Times-Advocate, 1982-06-09, Page 15.!7 r .'j::. j- i v i' . 5. f- f
limes -Advocate, Juno 9,11112
•
1981 AUDITOR'S REPORT AND
FINANCIAL STATEMENT
AT DECEMBER 31st. 1931
THE HURON COUNTY
BOARD OF EDUCATION
ria4h011 &l In
AUDITORS' REPORT
Cna,te,ed ACCOunlanls
Cd; Cep,e
380 We,.ngton Soft,:
ta.dwl Ca,laaa N645g5
151916726100
To the Supporters of The Huron
County Board of Education. -
'We have examined the balance sheet of The Huroh County Board of
Education as at December 31, 1981 and -the revenue fund statement of revenue and
expenditures and the capital fund statement of operations for the year then
ended::Our examination was wade in accordance- with generally accepted auditing
standards, and accordingly included such tests and other procedures as we
considered necessary''in the circumstances.
1 •' In our optnioa, these financial statements present fairly the',.
financial position of the Board as at beeember 31, 1981 and the results of its
operations for the year then ended in accordance with the accounting principles
•
-described in note 1 to the financial statements applied on a basis consistent
with that of the preceding *Jr.
'London, Canada.
March 30, 1982.,
•
ti t-# '-�s-/C :_r sit-
Chartered Accountants.
License No. 285.
'j%1�%7i•r „t. •
BALANCE SHEET
' DECEMBER 31. 198)
(tai comparative amounts at December 31, 1980)
ASSETS
REVENUE FUND
Cash
Accounts receivable:
Government of Ontario
Local taxa on
Under requisition (statement 2)
sSupplementary taxes
Other school hoards
Sundry
Prepaid expenses
CAPITAL FUND
Accounts receivable
Due from'revenue fund
Capital outlay to be recovered in future year's
(statement.3) '
RESERVE FUND
Due fromrevenue pond
TRUST_FUND
•
Cash
Investments - at cost which approximates
market value
On bbhalf of the.Roard
Director
Director
THE HURON COUNTY BOARD OF EDUCATION
CAPITAL FUND STATEMENT OF OPERATIONS
' YEAR ENDED DECEMBER 31, 1981
(with comparative.aaounts for 1980)
Sources of recovery of capital expenditures:
Capital expenditures out of revenue fund
Debenture principal payments included. in
revenue fund expenditures .
Capital expenditures:
Buildings
Furniture and equipment
Net recovery of prior year's' capital.
expenditures
Unrecovered capital expenditures, beginning
'of year
Unrecovered capitalexpenditures, end.of year
STATEMENT 3
1961.
1980
$ 488,623 $ 216;453'
504,379 - 698,524
993,002 914,977
297,415- 81,781
191,208 134,612
488,623 • 216,453 •
504,379 698,524
3.571 422 4,269_,946
$g 067.043 .$1,571,422
1981 1980
$ 2,614 $ 91,630
1,230,530 926,166
142,954.
• 9,028
383,704
24,062
1,792,892
74 525
74,3
82,47o
1,174,619
69.222.
51.867 412 $1.2u.H
225 $ 225
7,275 7,275
3067;043 3,571,422
SA.Q24,147 $157102,2
5�:444' :5__ 12.000 •
5 8,446 $ 7,357
_162,068 160,568
5 1/0,514 5, `162..925
LIABILITIES AND ER01TY
Accounts payable:
' Local taxation - over requisition
(statement 2)
Trade accounts payable and accrued
charges (note 3)
''Other school boards,
• Due to capital fund
Due -to reserve fund .
Reserve for working funds (note.4)
Holdbacks payable
Unmatured debenture debt (note 5)
Equity in reserve funds (note,7)
Trust funds .(note 8):
Balance, beginning of year
Add -
•Investment income
Principal receipt*
Deduct awards
Balance, end of year
REVENUE FUND
CAPITAL FUND
RESERVE FUND
TRUST FUND
STATEMENT 1
1981 '
51,222,424
100218
7,215
12,13011
19.275
525,000 .
