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HomeMy WebLinkAboutThe Huron Expositor, 1984-05-23, Page 16A18 - THE HURON EXPOSITOR, MAY 23, 1984 Yie FINANCIAL STATEMENTS DECEMBER J1, 1983 AUDITORS' 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, 1983 and the revenue fund statement of rev ue and a expenditures and the capital fund statement of operations for the year en ended, Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests and othee 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 71, :983 and the results of Its operations for the year then ended in accordance with the accounting principles described in note 1 to tne financial statements applied on a basis consistent with that of the preceding year. London, Canada. March 13, 1984., :5artered Accountants, -tense No. 6.1, LJ THE HURON COUNTY BOARD OF CDUCATION 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, fued Debenture principal payments included in revenue fund expenditures Capital expenditures: ' Land and buildings Furniture and equipment Net recovery of prior years' capital ekpenditures 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 1176,327 371,546 275,549 647,095 1•, 348, 393 510,466 304,646 815,112 529,232 533,281 2,533,762 3,067,043 $2.,004,530 82,533,7.62 ' THE HURON COUNTY BOARD OF EDUCATION BALANCE SHEET DECEMBER 31, 1983 (with comparative amounts at December 31, 1982) ASSETS 1983 REVENUE FUND 1982 LIABILITIES AND EQUITY REVENUE FUND Cash 8 866,749 Bank loan and overdraft Accounts receivable: Government of Ontario 1,471,628 81,794,757 Accounts payable: Local taxation - Local taxation - over requisition Outatanding 1982 Requ,ottione 37,000 (statement 2) Supplementary caeca 200 1,464 Trade accounts payable and accrued Other school board, 101,221 397,985 chargee Sundry 23,351 37,397 Other ochool boards 2,463,149 2,268,603 Prepaid espenae, 74,438 79,360 12,537.587 42,347,963 :AP1TAL FUND Due to capitol fund Due to reserve fund Reserve for working (undo (note 3) Accounts receivable 8 225 $ 225 Roldbacko payable Due from revenue fund 7,275 7,275 .,matured debenture debt (note 4) Capital outlay to be recovered in future year. latatement 1) 2,004,530 2,533,762 52,012,030 82.541,252 9rtfa:F. F'9D Due from ream is fend 8 12.315 4 13.500, igetty ,n reserve funds (note 61 79'ST F15) Cash $ 0,261 8 7,828 Trust funds (note 7) Tnveatmenta - at rnat whish appr,n,mate, Balance, beginning of year market val,s 169 958 162,971 Add - Invsatment income Principal receipt, in behalf ,f .he gnarl nice 0, ror tar n,ani,ng os 1 179.229 1 10,'99 Deduct 'overdo Balance, end of year CAPITAL FUND RESERVE FUND TRUST FUND 1983 STATEMENT 1 1982 $ 129,889 1 425,730 316,287 1,169,548 1,073,976 197,719 182,036 1,792,997 1,702,188 7,275 7,275 12,715 13,500 19,590 20,775 725,000 625,000 42,537,587 82,347.963 4 .7,500 0 7,500 2,004,530 2,533,762 82,012,030, 02,541.26e 1 12,315 8 13.500 1 170,799 8 170,514 26,421 23,477 7,000 1,000 204,220 194,991 24,991 24,192 179,229 170,799 1 179.229 8 170.799 THE .729'1 7077 9199., eF 0))' 4T:3' 9E4E9'E F:'9) 5;4-E a.V: 39 99JENUE AVD-EXPEO0I71'RES YEAR E9 9E'_99E9 '( 1,363 with m. ra•,/e amoinns r (707. 1993 Elementary Schools Secondary Scheele Total STATF,19E7T 2 1982 Elementary Schools Secondary Schools Total Expendtrur. Bu,lneao siminta•rat,nn 1 161,')7 4 ('1,055 1 772,792 8 144,507 S (54,051 8 298,568 General ad„nix;car,+n 155,442 )'9.2Q6 340,858 112,092 140,921 172,91' Computer servizet LL� 7,870 15,111 1,757 5,505 (0,862 inatruc ,, nn (1,741,519 12,041,064 25,782,493 (2,461,970 11,018,02) 22,:79,941 Plant nseratinn aid aa,^r0na,re 1,975,951 1,571,163 2,947,121 ;,102,851 1,429,0)1 i 671,89) Tranapnrta n nn 1,519,995 1.500,471 7,220,357 1,597,266 1.449,)07 1,941,169 Tuition foes 22,725 . 752,889 775,1)4 25,289 7x3,16) 9(9,437 Capital erpe,iir,ro (non-allnrahla, 671,'77 8,400 470,173 1,9,)39 4(8,598 157,9 )7 Other operating expenditure 59,547 91,350 (67,037 69,817 95.051 (65,R65 Debt charge, end capital ),an 1 o ,t -into 5, 417,876 221,028 5'),852 687,416 220,992 708,398 won-operas,ng expond,t.rea, ex -1,1l -e '.ansfers r serosa 39,425 72,585 112,010 33 868 ,64,970 98,938 Teel .nponditerr 18,068,110 15,705,081 34,773,191 16,30 ,427 15 7900 490 32,094917 Recovery of elyeeditereo Other echnnl ,nerds Government of Cseada Indlviduala Dther revenue, excluding transfers from re.orve, 'its) recovery of expendttnres Net expenditure financed by Transfer from (to) reserve fund Transfer to revenue fund roeervo for working (undo Government of Ontarin - general legislative Brent Local taxation - r„sed in current year Previous wear's over (under) requisition Under (over) requisition of taxes for 0400 (note 8) (See accompanying notes) 1,980 25,821 1,125,737 16,916 65,185 10,881 27,801 • 1,238,719 18,040,309 15.466.362 1,125,737 36,916 57,165 36,702 1,002 1,626 16,952 1,266,520 199 580 33,506,671 16,284,847 990.095 17,948 81,622 33 857 1,109,422 991,097 77,848 93,249 20,809 1,129,002 14,681,068 30,965,915 1,185 1,185 (1,5007 (1,500) (100,0001 (100,000) (100,000) 1100,000) 12,003,653 9,949,778 21,953,431 11,038,397 9,954,039 20,892,436 6,123,620 5,637,878 11,761,498 5,352,147 5,259,443 10,611.590. 