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as at December 311 11987
MIIMMINIMIBINNOBAIMMINNIMIntwornill111
AUDITOR'S 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 at December 31, 1987
and the revenue fund statement of revenue and expenditures, the capital fund statement of operations,
the continuity of reserve funds and the continuity of trust funds 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 and the trust
funds of the Board as at December 31, 1987 and the results of its operations and the continuity of trust
funds 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. c
London, Canada
March 9, 1985
•
sc.
CHARTERED ACCOUNTANTS.
• License No. 1117
THE HURQN CAUNTY BOARD Or IE
BALANCE StIEET
December 31, 1987 - - - ----.--
(wfth comparative amounts et December 31, 1986)
ASSETS
UCATION
Revenue Fund
Cash and term deposits
Accounts receivable:
Government of Ontario
Local taxation -
Supplementary tame
Other school board0
Sundry
Prepold !expnses
1987
$ 433,404
1,703,716
988,129
536,040
1986
$ 1,705,130
1,715,983
24,822
103,733
e8,284
9,659,289 3,889,712
127,189 122,711
$ 3,788,476 $ 9,792,423
Caput Fund
Accounts recelvable $ 225
OW from revenue fund 7,275
Capital outlay to be recovered in future years
(statement 3) 113,327
• 120,827
Reserve Fund
Due from revenue fund
Tient ihinis
Cash
Investments - at mist which approximates
IMAM value
On behalf of the Board
Director
Director
225
7,275
287,601
• 295,101
$ 222,088 $ 188,417
$ 21,073 $ 20,038
199,307 198,307
$ 220,380 $ 210,345
STATEMENT 1
LIABILITIES AND EQUITY
ittivenue Fund 1087
Accounts payable:
Local taxation - over requisition of taxes
(statement 2) (note 7)
Trade eccounts payable and accrued
charges
Other school boards
Due to capital fund
Due to mem fund
Reserve for working funds (note 3)
Capital Puna -
Holdbacks payable
Unmatursd debenture debt (nets 4)
1911113
480.2e3 8 483,852
101,01,0- •.. Assam
. 02,144 • . 1844149
2.434117 • •2,571,731
7,275 , , 7,275
222,088 188,417
229,381 195,192
1,125,000 114125,00
*
$ 3,710,478 * 3,792.423
$ 7,500 $ 7,500
113,327 287,001
120,827
295,101
Reserve Pond
Equity In reserve fund (statement 4) $ 222,O$6 $ 188417
Trust Fluids
Awerde payable $ 8,8841
Equity In trust funds (statement 5) (note 8) 213,894•
$ 11,310
202,035
$ 220,380 $
210,345
THE HURON COUNTY BOARD OF EDUCATION STATEMENT 2
REVENUE FUND STATEMENT OF 'REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31, 1987
(with comparathre amounts for 1986)
Expenditures:
u•Iniaadminiatration
General administration
Computer services
instruction
Plant operation arvd maintenance
Transportation
Tuition Fees
Capital expenditure (norwellocablii)
Other operating expenditure
Debt -charge, and.capital loan interest (note 5)
Non-operalktg expenditures, excluding
transfens to roseives
Total expenditure
Recovery of sutpionditurarc
Odds schOol.beerds
Government of Canards
Other reventle, excluding tressfers from mom*
Tots! recovery of alcpanditurie
fret expendituits
Financed by:
Trencher from (ft) mew* funds (etticietlient 4)
Transfer to revassue flied fetervit tat Workbag funds
Governitierd of Ontario- genstal *Wady" tont
Local WOW - radied in tuirsitt ylear
PreviOus yetis* over (under) regulaltion
1967
Elementary
Schools
209,284
239,493
57,444
16,437,013
2,023,306
'2,1115,350
24,709
275,631
15,079
43,462
34,844
23,845,685
120,050
3,205
248,448
389.701
23,175404
Over requisftion of taxes for year (note 7)
ar,
(87,639)
(50,000)
18,1111,41115
112110,219
112,040
WAS*
.1**1404
Secondary
Schools
215,207
248,204
59,075.
