The Exeter Times-Advocate, 1975-07-10, Page 8We have examined the balance sheet of
The Lambton County Board of Education
as at December 31, 1974 and the
statements of revenue and expenditure
and source and application of capital
funds for the years then ended. Our ex-
amination included a general review of
the accounting procedures and such tests
of accounting records and other suppor-
ting evidence as we considered necessary
in the circumstances.
To the Supporters of
The Lambton County Board of
Education;
$42,657,099
$42,690,213
$42,116,642
$42,116,642
CAPITAL (BUILDING FUND)
CURRENT
Due to Revenue Fund
LONG-TERM
Unmatured debenture debt
Investment in fixed assets
CURRENT
Due from other funds
NAN-CURRENT
Fixed assets - Note 6 $42,690,213
INVESTMENTS-at cost
Elementary
Secondary
DUE FROM REVENUE
$42,690,213 $42,116,642
TRUST FUND
EQUITY
$ 1,292 Elementary
4,016 Secondary
1,209
6,471 6,517
and market
$ 1,292
3,970
FUNDS 1,209
$ 1,292 $ 1,292
5,179 5,225
$ 6,471 $ 6,517
$ 299,530
• 41,817,112
$ 33,114
$12,424,603
30,232,496
$13,397,697
28,718,945
Page 8 Times-Advocate, July 10, 1975
Under sub-section 8, section 203 of the Education Act The Lambton. County Board of Education is required to publish the following financial information
The Lambton County Board of Education
FINANCIAL STATEMENTS FOR YEAR 1974 BALANCE SHEET, DECEMBER 31, 1974 REVENUE FUND
ASSETS
CURRENT 1974
Cash $ 3,957
Investments - at cost and market value 3,001 Accounts receivable - Note 1 1,345,167
Inventory - at cost 206,905 Prepaid expenses • 27,602
AUDITORS REPORT
1973
$ 2,358
853,001
1,031,958
.. .. • 160,969
75,394
LIABILITIES
CURRENT .. „
Bankers' advances
Accounts payable and accrued liabilities-
Note 2
' Deferred income
Due to other funds--Note 3
RESERVE FOR WORKING FUNDS-Note
1974
$ 421,431
617,106
418,095
$ 1,456,632
4 130,000
$ 1,586,632
1973
$ 640,240
1,011,671
400
300,739
$ 1,953,050
170,630
$ 2,123,680 $ 1,586,632 $ 2,123,680
Grants and subsidies receivable from the
Government of Ontario are subject to
final calculation by the Ministry of Educa-
tion of Ontario.
In our opinion, subject to the approval of
the calculation of the grants, these finan-
cial statements present fairly the financial
position of the Board as at December 31,
1974 and the results of its operations and
the source and application of its capital
funds for the year then ended, in accor-
dance with accounting principles general-
ly accepted for Ontario school boards
applied on a basis consistent with that of
the previous year.
Sarnia, Ontario
May 3, 1975.
Wins pear
Higgins
Stevenson & Co.
Chartered Accountants
Licence Number 193
DUE FROM REVENUE FUND $ 450,000
(Sgd) Rev. G. Young, (Sgd.) N. L. Cheeseman
Chairman of the Board Director of Education
REVENUE FUND STATEMENT OF REVENUE AND EXPENDITURE -
ELEMENTARY YEAR ENDED DECEMBER 31, 1974
1974 1973
T.'27.nenditure
usiness Administration
Computer Services
Instruction
Educational Services
Attendance, health and food services
Plant operation.
Plant maintenance
Transportation
'?',ii' on fe
Capital expenditure (non-allocable)
Other operating. expenditure
Debt charges on capital borrowing
Provision for reserve for working funds
(Note 4)
Provision for reserve funds (Note 5).
Non-operating expenditure
Tot al expenditure
Recovery of expenditure
Other school boards
Government of Ontar'o-tuition fees and
miscellaneous
Governmment of Canada
Transfer from reserve for working funds
(Note 4)
Other
-Net expenditure
Financed by:
Government of Ontario - Grants $ 7,116,987
Local taxation (Note 8)
5,796,431
$ 450.`100
The accompanying notes form part of this statement.
REVENUE FUND STATEMENT OF REVENUE AND EXPENDITURE -
SECONDARY YEAR ENDED DECEMBER 31, 1974
1974 1973
Expenditure
Business Administration $ 239,781
Computer Services 15,899
Instruction 9,337,806
Educational Services 164,425
Attendance, health and food services 90,147
Plant maintenance
Plant operation 1,327,091
334,983
Transportation 757,031
• Tuition fees 603.126
Capital expenditure (non-allocable) 57,052
Other operating expenditure 7,174
Debt charges 794,&99
Provision for reserve for working funds
(Note 4). 65,000
Provision for reserve fund (Note 5) 225,000
52,650 Non-operating expenditure
Total expenditure $14,072,064
Recovery of expenditure
Government of Ontario-tuition fees
6,577 and miscellaneous $ 17,285
Government of Canada 138,790 118,681
'Transfer from reserves for working
114,734 funds (Note 4)
120,015 136,701 Other
$ 380,116 $ 272,667
Net expenditure $13,691,948 $12,734,169
Financed by:
Government of Ontario - Grants $ 8,748,594
Local taxation (Note 8) 4,816,715
RESERVE FUND - Note 5
EQUITY
$ 232,089
3,362
8.527.095
257,553
20.637
1,406 980
388,993
798,702
g,7P2
105,073
7,174
1,049,614
$ 225,174
2,515
7,839,486
248,735
20,939
1,290,570
340,082
569,090
2.0:1R
135,558
14,031
1,021,376
65,000
225,000
63,699
$13,157,754
70,156
$11,880,750
234,427
31,580
2,230
$ 39,105
19,674
217,677
55,896
11,231
$ 335,364
.$12;822,390
228,717
$, 505,173
$11,375,577
$ 6,511,169
5,139,586
$ 228,699
7,762
8,646,597
147,648
83,208
1,144,240
308,827
691,447
548.518
392,310
14,031
700,043
84,506
$13,006,836
$ 8,539,683
4,145,558 •
$12,913,418
$11,650,755 .13,565,309
$12,685,241
Net (over) requisition required to be applied
to 1975 taxation ($ 91,028) ($ 275,178)
Net under requisition required to be
applied to 1975 taxation $ 126,639 $ 48,928
The accompanying notes form part of this statement. The accompanying notes form part of this statement.
