The Wingham Advance-Times, 1985-05-15, Page 4u
a
Page 4 -The Wingham Advance -Times, May 15, 1985
To the Supporters of The Huron
County Board of Education.
FINAIICIAL STATEMENTS
AUDITORS' REPORT
We have examined the' balance
sheet of The Huron County Board o£
Education as at December 31, 1984 and the revenue fund statement of revenue and
O
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
considered necessary in the circumstances.
In our opinion, these financial
statements present
we
fairly the
financial position of the Board as at December 31, 1984 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 year.
London, Canada.
March 15, 1985.
tered Accountants.
Lice 4o..--952.
THE HURON COUNTY. BOARD OF EDUCATION
BALANCE SHEET
DECEMBER 31, 1984 '
(with comparative amounts at December 31, 1983)
,Cash and term deposits
Accounts receivable:
Government of Ontario
Local taxation -
Supplementary taxes
' Other school boards
Sundry
Prepaid expenses
ASSETS
REVENUE FUND
CAPITAL FUND
Accounts receivable
Due from ,revenue fund
Capital outlay to be recovered in future years
(statement 3)
RESERVE FUND
Due from revenue fund -
' TRUST FUND
Cash I�
Investments -'at cost which appioximates
market value
On behalf of the Board
Director
Director
1984
1983
$1,070,922 $ 866,749
1,629,551 1,470,1,46
8,032. 200
105,571 102,194
18,345 23,351
2,832,421 2,4(,2,640
75,585 74,438
$2908,006 $2,537,078
$
22-5 $ 225
7,275 7,275
1,482,294 2,004,530
$t,489 794 $2. 012'030
$ 49,205 $ 12015
177,968 169,968
$ 187;916 $179,229
(See accompanying notes)
DECEMBER 31 1984
THE HURON COUNTY BOARD OF EDUCATION
CAPITAL FUND STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1984
(with comparative amounts for 1983)
Sources of recovery of capital e4penditures:
Capital expenditures out of revenue fund
Debenture principal payments included in
revenue fund expenditures
Capital expenditures:
Land ,and buildings
Furniture and equipment
Net recovery of prior years' capital
expenditures
Unrecoveret3 capital expenditures, beginning
" of year
Unrecovered capital expenditures, end of year
1984
STATEMENT' 3
1983
$ 970,796 $ 647;095
522,236 529,232
1,493,032 1,176,327
592,435 371,546
378,361 275,549
970,796 647,095
522,236
529,232
2,004,530 2,533,762
$1,482.294 $2,004,530
(See accompanying notes)
LIABILITIES AND EQUITY
REVENUE FUND
Accounts payable:
Local taxation - over requisition
(statement 2)
Trade accounts payable and,. accrued
charges ti
Other school boards
Due to capital fund
.Due.t.o:reserve fund.
Reserve for working funds (note 3)
Holdbacks payable
Unmatured debenture debt (note 4)
Equity in reserve funds (note 6)
_Trust funds (note .7):
Balance, beginning of year
Add -
Investment.income
Principal receipts
Deduct awards
Balance, end of year
CAPITAL FUND •
REFERVE FUND
TRUST FUND
1984
STATEMENT 1
1983
•$ 322,540 $ 425,221
1,597,375
m, 106611
2,026,526
1,169,548
197,719
1,792,488 '
' 7,275 7,275
-49-, 205.:.._.. _. . 12,315'-
56 480
2,3.15...,..56,480 19,590
825,000 725,000
$2A108 006 $2,537 078.
$ 7,500 $ 7,500
1,482,294 , 2,004,530
1,489,794 $2(11.2030
$ 49205 $.-L1261L5
$ 179;229 $ 170,799.
22,588 26,421
15,455 7,000
217,272 204,220'
29,356 24,991
187,916 179,229,„
.184916 $ 11794229
THE HURON COUNTY BOARD OF
REVENUE FUND,STATEMENT OF REVENUE
YEAR ENDED DECEMBER 31
(with comparative 'amounts
Expenditure:
Business administration
General administratiod
Computer services
Instruction
Plant operation and maintenance
Transportation
Tuition fees
Capital expenditure (non -allocable)
Other operating expenditure
Debt charges and capital loan interest (note 5)
Non-operating expenditures, excluding transfers
Total expenditure
Recovery of expenditures-:
Other achnol hoards
Government of Canada
Individuals
Other revenue, excluding transfers from reserves
Total recovery of expenditures
Net e:Tpendtture
..
