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HomeMy WebLinkAboutThe Goderich Signal-Star, 1985-05-15, Page 27GOPE CH SIGNA AR, ,DTESDA' 'X J ,1905 --PAGE 9A FINANCIAL STATEMENTS DECEMBER 31, 198/ z,N �.•ntv-._rev.-urar,,-:•.r.-•.a•., AUDITORS RE" ORT To the supporters of the Huron County Board of Education We have examined the balance sheet of The. Huron County Board of Education as at Decembe‘r 31, 1984 and the revenue ,fund statement of revenue and ekpenditures 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 Decen[LQ®r 31, 1984 and the results of its operations for the year then ended in accorddnce with the accounting principles described in not 1 to the -financial statements applied on a basis consistent with that of the preceding year. London, Canada March 15, 1985 Chartered Accountants. License No. 852. STATEMENT 1 THE HURON COUNTY BOARD OF EDUCATION BALANCE SHEET DECEMBER 31, 1984 (with comparative amounts at December 31, 1983) Cash and term deposits Accounts receivable: Government of Ontario Local taxation - Supplementary taxes Other school boards Sundry Prepaid expenses ASSETS 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 Cosh Investments - at cost which approximates market value On behalf of the Board Director Director (See accompanying noteal'. LIABILITIES AND EQUITY 1997, 1991 $1,070,1:2 $ 866,749 Accounts payable: Local taxation - over requisition 1,6?1,531 1,370,146 (statement 7) (rade accounts payable and accrued (GD charges 102,194 Other school boards 23,351 0,812 105,571 18, 3_,) 2,8 1.,421 75,585 866(4I'E THUD 462,640 74,418 Due to capital fund Due to reserve fund Reg,.rve for working funds (note 3) $ 4 725. IL'Idhncks payable 7,1 7,215 llama lured debenture debt (nein 4) 1,49', 11 !,004,510 $1,,99 111,'''•1 4 0,561 CAPITAL FUND ,' 1984 $ 122,540 1,597,375 106,611 2,026,e58'6 7,275 49205 56,480 825,000 1983 $ 425,22( 1,169,548 197,719 1,792,488 7,275 12,315 19,590 725,000 82$08,0006 $24537,078 $ 7,500 $. 7,500 1,482,244 2,004,530 1,4894794 821012,030 RE''.0VE FUND Equity i n reserve fund s (note 61 8 4, , 20 5 $12,�J 115 TRUST FUND Trutt funds (note 7): Balance, beginning of Venr Arid - Instment 1(1,100 Principal receipt., h,d„1 Iw.,rds 0,)nor,., ,nd of year $ 179,229 $ 170,799 22,588 26,421 15,455 7,000 217,272 204,220 i^91,356 24,991 !I 187,916 179,229 $- 191,916 $ 179„2.11 STATEMENT 2 THE HURON COUNTY BOARD OF EDUCATION REVENUE FUND STATEMENT OF REVENUE AND ExPENP)TI'u' YEAR ENDED DECEMBER )1,, 1984 (with comparative amounts for P'911 F•p. nd,r,,re- B-r-r-re'n--tAn, rl,reral 4dmtn,arra1,nn r^mpurer a,•rv,roc Instruction Plant nperatinn and maintenance Tranapurtation T t1^n fees - -- -- '-a p,ral expenditure (non -allocable) other operating expenditure 1,eht chases and capital loan ,nietrgt /ante '•) "+ ^I,er ,t ,ng er pend,tnren, xrind,ng twang (erg nratv T+,4 I,' 717 rn r rv.g _ Total expenditure ._. Rer•,very -,f expenditures' Other crh.nl hn rds 4n• meet n( Canada Inllvldu.tlq ()cher revenue, excluding transfers from reserves Total recovery or expenditures Net expenditure Financed by: Transfer from fro)r-serve fund Transfer to revenuefund reserve for working funds Government of Ontarrn - general legislative grant Loral taxation - raised in current year Previous year's over (under) requisition Under (over) requisition of taxon for year (note 9) (See accompanying note,) 118', n -laws 1,7,195 211 , 59A 12,395,571 1, 717 657 1,709,191 9C7r _ 116,697 72,007 •'21,559 110,930 Tet 1.1 rhoe1-. IA' 41 7 77,491 76 005,179 1,137,594 1,410, 311 646,177 21,809 616,544 206,096 1983 Sernn,Iiry Schools 161,1' $ 171,055 175,in6 ,1 19 1.175..•.) 1,619,°n6 _. 22.'25 671,'1, 59,,.97 457,07. __Ili' ,5 19,021,545 16,810,,'7.17-. _._. -TR-, 1,7r,,TM-... 7,970 12,041,06'. 1,571.(63 1,600,471 7Se,aaa 8,400 83,150 721,028 72,585 Tn t a1 $ 112,797 _:1407,8633.. 15,3)1 :5,782,583 2,947,124 1,220,367 125.,114 430,133 143,037 673,852 112,010 1,111,804 1,171,804 1'1 1,125,737 1,176,710 60,197 40,1')7 16,916 36,916 1•4'71 1'.,717 75,7x15 1,+0n 65,185 67,165 '7,6014,977 1 75,°'l _ -' . , _ _67,129 -,_ 10,881 36,702 '1 805 1.701, ---Ili -L„ ,, .. 