Clinton News-Record, 1985-5-15, Page 29Page M CLI) TON NEWS -RECORD, WEDNESDAY, MAY 15, 1985
FINANCIAL
STATEMENTS
DECEMBER 31, 1984
THE HURON, COUNTY BOARD OF R r UCATION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1984
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, 1984 and the revenue fund
statement of revenue and expenditures and the capital fund statement of operations for the year then ended. Our examination was
made in accordance with generally accepted auditing standards, and accordingly included such tests and other 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 31, 1984 and the results of
its operations for the year then ended in acco('dance with the accounting principles described in note 1 to the financial statements
applied on a basis consistent with that of the preceding year.
London, Canada
March 15, 1985
:hartered Accountants.
..i'_e_nse No. 332.
•
CI
11 ^1F nT l
THE HURON COUNTY BOARD OF EDUCATION
BALANCE SIH:ET
DECEMBER 71'1984
(with comparative amounts at December 11, 1981)
ASSETS
(((1/NUE FUDR
Cash and term deposits
Accounts receivable: •
Government of (Intarin
Local taxation' -
Supplementary ta0es
Other school bo,rds
Sundry
Prepaid expenses
InA: 1_+11
)8,1,
75 5115
;'10
1"1 , 1',4
'1,t51
x.411
14,418
'Inn 1'N. a .
I.1A11)1.1 r..1.1.:; A__D f I,D1 TY
q. „rot9 Arial, 1e •
latat ion • o,••1' r•'q•n a It ion
T
"it It,•o,••nr ,)
I, ,•1•` .1c„••,npe p,1' 1.h l" .111'3 :1,1-1,11•11
P•.
m•r a 41,0 h„Irds
(1.16 I,, •.,1.11 al bunt
1667 1•, r, .,•i'+' Innd
R,.•;,•r u1' Ids 6./ 107 log Tvn,ia (nut„ I)
$ 4 )! 5 11“1.15.,. 611 p.r:a41e
Accounts receivable 7,775 pnm ,t nr•1 1'•••uli r,• ,I••bt (urt ''>
Due from revenue fund
Capital outlay to he recovered in tot.° years__ x,11•, •, f0
(statement 1)+ -"--
t ,,112.'ntn
Due from revenue fund
P1.SER7E_ F'1'111
1RI1ST FUND
Cash
investments - at cost which approximate.;
milrket value
On behalf of the Rnard
Pi rorr•,r
$... 49, • 4 1:.,. Ili 171141v , •,n 133.11 (nolo 6)
$ q 9I.. 1; 3,741 'holt Inn1•: (m,),' 1):
nil ,•, /"`;:innlelt "1 ••01
71, n.+ 1.91•frlR
5 1'/,41 ( 1761,
1.y:... Im. ,1 iq, .von
• I'1 n, 11,1 1,,.'.43?)
n.•1•u I ,w a •lot]
Finn
1'A17I141. 31114O
Pr' ''3 FPIiU
fBn(1) ('1IPD
13416.
1181
1,5')7,175
lob 611 1'17)19•
?,026.62.6. 1,74: ,I
7,275 '1,175
. 7 215 1 7 , 11 5
_56 4!.10 - 19755
_825,O2G 725,1'(0
t2..49.0_8.,..9N). 57.,611,1179
4 7,5110 4 7,500
513
1,',Ti9,;n',• $?,n17,n1t1
179,271 $ 170,739
77,588
717,277
. 29i15h
I R7, 316
$ 197;316
26,471
7,133(0
704,7711
74.901
4 1
1. Accounting politico
The financial statements have been prepared by the Board i.n
accordance with principles that are considered .appropriate for Ontario' School
Boards on a basis consistent with that of the preceding year. Theee principles
are in accordance with generally accepted accounting principles except de
prescribed by the !3iniatry 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 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. Noce 2 below sets out the accounting followed for sick
leave benefits.
