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HomeMy WebLinkAboutThe Wingham Advance-Times, 1984-05-23, Page 10PogoWingham 4dvanve Times, Kay , ami 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