to
Financed by:
Transfer from ('to) reserve fund
Transfer to revenue fund reserve for working funds
Government of Ontario - general legislative grant
Local taxation - raised in current year
Previoue year's over (under) requisition
Under (over) requisition of taxes for year (note 8)
EDUCATION
AND EXPENDITURES
, 1984
for 1983)
reserves
(See accompanying notes)
1984
ementary
Schools
$ 190,222
204,106
11,039
14,410,955
1,424,927
1,721,938
22,185
309,680
11,741
414,986
87,116
18,808,895
1,493
22,402
23,895
18,785,000
12,432,316
6,459,590
178,352
19,070,258
$ (285,258)
Secondary
Schools
197,195
211,588
11,444
12,585,523
1,712,657
1,708,393
905,553
336,697
12;067
221,558
118,970
Total
$ 387,417
415,694
22,483
26,996,478
3,137,584
7,430,331
927,738
646,377
23,808
636,.50
206,086
18,021,645 36,830,540
1,123,804
40,392
74,212
44,927
1,123,804
40,392
75,705:
67,329
5,705-
67,329
1,283,335 1,307,230
16,738,310 35,523,310
(36,890) (36,890)
(100,000) (100,000)
10,782,956 23,215,272
5,882,657 12,342,247
246,869 425,221
16,775,592 35,845,850
$ (37,282) $_ (322,540)1
STATEMENT 2
1983
Elementary
Schools
$ '161,737
165,662
7,441
13,741,519
1,375,961
1,619,896
22,225
421,733
59,687
452,824
39,425
18,068,110
Secondary
Schools
$ 171,055
175,206
7,870
12,041,064
1,571,163
1,600,471
752,889
8,400
83,350
• 221,028
72,585
16,705,081
Total
$ 332,792
340,868
15,311
25,782,583
2,947,124
3,220,367
775,114
430,133
143,037
673,852
112010
34,773,191
973 1,125,737' • 1,126,710
36,916 36,916
1,980 65,185 67,165
25,821 10,881' 36,702
28,774 1,238,719 1,267,493
18,039,336 15,466,362 33,505,698
1,185
12,002,465
6,123,620
90,418
18,217,688
$ (178,352)
(100,000)
9,949,484
5,637,878
225,869
15,713,231
$ (246,869)
1,185
(100,000)
21,951,949
11,761,498
316,287
33,930,919
$ (425,221)
1. Accounting policies
The' financial statements have been prepared by . the Board in
actor -dare -e with prigciples that are considered appropriate for Ontario Schoor
Boards od a basis consistent with that of the preceding year. These principles
are in accordance with generally accepted accounting principles• except as
prescribed by the Ministry of Education and noted as follows:
(a) Accrual acpountine /
The accrual method ,fcit reporting revenue and expenditure has been
used with the exception of reporpi,ng 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
THE RURdi11CC0UNTY BOARD OF EDUCATION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1984
end of the fiscal year. Note 2 below sets out the accounting followed for sick
leave 4,enefits.
(b) Fixed assets, and unsutured debenture debt
Fixed assets are changed to current expenditure unless financed by
long-term debt. Principal and interest charges on unmatured debenture debt are
included as expenditures in the period due.
'1 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, an employee must have twelve
years of service with The Huron County Board of Education.
The amount of such benefits accumulated to December 31, 1984, to the
extent that they can be claimed as cash payments by employees on retirement is
17,285,000. This amount does not include any estimate in respect of sick leave
accumulated by employees of the Board
gratuity. ,No provision has been made in
these financial statements. During 1984,
left the Board in 1983, ($310,000 paid in
3. -Reserve for working funds
who do not yet qualify to claim the
respect of this contingent liability in
the Board paid $225,000 to employees who
1983).
The reserve for working funds at December 31 is applicable to the
elementary and secondary school operations of the Board -as follows:
1984 1983 -
Elementary $275,000 $275,000
Secondary 550,000 450,000
4. ,Unmatured debenture debt
$825.000 $725.000
Of the unmetyred debentpre debt outstanding off. $1,482,294, principal
and interest repayments for the next five years are as follows:
Principal Interest Total -
.
1985
$ 513,120. $ 84,315 $ 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 63,760
1,419,294 188,656, 1;607,950
Remaining balance 63,000 9,750 72,750
$1,482,294 • -$198,406 $1,680,700
5. Debt charges and capital loan interest
The revenue fund expenditure for debt charges and capital loan
interest includes principal and interest payments as follows:
1984. • 1983
Elementary Secondary Elementary Secondary
Principal payments on long-term
debt including contributions
to sinking funds $343,236 $179,000 $360,232 $169,000
• Interest payments thereon
$414,986 $221,558 $452.823 $221.027
Reserve
71,750 42,558 92 591 52,027
6.fund
The reserve fund relates to disposals of certain surplus
properties. The, Board was not obligated to reduce the current Province of Ontario
grants in' this amount on condition that such funds be placed' in a reserve fund and
used for future capital expenditures. Changes in the reserve fund balance are as
follows:
1984 1983
Elementary Secondary Total Total
Balance, January 1 $12,315 $12,315 $13,500
Transfers from (to) the revenue
fund $36,890 36,890 (1,185)
Balance, December 31 $12,315 $36,890 $49.205 $12,315
7. Trust funds
Trust funds generally represent accumulated donations received by
the Board from individual, corporate and inatituti.onal sources. These funds are
used to provide various scholarships, bursaries and awards to students in Huron
County schools and to assist with other educational projects not funded by the
Board
8. Over or under requisition
The School's Administration Act provides that the difference between
the amount requisitioned from a municipality and the amount that should have been
requisitioned baaed on the actual level of expenditure and.grants is to be treated
as an over requi"sition or under requisition. The attached financial statements
reflect a net over requisition from municipalities in 1984 of $322,540 which will
be deducted from the 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 "Terms of
Employment" memorandum, the secondary school teachers were paid a salary increase
of 42 over amounts under the 1983-1984 Collective Agreement for the period from
September 1, 1984 to December 31, 1984. This additional expenditure ,has been
provided for in these financial statements.
10. Comparative amounts
Certain of the 1983 comparative figures have been revised to reflect
adjustments made to the 1383 ,grant from the Government of Ontario; Such
adjustments were not material in amount.