The Lucknow Sentinel, 1973-05-23, Page 15.1413:
my, MAY 43,
THE LUCKNOW SENTINEL, LUCKNOW, ONTARIO
The Bruce County Board of Education
For the year ended December 31st 1972
To the Members of the. Board
THE BRUCE COUNTY BOARD. OF EDUCATION
Chesley, Ontario.
We have examined the revenue fund and. capital fund balance
sheets of THE BRUCE COUNTY BOARD OF EDUCATION as at
31st December 1972 and the statements of revenue and expenditure
and source and application of capital funds for the year then .ended.
Our examination included a general review of the accounting pro-
cedures and such tests .of accounting records and other supporting.
evidence as we considered necessary in the circumstances.
• Inour opinion these financial statements present fairly the finan
cial position of. the Board .as at 31st. December 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 principles •
generally acceptedfor, Ontario School. Boards applied on a basis
consistent with that of the preceding year.
Hanover, Ontario
16th April .1973.
G. H. Ward and Partners
Chartered Accountants
License Number 4432
Balance Sheet
AS AT DECEMBER 31, 1972
ASSETS
.Current Assets
Cash
Investments, at cost
Accounts Receivable
Municipalities . - .
Other School Boards
Government of Ontario
Government of Canada
Others
Due from Other Funds
Revenue
Other Curr nt • Assets
Total . Current Assets
'Fixed Asets • „.
Deficit as at January 1, 1969 reduced by Ont.
Government Assistance in respect thereof
(Note 1)
'LLABILITIEs
Current Liabilities•
Bank Indebtedness
Accounts Payable
Municipalities
Over -Requisitions (Elementary)
Over -Requisitions (Secondary)
Other School Boards
Trade Payable andAccrued Liabilities
Due . to Other Funds - Capital
Total Current Liabilities
Long -Term Liabilities ' '
Unmatured Debenture Debt and •
Capital Loans
Deferred .Income
Reserve for Working Funds
Investment in Fixed Assets
Revenue
Fund
Capital
Fund.
$• 1,965 $
850,000
20,311
11,601
1,202,581
5,174 -
1,251
4,012
344,682
$ 2;.096,895 $ . 344,682
16,535,190
102,620
$ 2,199,515 $16,879,872
o .
$ 538,567.
198,598
103,968
31,279
677,421
344,682
$ .1,894,515
$ 6,489,905
5,000
300,000
10,389,967
$ 2,199,515 $16;879,872
Approved on Behalf of . the Board:
HARVEY 'McCURDY -� Chairman of the Board
J. L. BOWERS .- Director of Education
NOTES TO. FINANCIAL STATEMENTS
1. The Province of Ontario has assumed the adjusted deficits of pre-
decessor Boards. At 1st January 1969,the aggregated deficits, as
restated, amounted to $493,804.. To 31t December 1972 a total of
$391;184 has been received or included in general legislative grants
receivable, leaving a balance of $102,620 unpaid.
Z Contingent Liability
Under the sick leave benefit plan, unused sick leave can accuniu-
•
late and employees may become entitled to a cash payment when
they leave the Board's employment
°
These ac P yment. °
cumulated days, to the extent that they may be used to
determine the cash
payment to an employee loyee • on terminating
amount to $178,236. At the end of the year no provision has been
made on 'account of the sick leave benefit plan. ' •
Revenue Fund
STATEN ENT OF REVENUE AND EXPENDITURE
For Elementary Purposes
FOR THE YEAR ENDED DECEMBER 31, 1972
EXPENDITURE
Rosiness Administration
Computer Services
Itstruction
Educational Services
Attendance, Health and Food
Services (Net Cost).
$ 100,983
3,313
3,241,746
118,509
9,991
Plant Operation
Plant Maintenance
Transportation.
Tuition Fees.
Capital Expenditures
Other Operating Expenditure
Debt Charges on Capital Borrowing
Non -Operating Expenditure
Total Expenditure
419,964
• 459,904
608,215
33,590
286,492
7,832
1,054,029
5,352
RECOVERIES OF EXPENDITURE
Other School, hoards
Gov't of Ont., Tuition Fees and Miscellaneous
Government of Canada
Individuals •
Other Revenue, . excluding Transfers
'from Reserves
P4101 plOrn1EN
.$ 6,349,920
169,637
14,270
82,046.
48 .
69,653 • 335,654
NET EXPENDITURE
NET EXPENDITURE FINANCED BY:.
Gov't of Ont: General Legislative Grants 4;619,214
Local Taxation: •
1971 Over (Under) Requisition $ • 218,831
Local Taxation Raised in 1972 1;374,819'
6,014,266 •
1,593,650 6,212,864
NET OVER REQUISITION REQUIRED TO BE
APPLIED TO 1973 TAXATION
Revenue Fund
$ 198,598.
STATEMENT OF REVENUE AND EXPENDITURE
For Secondary Purposes
FOR THE YEAR. ENDED DECEMBER 31, 1972
EXPENDITURE
Business Administration, $ 82,837
Computer Services 2,710
Instruction 3,191,527
Educational Services 74,510.
Attendance, Health and
Food Services (Net Cost) 37,663
Plant Operation 331,153
Plant Tvlaintenance 180,508
Transportation 569,742
Tuition Fees 737,027
Capital Expenditures. 330,502
Other Operating Expenditure 6,667
Debt Charges on Capital Borrowing • 243,501
Non -Operating Expenditure 4,881
Total Expenditure
RECOVERIES OF EXPENDITURE
Other School Boards
Gov't of Ont., Tuition Fees and Miscellaneous
Government of Canada
Individuals . • •
Other Revenue,' excluding Transfers
from .Reserves
NET EXPENDITURE
NET EXPENDITURE FINANCED BY:
Gov't of Ont. General Legislative Grants ' 4,124,822
Local Taxation :
1971 Over. (Under) Requisition $ 1,672
Local Taxation Raised in 1972 •1;441,602
$ 5,793,228
207,193•
19,546
42,000.
12,720.
47,641 329,100
$. 5,464,128
1,443,274 5,568,096
NET OVER REQUISITION REQUIRED TO BE
APPLIED TO 1973 TAXATION..
$ 103,968
Statement of Source and
Application .• of Ca Capital Funds
P
FOR THE YEAR, ENDED DECEMBER 31, 1972
SOURCE
Unexpended Funds. at Beginning 'of Year
Par Value of Debentures Issued
Capital Expenditures from the Revenue Fund
Federal Sales Tax Refund
APPLICATION
Fixed Assets
Buildings
Furniture and Equipment'
School Sites
Improvement of School Sites•
$ 133,164
690,000
616,994
7,396
$ 1,447,554
$ 821,082
92,155
159,342
2,038
1,074,617
Costs of Issuing Debentures . 815
Accrued Interest Transferred to Revenue Fund 27,440
Unexpended, Funds at End of Year 344,682
$ 1,447,554
1