The Huron Expositor, 1995-05-17, Page 30Roxanne Brow,n
Chair of the Board
Treasurer's Report
The 1994 Auditor's Report and Financial Statement
reported on this page are provided for your
consideration and review. The Board is required to
present this information to the ratepayers who support
the Huron Public Education System.
The financial statements will confirm that we have
been successful in our first year of significant financial
downsizing. All financial targets have been met. With
the agreement of our employee groups, particularly
the teacher groups, obligations under the terms and
requirements of the Social Contract Act are also being
met. Of particular note are actions taken for the
mandatory reduction in the total numbers of teachers
in elementary and secondary schools and staff at the
system level.
To meet the new and lower levels of spending, a
significant level of cooperation was derived from
throughout the school system. Restraint has been
exercised in every quarter, yet we have preserved
programs and services that most directly apply to
classrooms and the students themselves. We have
also been able to maintain, for the most part, our long
term goals for repairing and upgrading our physical
plant in thirty buildings which represent a replacement
value of some 165 million dollars.
Spending levels overall, appear to be 'flat -lined' with
permanent savings achieved during the down -sizing
activity. Yet we have been able to introduce the new
mandated program for Junior Kindergarten at zero net
cost to the local taxpayer. New provincial infusions of
long term operation funds through increased
enrolment have more than offset local costs.
The most challenging difficulty for trustees and
The Duron County
1994 AUDITORS' REPORT and
Auditors' Report
ratepayers is accepting the reality that the Ontario
General Legislative Grants system imposes
mandatory increases in the property tax share to pay
the education bill. In 1994 it was particularly shocking
to find that multi-million dollar decreases in spending
still led to property tax hikes well beyond the nominal
inflation rate. The existence of a provincially -
determined mill rate, and the provincial control over
property values for education tax purposes, are
realities finally understood in this exercise to reduce
spending where the startling paradox of increased
taxes is also an outcome. The phenomenon of
increased property tax levels will continue even if
spending is frozen at current levels. As we complete
the 1995 budget setting exercise it has been brutally
understood, again, that changes to the grant system
are shifting the burden of financial responsibility in
continued and dramatic ways.
We will continue to strive for new economies. The
spectre of further spending reductions hangs over us
like a dark cloud. Its presence is recognized. There
are several small work groups working diligently
across the system to find ways to move forward into
even tougher financial times. We are also working
more closely with our neighbouring school boards to
identify additional areas for collaboration, with a view
to new economies and cost efficiencies to maintain
current levels of service.
Financial planning is a key priority to help us prepare
for further reductions in public sector spending. We
are trying to get ready.
The Huron County Board of Education
CAPITAL FUND STATEMENT OF OPERATIONS
Year Ended December 31
Capital expenditure
Land and buildings
Furniture and equipment
Pupil transportation vehicles'.
Capftal financing
Capital expenditures frothrevenue fiin
Net cCurrtnt ex(pendllur
4'SXl'ii �Y ^{Youtlay recovered in fu
Capital to beture years,.
beginning of year
Subtract
Recovery of prior years' capital expenditures',
2
Capital outlay to be recoyereit in future yea
end of year
yu shs-way.
1994
1,339,715
901,915
168,017
2,409,647
2,409,647
72,522
72,522
STATEMENT ;\
1993
3,483,558
606,055
157,219
4,246,832
4,246,832
72,522 s`
72, 22
Paul Carroll
Secretary -Treasurer
To the Supporters of
The Huron County Board of Education
We have audited the balance sheet of The Huron
County Board of Education as at December 31,
1994 and .the revenue fund statement of
operations, the capital fund statement of
operations, the continuity of reserve funds and the
continuity of trust funds for the year then ended.
These financial statements are the responsibility of
the Board's management. Our responsibility is to
express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with
generally accepted auditing standards. Those
standards require that we plan and perform an
audit to obtain reasonable assurance whether the
financial statements are free of material
misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and
disclosures in the financial statements.
An audit also includes assessing the accounting
principles used, and significant estimates made by
management as well as evaluating the overall
financial statement presentation.
In our opinion, these financial statements present
fairly, in all material respects, the financial position
of the Board as at December 31, 1994 and the
results of its operations and the changes in its
financial position for the year then ended in
accordance with accounting principles as
described in note 1 to the financial statements.
London, Canada
March 9, 1995.
Chartered Accountants
Tire Nq#+9t1 Cottet3' Boarid of Education
CONTINUITY OF RESERVE FUNDS
Year Ended December 31, 1994
Elementary reserves
Future capital expenditures - Ministry equity
Future capital expenditures - Board equity
Future operating expenditures Board equity
Retirement gratuities
Secondary reserves
Future operating expenditures - Board equity 340,000 101,684 441,684
Retirement gratuities 142,340 - 142,340
482340 101,684 584,0024
Total 1264342.8 58,651 1,308,859
STATEMENT 4
Balance 'Tansfers Balance
beginning from (to) end
of year revenue fund of year
6,022 - 6,022
6,293 - 6,293
160,007 (43,033) 116,974
595,546 - 595.546
767,868 (4#33) 724,835
The HprahCounty Board of Education
CONntor Y TRUST FUNDS
Year ended December 31
General - Student Awards.
Balance, beginning of year
Md -
Trust funds received in year
Investment income
STATEMENT $ ;-
1994 1993
433,831 404,554
20,392 30,173
18,644 32169
472,867 -4-4;X§-6-
Deduct awards 31,98233 065
Balance of general trust funds, end of year 440485 33,831
Teacher Funded Leave Plan '
Balance, beginning of year
Contributions in year from teachers in the plan
Withdrawals in year by teachers in the plan
Balance, end of year
584,672 527,118
207,906 238,909
194,403 181,355
598,176 584,672
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