Zurich Citizens News, 1973-06-28, Page 14he Huron County Board of Education
For the year ended December 3 1 st, 1 9 7 2
Auditor's Report
TO THE HURON COUNTY
BOARD ()F EDUCATION:
I have examined the Balance Sheet of the Huron County Board
of Education as at December 31, 1972, and the Statements of Revenue
Fund -Revenue and Expenditure, and Source and Application of
Capital Funds for the year then ended. My examination included a
general review of the accounting procedures and such tests of account-
ing records and other supporting evidence as I considered necessary
in the circumstances.
In my opinion these Financial Statements present fairly the
financial position of the Board as at December 31, 1972 and the
results of its operations and the source and application of its capital
funds for the year then ended, in accordance with accounting prin-
ciples generally accepted for Ontario school boards applied on a basis
consistent with that of the preceding year.
A. M. HARPER,
Municipal Auditor -4440.
6t
Goderich, Ontario,
May 30, 1973.
ALANCE SHEET
as at December 31, 1972
ASSETS
Current Assets
Cash
Accounts Receivable
Municipalities
Government of Ontario
Other
Due from Capital funds
Other current assets
Revenue Capital
Fund Fund
$104,391 $
3,535
299,860 250,000
66,463
141,973
43,005
Total Current Assets 659,227 250,000
Fixed Assets
Deficit as at January 1, 1969 reduced by
Ontario Government Assistance
in respect thereof
Total Assets ...
LIABILITIES
24,312,291
NOTES:
(1) Other revenue includes transfers from the capital fund, proceeds
from the sale of assets, insurance claims, earnings on temporary
investments, reimbursements for services and other miscellaneous
items that are in the nature of recovery of expenditure.
(2) Local taxation includes the total of the 1972 requisition on muni-
cipalities, supplementary taxes, license fees for trailers, taxes
levied directly by school boards and any other amounts provided
by municipalities over and above the requisition.
REVENUE FUND
Statement of Revenue and Expenditure
91,020
$750,247 $24,562,291
Current Liabilities
Accounts payable
Municipalities -over -requisitions . $ 42,463 $
Other 507,784
Due to revenue fund .. 141,973
Total Current Liabilities
Unmatured debenture debt ..
Reserve for working funds
Investment in fixed assets .
Total Liabilities..........
550,247 141,973
7,710,317
16,710,001
200,000
$ 750,247
$24,562,291
Approved on behalf of the Board,
E. C. HILL, Chairman.
D. J. COCHRANE, Chief Executive Officer.
EVENUE FUND
Statement of Revenue and Expenditure
For Secondary Purposes
For the year ended December 31, 1972
EXPENDITURE
Business Administration
Computer Services
Instruction ..
Educational Services
Attendance, Health and Food Services . .. ..
Plant Operation
Plant Maintenance
Transportation .. .
Tuition Fees
Capital Expenditures (Non -Allocable) .......
Other Operating Expenditure . ...
Debt Charges on Capital Borrowing .. .
Non -Operating Expenditure, excluding Transfers
to Reserves
Total Expenditure ..
RECOVERIES OF EXPENDITURE
Other School Boards
Fur Elerneual'.,ry Purposes
For the year ended December 31, 1972
EXPENDITURE
Business Administration
Computer Services
Instruction .. .
Educational Services
Attendance, Health and Food Services
Plant Operation
Plaint Maintenance . ......
Transportation . .
Tuition Fees .. ..
Capital Expenditures (Non -Allocable)
Other Operating Expenditure
Debt Charges on Capital Borrowing
Non -Operating Expenditure, excluding Transfers
to Reserves . .
Total Expenditure
$ 87,771
1,448
3,665,432
78,592
3,522
418,194
49,096
508,801
18,323
103,247
33,272
616,168
20,880
$5,604,746
RECOVERIES OF EXPENDITURE
Other School Boards 13,766
Government of Ontario, Tuition Fees and Mis-
cellaneous 4,014
Government of Canada 8,168
Individuals . ... .. 200
Other Revenue, excluding Transfers
from Reserves
Net Expenditure
Net Expenditure financed by:
Government of Ontario
General Legislative Grants 4,153,614
Local Taxation:
1971 Over (Under) Requisition 37,981
Local Taxation raised in 1972. 1,511,312
Decrease (Increase) in Reserves . .(103,000) 1,446,293 5,599,907
Net Under (Over) Requisition required to be
applied to 1973 Taxation (23,696)
2,387 28,535
5,576,211 '
$ 82,658
1,364
4,004,322
68,488
8,513
492,207
18,354
401,590
276,200
11,273
38,829
379,975
32,806
$5,816,579
Government of Ontario, Tuition Fees
and Miscellaneous
Government of Canada •
Individuals
Other Revenue, excluding Transfers
from Reserves
$ 642,728
10,818
14,847
18,042
7,663 694,098
Net Expenditure
Net Expenditure financed by:
Government of Ontario,
General Legistlative Grants ..
Local Taxation:
1971 Over (Under) Requisition 163,378
Local Taxation raised in 1972 .... 1,254,828
Decrease (Increase) in Reserves (97,000)
Net Under (Over) Requisition Required to be
Applied to 1973 Taxation
$5,122,481
3,820,042
1,321,206 5,141,248
18,767
Statement of Source and Application
of Capital Funds
For the year ended December 31, 1972
SOURCE
Unexpended Funds at Beginning of Year $ 13,226
Long -Term Liabilities, at Par:
Sold to Province of Ontario Education Aid
Curporation 250,000
250,000
Capital Expenditures from the Revenue Fund 242,012
Federal Sales Tax Refund .... 8,646
Total
513,884
APPLICATION
Fixed Assets and Work in Progress:
Buildings .
Furniture and Equipment
Other Payments on Projects:
Administrative Costs . _.
School Sites --Administrative Offices
Buses
Unexpended Funds at end of year
Total
$ 240,066
69,071
5,059
Site 38,190
53,471
405,857
108,027
$ 513,884