1980
S 17,871
'964,174
__92541
1,074 564
7,275
12,000
19`275
`1501000
5,1 1167,4_U . 's
$ 7,500 $. 7,500 '
30671043 3,571;422
$3.014,54 53 518 9'22
$ 12.440
$ 167,925
20,447
2,400
7190,772
__ 20258
5 166-,070
19,096
1.564
44,736
30
_18.005 •
_170,514 167,925
5=,130,51. ` $ 167'.925
1
RI:VENO[ FUND STATF.ME$T_01' R VEYUE AND EXPENDITURES
. YEAR ENDED DECEMBER 31, 1981 •
(with comparative amounts for 1980)
Expenditure:
Business administration
• Computer services •
Instruction.
Educational services
'AlteUdan.\r, health and food services
Plant opr .tion and maintenance
Trinsj,orlat1Pn
Tuition fres
Capital.expendltur,. (non -allocable)
Other operating expenditure •
Deht charges and capital loan interest (note 6).
Non-operating expenditures, excluding transfers to reserve§
.Tot.,) expenditure '
,Recovery of expenditures:
Other school Anards •
Goveri m,'nl of Ontario '
Govrn,ment of Canada
Individuals
Other revenue, excluding transfers from reserves 1
Total rer.ovety of e*penditures
Net expenditure -
Financed by:
Transfer to reserve for working funds
Government of Ontario.- general. legislative grant
Local taxation - raised in current year •
Previous year's over (under) requisition
Under (over) rMquisitinn of taxes for year (note 9)
Elementary
Schools
$ 195,607
' 3,225
'111,876,501
.13.2,51'4
6,262
1,117,31.1
1,272,810
. 30,515
91,081
147,1332
487,894
27,134
14,188,788
1981
Secondary.
Schools
Total
$ 212,759 $ • 408,366
3,507• 6,712
9,94,1,931 . 20,818,432
83,294 215.808-
'6,409 12,611
9,278,752 2,396,065
1,214,302. 2,487,112
609.739 640,254
206,334 291„414
172,407 320,219
220,443. 708,317
34,896 62,,130
13,984,773
901,047
83,878 93,736
• 10,936
1, 325 89,145
6,942
4,333
92,145 1,099,197
14,296,641 12,885,576
(200.000)
9,419.314
5,052,1'79 -
(71741)
14,284,352
(175,000),
8,412,473 •
4,471,828
25,612
11,754,913
5 11.291 S 130,66
28073,561
901,04:
177,61:
10,936
9Q,470
__ .11,275
_1,191,342,,
27,182,219
(375,0001
17,871,787
9,524,607
17,871
271039,265
S= 142,954
a 1980 -
Eieaentary Secondary
Schools_ Schools_
5 ' 164',321
3.506
9,452,103
100,350
5,173
.1,057,486
1,,120,565
32,780
50,205
123,234
675,377
21,882
S 178,866
' 2,477
9,024,906
62,154
6,620
1,175,995
1,019,450'
557,165
31,576
144,770
264,769
20,331
STATEMENT 2
total
5 341,187
5,981
18,477.009
• 162,504
14.791
2,233,481
2,140;015
589,945
• 81,781
268,004 .
940,146
42,211
12,806982 12,489,079 25,296,061
1,708
61,309
905
_12,$57
. 76,779.
'12,7-301201
8.596,767
4,140,571
A14 b)6)
I2,722,4(2
5 ,,Zoifti
899,149
67.917
83,088
110S9t62S
11,429,454
),441.671
4,143,686'
• (130,291)
)1145.5j066
900,857
129,226
83,99)
'22, 328
_1,1361404
24',1S9,657
16,018,418
8,284,257
(145,1671'
241177,5;8
$ ,,,(251412) Sz_'_i17,.8111
k
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1981
•
1. AccoUDting policies
•
The financial statements have been prepared by the Board in accordance
with principles that are considered'approp for Ontario School. Boards on a
basis consistent vbth.,that of the preceding year. These principles are:ia accordance
with generally accepted accounting principles except as 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 exception of reporting of charges for unaatured debenture debt, and
expense relating to sick-leave'benefits. With regard to unaatured,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 unsutured debenture debt
Fixed assets are charged to current expenditure unless financed by
long-term debt. Principal and interest. charges on unsutured debenture debt are
included in expenditure in the period due.