14,9114,289
1,828,223
1,671,993
1198,984
588,159
15,508
147,563
Total
424,471
485,167
116,619
33,401,302
3;1145,529
34117,343
1,023,753
1413,1110
30,587
191445
26401 !NW -
44!014461("
cuma
Elententery
Schaole
$ 203,710
234,181
20,201
17,158,471
1,62073
2,009,62
28,804
494,058
31,1141
68,251
20,758,416
1,808,801
79,670
233,112
2419,783
111,8211,11.13
24,220
• (40.000)
12,008,404
6,492402
311,612
1443,588
ao4,as,a
Stirs
419,stil
43,228
22,003,831
118,770
1,568
•*Li21r
140ott:
41.0!027
2,469,454"•
c„ •
(111,4164)
• (1,001000) *000)
I1,123,11111 14441,110
,14art8ttit 7417.1$4
112
Setloildety
Eldteols Total
11 207,628
286.401
• 20,610
13,519,323
$ 411,05
414,002
40,811
30,625,784
1465,1113 3,329,936.
tie3ixt48 3,70,471
04828 *0;040
--'26,250 Clteme
•32,454 , 44425
145,716 2141,1411
35,0310
'40
1
• lottoss.. .
4411 •
• ,
•
• '1
(***•404 102,1•60) al
J. Jewitt
Chair of the Board
ic,!•'"ct Z'er,
• ' • • ""' •••
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• :4,•,'•'•
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'440 '44
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-‚STATEMENT 3.• •
THE HURON. COUNTY BOARD- OF EIONICA, TION '
• . CAPITAL moo STATEMENT OF OIPIEROMONO
YEAR ENDER Deepoutign 31, -1987
, (wiER cosigiaratim'alitiiiiitt for 1986) ' . : .,
• , • : 1947 . , 1988
Sources of recovery of capital expenditUres: ---0.....,.,..4._..:•
-
Capital Orliindittlres out of revenue Ituld • 0 1;853,290 A $ 1,025,061
Debenture prbicIpat.paymenti included in
revenue fundeicpenditures (note 5) • : 174,274 • 208,225
1,821564 1,233,286
Capital expenditures:
Land and buildings ,., 856,790 •484,775
Furniture and equipment 796500 540,286
1,653,290 1,025,061
Net recovery of prior years' capital
expenditures
174,274,20
Capital outlay to be recovered In future
yaara, beginning of year
Capltal outlay to berecovered in future
years, end of year
6,225
•
287,601 , 495,826
113,327 $ 287,601
. . STATEMENT 4
E.
HURON BOARD OF EDUCATION ,.
CONTINUITY OF RESERVE FUNDS
• YEAR ENDED DECEMBER 31, 1987
(with comparative amounts for 1986)
Elementary Niemen:,
Future capital expenditures
Minlitry-equity
Future capital, expenditures
Board equity -•
Retiremeit gratuities ,
Secondary reserves:
Capital Improvements
Retirement gratultie$
Total
Balance
beginning
• year
Transfers
,kt from (to)
revenue fund
Balance
end
of year
6,022 6,022
6,293 6,293
48,754 a 57,929 106,683
81,069 57,929 118,998
36,890 (24,260) 12,630
90,458 90,458
127,348
(24,260) 103,088
188,417 $ 33,669 $ 222,086
r.`
STATEMENT 5
THE HURON COUNTY BOARD OF EDUCATION
CONTINUITY OF TRUST FUNDS
YEAR ENDED DECEMBER 31, 1987
(with comparative amounts for 1986)
Balance, beginning of year
Add:
Troia fUnde received In year
invelitment income
Dedtict awards
Balance, end of year
"Copies of the audited financial reports from which these statements
have been extracted may be examined at the office of the Secretary -Treasurer,
Huron County Board of EducatIOn) 103 Albert Street, Clinton, Ontario"
1987 1986
$ 202,035 $ 196,269
21,045 16,702
18,494 25,439
241,574
27,880
238,410
36,375
$ 213,694 $ 202,035
a0m1010t.
R.B. Allan
Director of Education
and Secretary -Treasurer
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