(b) Fixed assets and unmatured debenture debt
Fixed assets are charged co current expenditure unless financed by
long-term debt. Principal and interest charges on unmatured debenture debt are
included as expenditures 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 unmatured 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 may become entitled to a cash payment when they leave the Board's
employment. To become eligible for this benefit, ap employee must have twelve
years of service with The Huron County Board of Education.,
The amount of such benefits accumulated to December 31, 1°984, to the
extent that they can be claimed as cash payments by employees on retirement is
$7,285,000. This amount does not include any estimate in respect of sick leave
accumulated by employees of the Board who do not ,vet qualify to claim the
gratuity. No provision has been made in respect of this contingent -liability in
these financ.Lal statements. During 1984, the Board paid 5225,000 to employees who
left the Board in 1983, ($310,000 paid in 1983).
3. Reserve for working. funds
The reserve for working funds at December 31 is. applicable to the
elementary and secondary school gperations of the Board as follows:
1984 1983
Elementary . ' $275,000 $275,000
Secondary 550,000 . 450,000
$825,000 $725,000
4. Unmacured debenture debt
Of the unmatured debenture debt outstanding of $1,482,294, principal
•
and interest repayments for the next five years are as follows:
Principal .Interest Total
1985 $ 513,120 $ 84,315 5 597,435
1986 ' 476,174 54,850 531,024
1987 313,000 27,488 340,488
1988 62,000 13,243 75,243
1989' 55,000 8,760 63,750
1,419,294 188,656 1,607,950
Remaining balance 63,000 9 75 72,750
$1.482,294 $198,406 S1,680.700
'.IA Ir 't1 It 7
Int INR7r3 1 •u"“1 8/468( nF FOm A117e1
Nt Vr.11"s 17,16 ':TAIF'1s0r ''8 e1V17H11F 6(13 / flu111111'1'u,
.' AP 4194: 1,1 1. , ,'3 8 II, .1 184.
, xp•.„d 1 r .,,,
.. mrnl I.1m,•u e1'. ,11
Nomparrorvtron
Ionrro.li�n
Pl r„ ,rorlrl ,I ".I off,
Ir.t,vpor curt"',
1.11(1 • I r . • . ,
"a)trarl 'rponllr •r ,I 016'
n31,er n1.r rlttfop, '-"') rah l•.r••
(.`ht rharp,'•s n"•1 ,pt 11 1 ..1 ,
III , •)01316 •r . I ,Ila ' • ' , r,1. . ., ,
I.0 11 . '.,II' r
amxv r,f exp. ,.,, n•+
!i• or 1-I,,.1 . ,•
Net rrpon'ilr4re
1171,16 ed 4,y.
Tronefer fon., 3r,, r 4'.',r ,, f.,•.'1
Tr tnnfer to „
ef,nd 1'n e, n ' r + •r' ' ",3a
:nvornmont df 'Ip,n l„ p','.'''3 I',1'11'r+..
n) rax4rin•, eller l 1 ,• root or
Previn,Iq 1, 1,'a .v.1' ,•• 1.•61 66.1.1131 , „
'nfer (.,1136) •• 1.13111
THE HURON COUNT? 30ARD 'F L'r(A":rill
CAPITAL FUND STATE'"•ENT )F ;PERATI')NS
'EAR LADED 'F:':F`lBE:9 :9,14
(with 208038'1tve amoun[8 .'r 1141.31
Sae a<:ompanytng 1ot0s/
• 11,7117i
,4)19
60t,40141
11, 7,1
9R4
1,
4
1s).>
,
,'I.'x',7
1 i
I, 76N, I,71 1
116,617
1:,66/
330,91)
I I: .,oat ,ry
I'lN 1
.r• ••na •Iry
•rh,,l
•
$ 141,71) $ 171,350r
166,66) 175'n'
1,541 7,9)11
13.'51,5)'7 12,041,045
1,115,941 1,571,161
1.419,894 I ,4nn,4 71
',)1, 7',J 8114
421,11) 8,400
59,687 8I, 1'01
,R)A 771,078
13,475 )',585
X,068, 1111 11,, 111•.,38)_
'161 '1,17'1,)1/
14 'lir,
1 'u4o
18,.11.11 116,
I3 'x41)
1,718,)39
15,6x,4, 167
1', , 7 1 1, 1'11
1,241,41"3
1,185
1 I llrl,3nx1) 1)1)11,3)44(13
I ' 66.5 '1,959 184 !1,`4',1,919
4•,in1 611 6,4)3,R/A 11,741,498
911,41R 7;",,i449 116,)"7
IN. '1 1,688 15, 71 1, ' 11 13,1111,01'1
$ 7I 78, 1,0 $ (744,"x.91 5 (.4."1.1.7'71.)