STATEMENT OF SOURCE AND APPLICATION OF CAPITAL FUNDS YEAR ENDED DECEMBER 31, 1974
SOURCE
APPLICATION
Par value 'debentures issued
1974 1973
$1,271,000
Contributions by Government of Canada • $ 22,445 28,260
Capital expenditure from revenue fund 515,385 730,367
Other 2,629 34,480
1 540,459 "$ 2,064,107
Fixed assets
Building
Furniture and equipment
Sehools sites and improvements thereto
Buses
Increase (decrease) in capital funds • for
the year
' Unexpended funds, January 1.
(Amounts not permanently financed) or
unexpended funds December 31
$ 412,614
192,584
98,910
168,995
$1,599,896
165,598
54,049
57,999
$ 873,103 $1,877,542
($ 332,644) $ 186,565
299,530 112,965
($ 33,114) $ 299,53,0
1. Accounts receivable
Municipalities - under requisitions
Secondary
- other
Government of Ontario
Government of Canada
Other school boards
Other
1974 1973
NOTES TO' FINANCIAL STATEMENTS DECEMBER 31, 1974
Elementary, Secondary Total 4. Reserve for working funds 7.
8.
' Balance, January 1; 1974 $ 55,896 $ 114,734
Add: additional 'reserve for
working funds established'in ac-
cordance with Sec.. 205(1) (e)
of The'Education Act-1974 65,000 65,000
$
130,000
$, 126,639
.87,667
917,158
178,078
7,888
27,737
$ 49,027
76,776
416,862
225,594
33,179
230,520
$120,896 $179,734
Less: reserve for working funds•
returned to the municipalities
in the 1974 requisitions 55,896 114,734
$300,630
170,630 1 1,345,167 $ .1,031,958
Balannce,• December 31, 1974 $ 65,000 $ 65,000 $130,000 •
Provision for reservelund $ 225,000 $ 225,000 $ 450,000
Funds have not been segregated as reqUired .by Section 308 of the
6. Fixed assets 1974 1973
3. Due to (from) other funds 1974 1973 Land
Buildings
$ 1,800,071
28,044,773
$, 1,701,160
27,994,207
Capital ($ 33,114) $ 299,530 Furniture and equipment 5,719,557 5,522,646
Trust 1,209 1,209 Projects in progress 6,505;320 6,147,602
Reserve 450,000, Buses 608,254 439,259
418,095 300,739 Other 12,238 12,238
$42,690,213 $41 817 112
Contingent liability - Sick leave benefits
Under' the sick leave benefit plan unused sick leave can accumulate
and employees may become entitled to a cash payment when they
leave the boatd's employment.
The accumulated days to 'the extent that may be used to determine
the cash payment to an employee on termination have a monetary
value of $637,053 'at the end of the year. No provision has been made
on account of the sick leave benefit plan.
2. Accounts payable and accrued liabilities • 1974 1973 5.
Municipalities - over requisitions -
Elementary 91,028 $ 275,178
Secondary 99
Other school boards 7,036 31,023
Government of Ontario 158,290 225,150
Trade payables and accrued liabilities 360,752 479.321
617,106 $ 1,011,671
Municipal Act,
Reserve fund
In accordance with Sec. 205(1)(d) of the Education Act - 1974 a re-
serve fund was established in 1974 'to aid in the financing of the new
Education Centre. The provision for reserve fund' which is allocated
equally between the elementary and secondary paneLs. has been raised
through levies. in 1974 Elementary Secondary . Total
9. A.dirstment of prior year grant
As a result of changes in -grant calculations grants available for 1973
were decreased by $160,410. The adjustment of the grant necessitates
a compensating change in the amounts required through local levies
for those years. However due to the time lag between completion of
the fiscal year and final calculations of the applicable grants, any
adjustment of prior years has been applied in the year in which final
approved grants are determined/ Since .the adjustment to. 1973 grants
was not available at the time final requisitions were determined for
1973, the under requisition is to be applied to the 1975 requisitiOns
as provided in Section 212 of The Education Act.
Local taxation raised in 1974 On account Elementary
of 1974 Local taxation raised in 1974
for current operating purposes $ 5,582,189
1973 over (under) levy applied to 1974
requisitions 275,178
Adjustment of prior years grants (Note 9) ( '60,936)
$ 5,796,431
Secondary
$ 4,965,117
( 48,924)
( 99,47'4)
$ 4,816,715