the Board as follows
Elementary
Secondary
• -
dr.Tat ured debent let -t
5275.600 .
, 250 000.
ss.14..%0
tbe unmatured debenture debt outstanding nf 51,1167...41. pr n. Ipii
ant interest rep.yments t -,r the next five years'are as follnws•'
.
.
Princ1.2±1 in!,,tr!1_'!, Total
.
,
'1432 5 531.281 5175.118 $ 708.399
;1R1
529.232 144.619 673.851
1184 522.216 1::-...307 636.541'
OM 51,3.12,3 84,315 597.435,
' 1486 476,174 54.850. 531,02.
. 2.574.041 573.109 3,14.%252
- ' Returning balance •'99 _519 240 _552,240
. • ,
' 31,0..0.1.1. 3442,41 54.699,702'
6-. ' pr" '114,.8#s awl "Ilt".J.F14.ni,!1.1-1:1Ett
4 .
0 4
• The reyeh;se fund expenditure for debt charges And ..1ptil loan
,nteersv- ,rw.:w1e's principal !.n.1 interest payments as f,llows
Prlor,p6 pavmentson lone -ern
1.•hi oflt hot
• . 4•14t 1•Itl.t‘i
. 1983
Elel"Tt4TY 5rcgn1JrY
•
1484
t..ementary Sec.onda4y
•
5,51. 179 5,1.. 'Pe' ill 1,524 5:65 ,000
Interest pacments there -ii 134,515
1,285)
n9
,
' , Reserve f%nd ,
.. C
The rec., rv, fund relates: to 1-1.4 di ,p,s IA, -1 4.4t ..n sure...,
The Roar 1 wof, not oh i , wAse4 t, rP.Ince thr t.t,Pat frevin.e ,1 imt .r,.
)'t3 1"'
e tmts In this Int-unt e,41411,;11 ;hot .neN tinds he p1.(el in . reserve fan') irrnt
. used ter '1iture ...pita' expenditures -
11
d„ Trust !!3n4,
Tr -v,1 f.nds 5,10rtliv represent et"notw.l.ted 1-0.11,01. rP,P).PA
the Boardir:Cm individna.. ,not nt,'Pc
n s0.4.1 vertnm ▪ .r.1 110trt, ctlortIA ir 1.q,4404
•
Inhnfv S."1“1, t ret"N ▪ .114,n41 Prole ts net tnn.t, t.3.. .1P
These tunas
fl ,r1
•
V4"3 14 qntter rpqnsItt
113- Schnql. r at. 1 us Art prov.1 fes that
the 11!!PrPh,P %ot..pn
;T.^ w!e“in• reUuisittunel frnmi univipality and thP e0ounr,,that. shoqIt 3,'_-e
rPintsitt *he •rtoa1 level' xi exprndi7,ire .13.11r.nts -e
P5 In '000T rPlIttg.fonn Or older reln141.titn The atterned
rere,t, . net. '‚3'1' !")31 fr..* (mini ,pairt.es in .181. -1.. 4'4
, e ttle t!lo 6401“n1 tn
Jo pornint'..
3? 134,f 1380,,figures ev,-eteen --t, "--1 • reale,t it
LIt., •he 11°, gron• fr •I••• ;1.1..t.,hown• f nt ..1.14140•00441!4: .4044
sater... in emouet
L
V
f• 1
• 4i
La