1,238, 719 1,267,493 •6 •,9 591 178, 352 ) n.7 )SA (1,,739, 110 J 5_, 57,1110 19,0)9,716 15,466,162 13,505,693 (16,9901 (36,990) 1,195 (inn,nne, (l00,Dt30) 11,792,956 21,215,272 17,001,-.x5 5,002,657 12,142,747 6,123.'20 :'.6 869 475,221 90,418 16,775,592 31, 845,850 18,217,642 1,185 (100,000) (100,000) 9,949,4194 21,951,949 5,617,878 11,761,498 225,869 316,287 15, 713'37 33,930,919 $ _ (17782) 8 (122,540) $_ (1781521 $ (246,869) $ (425,221) STATE;fEN'T 3 tiE HURON COUNTY BOARD '&F EDUCATION CAPITAL FUND STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1984 (with comparative amounts for 1983) g (See accompanying notes) Sources of recovery of capital expenditures: Capital expenditures out of revenue fund Debenture principaL p yments included in revenue fund expenditures Capital expetiditures: Land and buildings Furniture and equipment Net recovery of prior years' capital expendttares Unrecovered capital expenditures, beginning of year Unrecovered capital expenditures, end of year 19'84 -1983 1 970,796 3 647,095 522,236 1,1,93,032 529,232 1,176,327 592,435 371,546 378 361 275,549 970 796647,095 522,236 529,232 22 00� 4,530 2,53,762 811 48 44.539. 1. A !18110 . 24$ iL The financial statements have been prepared by the Board is 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 tor repgrting revenue and expenditure has been used with the exception of reporting of chargee for unmatured debenture debt and, expense relating to sick leave benefits. With regard to unmacured debenture debt, principal and interest charges are not accrued Flom 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 unmetured 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 am expenditures in the period due. Fixed aaamto-, described Za capital-or.tltey 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 fiscal year. 2. Retirement gratuity_p1an 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, 1984, to the extent that they can be claimed as cash payments by employees on retirement is 17,285,000. 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 contingent liability in these financial statements. During 1984, the Board paid 8225,000 to employees who left the Board in 1983, ($310,000 paid in 1983). 3. Reserve for working funds The reserve for working funds at December 31. is applicable co the elementary and secondary school operations,of the Board as follows,: 1984 1983 Elementary 1275,000 $275,000 Secondary 550,000 450,000 8825,000 8725,000 4, Unmatured debenture debt Of the unmatured debenture debt outstanding of $1,482,294, principal and interest repayments for the next five years are as follows: Principal Interest Total 1985 $ 513,120 $ 84,315 $ 597,435 1986 476,174 54,850 531,024 1987 313,000 27,488 340,488 1988 62,000 13,243 75,243 1989 55,000 8,760 63,760 r 1,419,294 188,656 1,607,950 Remaining balance 63,000 9,750 72750 $1,482,294 8198,406 $1.680,700 5. Debt charges and capital loan interest The revenue 'fend expenditure for debt charges interest includes principal and 'interest payments as fo1Lowa,a 1984 Principal payments on long-term debt including contributions to sinking funds Interest payments thereon and capital loan 1983 Elementary Secondary- Elementary Secondary $343,236 4179,000 1360,232 $169,000 71,750 42,558 92,591 52,027 5414,986 1221,558 $452,823 1,221.027 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 reserve fund balance are as follows: Balance TIAUT2ry Transfers from (to) the revenue fund Balance, December 31 1984 1983 Elementary Secondary Total Total a`I?,'Si� $15ir31s c$1 -1r590 136,890 36,890 (1,185) 112,315 836.890 849.205 812.315 7 Trust funds '-' - __ __`- Truer- Cu.ols re resew( accumulated. _donations ... received. _.by the Board from individual, corporate and institutional sources. These funds are u d to provide various scholarships, bursaries and awards to students in Huron County schools and to assist with other educational projects not Board. funded by the 8. Over or under requisition 'Me School's Administration Act provides that the difference between the amount requisitioned from a municipality and the amount that shoutd 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 1984 of 8322,540 which will be deducted from the tax requisition by the School Board in 1985. 9., Collective Agreement The 1984-1985 Collective Agreement with the Ontario Secondary Teachers' Federation District No.45 has not yet been ratified. Under a "Terms 'of Employment" memorandum, the secondary school teachers were paid a salary increase of 4Z over amounts under the 1983-1984 Collective Agreement fdr the period from September 1, 1984 to December 31, 1984. This additional expenditure has been provided for in these financial statements. 10. Comparative amounts Certain of the 1983 comparative figures have been revised to reflect adjustments Stade to' the 1983 grant from the Government of Ontario; such adjustments were not material in amount.