90,418 225,869 '316,287 (13,779) (106,545) (120,324) 18,21 876 15,713,525 33,932,401 16,375,265 14,906,937 31,282,202 $ (178,567) 8 (247.163) 4 (425.730) 8 (90.418) 8 (225.869) 8 (316.287) 0 �ducafcon THE HURON COUNTY BOARD OF EDUCATION NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1983 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 principle, are in accordance with generally accepted accounting principles except 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 ekception of reporting of charges 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 tb current expenditure unless financed by long-term debt. Principal and interest charges' on unmatured debenture debt are included in expenditure in the period due. Fixed assets, described as capital outlay to be recovered in future years, ere included on the balance sheet only to the extent of the balances of the related unmatured debenture debt outstanding and of any related temporary ftnanetng at tne end of the fiscal year. as 2. Retirement gratuity plan Under ch: 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 evolve years of service with The Huron County Board of Education. The amount of such benefits accumulated to December 31, 1983, to the extent that they can be claimed as cash paymento by employees on. retirement is $6,561,000. This amount does not include any aatjmate ie 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 thia contingent liability in thee, financial etatcments. During 1983, the Board paid $310,000 to employee° who loft the Board to 1982, ($112,000 paid to 1982). 3. Reserve fororkin9 (undo 1 funds at December 71 i, applicable to the The\iTeerve for working elementary att8 sato dory ochool opo roc rano of the Board ap follove: 1983 1982 Elementary 4275,000 {275,000 Secondary 450,000 750,000 4725.99q *625.98q 4. Unnatured debenture debt Of the unmatured debenture debt outstanding of $2,004,530, and interest ropaymonto for the next ftva yearo aro a° follow,- "O 1984 1985 1186 1987 1988 iema,n,ng oalanca Principal 8 522,236 513,120 476,174 )13,000 62,300 1,886,530 118,000 print teal Inter et Total 1114,)0') 84,315 54,850 27,488 13,143 294,10) 18,510 $ 636,543 597,4)5 531,024 340,488 '5.24) 2,180,7)3 1)6,513 82.40,.533 1712.71.1 11,317.29) 5. Debt chargee and capital loan interest The revenue fund expenditure for debt charges and capital loan interest includoe principal and 2020,0ot parmenta ao follows 198) 1981 Elementary Secondary Elementary Secondary Principal paymento on long-term debt including contributions to oinking (undo 4)60.1)2 4169,000 1373,281 4160,000 Interest paymento thereon 92,591 52,027 114,175 60,9137 41,11.„211 8721,027 1187.416 4t20.t8) 6. Reserve fund Tee reserve fund .elates t' d,apoaala If certain aerel,s properties. The Board vee not oblrgated 71 refute the nJrrent Pr,vince of ont0r11 grants in tints amount on condition net 11,h ,Inds no placed 21 a 14 481,,e .,nd and feed for future capital expenditures. :banger ,n tee r arae f „d balance ore At fs,.,vs 198) 1981 Balance, la nua-: 1 411 ;)0 11:.700 Transfers from (to) the revenue fund y a? _500 Balance, December 11 7. Tr ast funds Trot '2^1, general,1apmV./reeent a Io ed 1,na., . 'ace „e. ., th0 30,44 from ,ndistival, . score'. and .nC t,tl,,n,0 000r's0. '"010 fund, are I a4 to pray I de ,ari5e4 scholars'. Ips, 4v r 001108 and ava'ds ^ at,ds.!o i ,r, +,ntv sceo,19 and r 010,0[ u,•5 ,.Ser .duc,s,nnal p',; ..s 'ot ,n404 ,+ .he Bo Ori 8. Over or under requtettton School' s Administration Act prov,ies the, the difference 5asveen the amount requtaicibteej from a municipality and the amount that should have been requta,tioned batted on the actual level of expenditure and gr.n n ,a to be treated as an over requ,aition or under requ,aitton, The attached financial statement, refle,t a net over requisition from aun,c,pal,t,es ,n 198) of 4475.'30 v0 i,1 will he deducted From the tax requiott,nn by the Schee, 9o,rd in (094_ 9. Comparative amounts Certain 5f the 1982 iomparstive fig,re, have boon rp,.004 to reflect adjuatmenta made to the 1982 grant from chi. Trover,men• nf )maria, such adjustment, were not material to amount.