Fixed assets, described as capital outlay to be recovered in future
years, are included on the,balance sheet only to the extent of the balances of the
related unmatuied-debenture debt outstanding and of any related temporary financing
at the end of .the fiscal year.'
2 Retirement gratuity plan
• Under the sick leave benefit plan, unused sick leave can accumulate;
•
and employees say..b'ecome entitled to a.caslt payment when they leave the Board's
employment. To become eligible foe Lhis•benefit, an employee mist have twelve
years of -service with The Huron County Board of'Education.• .
The amount -of such benefits accumulated to December 31, 1981, to
the extent that they'can be claimed as cash payments by employees•on retirement is
54,511,000. This amount does.not• include any estimate in respect of sick leave
accumulated by employees of the Board who do not yet qualify to.clai■ the gratuity.
• No provision has been made in respect of this contingent liability in these financial
'statements. In January. 1982, the 'Board paid 5100,000 to employees wlio,left the.
Board in -1981.
. Collective agreement .
The 1981-1982 Collective Agreement with the.Ontario.Secondary
School Teachers' Federation District No..45 was ratified on.Mareh 1, 1982. These
financial statements include'an`accrual-forS311,0,72 representing. the retroactive
portion of -the wage increase for the period September 1, 1981 to December 31,
•
1981..
Reserve for working funds
The reserve. for working funds at December 31, 1981 is,applicah-le to
the elementary and secondary school' operations of the Board as follows:
Elementary., 5275,000 .
Secondary 250;000
5525.Q00
5. Unwatered debenture'deht
Of the nnmature•t debenture debt outstanding of 53,067,04),
and interest repayments' for the next five years•are as follows:
' - - Principal
,981 5 533,281
1983 529,232
1984 522,236
1985 •513,120
1986 476,174
2,574,043
' 493.000
Remaining balance
principal
Interest Total
5175,.118., 5 708;399
144.619 673,851
114,307' 636,543
84,315 597,435
54,850 531,024
573,209 3,147;252.
• 59,240 _552,240
.5',,06; 04 Sb.i2-449 ' s�a9949'
Debt charges_and capital loan interest'
The revenue.(,'1 expenditure for debt
charges and'capital loan
interest Includes principal and interest payments as folloss:
'1981 ' • 1980 -
Elementall 8econdar_i• Elementary Secondary
Principal payments on long -tern - t
debt including contr,hut u -ns
to sinking funds .5153.379 '5151,000 - 5513,52+ 5185,000
Interest payments thereon 134:515, 691++4 1!,1,851 792,:w;
5+ X54 5421.+ 5¢i5ei 3:S�r:93
7. Reserve f un•I
' ihe rese,ve fund reiates to :1•'1 .1isposals of ,e'rts,n surplus.•
,•
properties. The Board Was dot ob,lix.,ti.4 t., ,rush the current•Prosiu,ce, of Ontario
grants in this anrSilnt o'u .ondat min that slhh t.,mis be plaid- in a reserse Cur.,) an,l
used for tutor', capiao l expenditures.
• 8. Trust tunas,
Trutt funds r.'•.,er111' rvl•,esint ,: us.nirir,'. tonattous reels ed be-
the Board from. individual, r,'rp,.rate and inst i tot,.,nal s.•,n.es.' These 'funds ire
used to proy,,lr war, ons s.hol lrshtps• bursaries an.l wards t• students •an Horan
County scho,is and to assist si:'1 .•th,-r rdu. at r,r.a1 pr.')e.t's. n.•t- funded M the\
Beata - -
,er.lr under Ceju,satyn
,The School' sradtn,n,stratt.>n Act prov't'es that41tterence het..eer,
the amount requisitioned from a municip.tl:ty and the amount that should Lave herr.
requtstlioned 'based. on the actual level -•f expenditure and grants ,s t.• be t,eate.l
as an over r, uis,tion o, .,oder reqs, sit.on The attached 1:u inc tai statempn's
reflect a net -under requlsitl.L tr,11 .min,,:palittes.in 1981 s...
be added to the emir tryulsiti.v, hr the School
10. CoITIrative amounts
Certain of the 1.1:10 figures have been ,evised•t.' ,el lett ad,ust,ne•.ts
Board in 19:1:
made to the 1980 grant frim the irvernment )t .'nttrlo, such adjustments self. not
material in am01int