STATEMENT 3
inur'e4 '5f re'. )vary 1f ..1.):r 11 •'•(pendlture9.
:a7i[al expenditures :'I3 ,.` rev"n'I" :Ind
,e5anr.,re pr:nctaa, na'nenr u1.,', -,.).'d to
(.'•,,+•IUP, f.,nd .xpe•lrl>1',r"s
:apt cal ?eoenditt,ros.
!..and and buf:d logy
F,,rnic.re .Ind e'1'lt7me1t
Net reO,Ver'7 )f pr tor 110 17 i' initis
e'4per6t 1 t ,reg
"nrerr)verad •'.Iplr Ii ,'x73^d:r ,r,'4, '148 t;n)n5
,t /ear
Unrecover-0d r_a,,1ra1 ex'ondtCures, aur, .1.f year
1'3114
1983
$ 970,'96 5 547,095
+22,216
1,,9 3,1)32
592,435
371,361
'170, 795
522,236
',29,,232
1,1.'6,327
371,545
:'5,549
647,095
2,004,530 2 533,762
51,482,294 5.004,530
5. Debt charges and ,capital ,loan interest
The revenue fund expenditure for debt charges
interest includes principal and interest payments as follows:
1984 1983
Elementary Secondary Elementary Secondary
and capital loan
Principal payments on long-term
debt including contributions
co sinking funds $343,236 $179,000 $360,232 5169,000
Interest payments thereon 71,750 42,558 92,591,52,027
$414,986 $221,558 5452.823. 8221,027
b.Reserve fund
Thereserve fund relates to , disposals of , certain surplus
,.
proper e''p'+ - The Board was not obligated to reduce the current Province of Ontario
n this amount on condition, t:,at such funds be placed in a reserve fund and
usedor future capital expenditures.. Changes in the reserve .fund balance are as
follows:
Balance, January 1
Transfers from (co) the revenue
fund
Balance, Qecember 31
1
1984
Elementary Secondary
1983
Total Total
412,315 112,315 413,500
$36,890 36,890 (1,185)
$12,715 $36.890 $49.205 $12,315
Trust funds
Trust funds generally represent accumulated donations received by
the Board from individual, corporate and institutional sources. These funds are
oav•) •0 Aroyl le various scholarships, bursaries and awards to students in Huron
1'.,unto schools and to 4ssist with other educational projects nor funded by the
8. Over or under requisition
The School's Administration Act provides that the difference between
the amount requisitioned Ecom a municipality and the amount that should have been
requisitioned based an the actual level of expenditure and grants is to be treated
as an over requisition or under requisition. The attached financial statements
reflect a net over requisition from municipalities in 1984 of 5322,540 which will
be deducted from [he tax requisition by the School Board in 1985.
9. Collective,Agreement
The 1984-1985 Collective Agreement with the Ontario Secondary
Teachers' Federation District-No.45 has not yet been ratified. Under a "Terme of
Employment" memorandum, the secondary school teachers were paid a salary increase
of 45 over amounts under the 1983-1984 Collective Agreement for the period from
September 1, 1984 to December 31, 1984. This additional expenditure hes been
provided for in these financial statements.
10. Comparative amounts
Certain of the 1983 comparative figures have been revised t0 reflect
adjustments made to the 1483° grant from the Goverment of Ontario( such
adjustments were not material in amount.
1