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IV
FINANCIAL ST7ATEMENTS
DFCFMBFR 3, 1983
AUDITORS' REPORT
Tv 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, 1983 and the revenue fund statement of revenue and
expenditures and the capital fund statement of operations for the year then
ended.
Jur 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.
44,4.4
THE HURON COUNTY BOARD OF EDUCATION
CAPITAL FUND STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1983
(with comparative amounts for 1982)
Sources 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 years' capital
expenditures
Unrecovered capital expenditures, beginning
of year
Unrecovered capital expenditures, end of year
(See accompanying notes)
STATEMENT 3
1983 1982
$ 647,095 $ 815,112
529,232 533,281
1,176,327 1,348,393
371,546 510,466
275,549 304,646
647,095 815,112
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
REVENUE FUND
Cash'
Accounts receivable:
Government of Ontario
Local taxation -
Outstanding 1982 Requisitions
Supplementary taxes 200
Other school boards . 101,221
Sundry 23,351
2,463,149
• 74,438
1983
$ 866,74.9
1,471,628
Prepaid expenses
1982
Bank loan and overdraft
LIABILITIES AND EQUITY
REVENUE FUND
1983
STATIMENT 1
1982
$ 129,889
$1,794,757 Accounts payable:
Local taxation - over requisition
37,000 (statement. 2) $ 425,730 316,287
1,464 Trade accounts payable and accrued
397,985 charges 1,169,548 1,073,976'
37,397 Othet school boards 197,719 182,036
2,268,603 1,792,997 1,702,188
79,360
Due to capital fund 7,275 7,275
Due to reserve fund 12,315 13,500
19,590 20,775
Reserve for working funds (note 3) 725,000 625,000
$2,537,587 $2,347,963
$2,537,587 .$2,347.963
,CAPITAL FUND
Accounts receivable $ 225
Due'from revenue fund 7,275
Capital 'outlay to be recovered in future years
(statement 3)
Due from revenue fund
Cash
Investments - at cost which approximates
market value 169,968
RESERVE FUND
TRUST FUND
$ -225 8oldbaclxs payable
7,275 Unmatured debenture debt (note 4)
2,004,530 2,533,762
CAPITAL FUND
$ .7,500 ',$ 7,500
2,004,530 2,533,762
$2,012',030 $2,541,262 $2,012,030 $2,541,262
$ 12,315 $' 13,500 Equity in reserve funds (note 6) $ 12.315 $ 13.500
$ 170,799 $ 170,514
9,261 $
On behalf of the Board
Director.
Director
(See accompanying notes),
7,828 Trutt funds (note 7):
Balance, beginning of year
162,971 Add
si
$ 179,229 $ 170,799
Investment income
Principal receipts
Deduct awards
Balance, end of year
RESERVE FUND
TRUST FUND
26,421
7,000
204,220
24,991
179,229
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 hoards
Government of Canada
Individuals
Ocher 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
59,687
452,824
39,425
18,068,110
1,980
25,821
Secondary
Schools Total
$ 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
16,705,081
1,125,737
36,916
65,185
10,881
27,801 1,238,719
18,040,309 15,466,362 33,506,671
1,185 1,185
(100,000) (100,000)
12,003,653 9,949,778 21,953,431
6,123,620 5,637,878 11,761,498
90,418 225 869 316,287
18,218,876 15,713 25 33,932,401
$ (178.567) $ ,0247.163) $ (425.730)
$ 332,792
340,868
15,311
25,782,583
2,947,124
3,220,367
775,114
430,133
143,037
673,852
112,010
34,773,191
1,125,737
36,916
67,165
36,702
1,266,520
STATEMENT 2
.1982
Elementary
Schools
$ 144,507
132,092
5,257
12,461,920
1,202,861
1,592,266
25,289
149,139
69,812
487,416
33,868
16,304,427
1,002
1,626
16,952
19,580
16,284,847
(1,500)
11,038,397
5,352,147
(13,779)
16,375,265
$ (90.418)
Secondary
Schools
$ 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
15,790,490
990,095
33,848
81,622
3,857
1,109,422
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
32,094,917
991,097
33,848
83,248
20,809
1,129,002
14,681,068 30,965,915
(100,000)
9,854,039
5,259,443
(106,545)
14,906,937
$ (215.869)
(1,500)
(100,000)
20,892,436
10,611,590
(120,324)
31,282,202
$ (3 6.287)
THE HURON COUNTY BOARD OF EDUCATION
NOTES. TO TRE•FINANCIAL STATEMENTS
DECEMBER 31, 1483
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 ae
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 chargee 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 upless financed by
long-term debt. Principal and interest charges pm 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 tne end of tne 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 X31, 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 clans the
gratuity. No provision has been made in respect of this contingent liability in
these financial statements. During 1983•,. the Board paid $310;000 to employees who
left the Board in 1982, (1112,000 paid in 1982).
Reserve for working funds
a
The reserve for 'working funds at December 31 is applicable to the
elementary and secondary school operations of the Board as follows:
1983 1982
Elementary $275,000. $275,000
Secondary 450,000 350,000
1725.000 $625,000
4. Unmatured debenture debt•
Of the unmatured debenture debt outstanding of 12,004,530, principal
and interest repayments for the next five years are as follows:
1984
1985
1986
1987
1988.
Remaining balance
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
$2,004,530 1312,713 $2,317 243
5. Debt charges and capital loan interest
The revenue fund expenditure for..debt. charges
interest includes principal and interest payments as follows:
1983 1982
and capital loan
Elementary Secondary Elementary 'Secondary
Principal payments on long-term
debt including contributions
to sinking funds $360,232 1169,000 $373,281 $160,000
Interest payments'ehereon 92,591 52,027 114,135 60,983
$452,823 1221,027 1437.416 $Z20,983
6. Reserve fund
4444
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 'suoh funds be placed in a reserve fund and'
used for future capital expenditures, Changes in the reserve. fund balance are as
follows:
Balance, January 1
Transfers from (to) the revenue
fund
Balance, December 31 '
7. Trust funds
Trust funds generally represent
1983 1982
' $13,500 $12,000
(1,185) 1,500
$12.315 $13.500
accumulated donations received by
the Board from individual, corporate and institutional 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 bdeen
requisitioned based on the actual level of expenditure and grants is to be treated
4
as an over requisition or under requisition. The attached financial statements
reflect a net over requisition Erom municipalities in 1983 of 1425,730 which will
be deducted from the tax requisition by the Schoo_ Board. in 1984.-
9. Comparative amounts
Certain'of the 1982 comparative figures have been revised to refloat
adjustments made to the 1982 grant from the Government of
adjustments were not material in amount.
Ontario; such