The Wingham Advance-Times, 1983-05-04, Page 11The Wingham Advance -Times, Mu 4, 1983 -Page 11
SPRING ASSEMBLY -The students in Mrs. Huether's
Grade 2 class at the Brussels Public School performed
at an assembly held last Thursday afternoon. The
assembly, held in conjunction with Education Week,
was highlighted by a blacklight dance demonstration by
a group of girls from Grade 7 and 8 called "The Stray
Cats".
THE GRADE ONE CLASS at the Brussels Public School presented a
play at the school's spring assembly held last Thursday afternoon. Lit-
tle Stephanie Henry directed her fellow classmates in a recitation.
Schools all over the area held special programs and events last week
to celebrate Education Week.
THE HURON COUNTY BOARD OF
EDUCATION
Wzadonoan
'Chartered Accountants
City Centre
380 Wellington Street
London Canada N8A 5B5
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, 198.2 -and -the -revenue fund -state-
ment of revenue and expenditures and the capital fund statement of
operations for the year then ended. Our examination was made in ac-
cordance with generally accepted auditing standards, and according-
ly 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, 1982 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. Chartered Accountants.
March 9, 1983. License No. 457.
STATEMENT 3
THE HURON COUNTY BOARD OF EDUCATION
CAPITAL FUND STATEMENT OF OPERATIONS.
YEAR ENDED DECEMBER 31, 1982
(with comparative amounts for 1981)
Sources of recovery of capital 1942, 1981
expenditures:
Capital expenditures ,out of
revenue fund $ 815,112 $ 488,623
Debenture principal payments in-
cluded in revenue fund expen-
ditures 533,281 504,379
Capital expenditures:
Land and buildings
Furniture and equipment
Net recovery of prior years'
capital expenditures
Unrecovered capital expen-
ditures, beginning of year
Unrecovered capital expen-
ditures, end of year
1,348,393 993,002
510,466 297,415
304,646 191,208
815,112 488,623
533,281
3,067,043
504,379
3,571 ,422
$2,533,762 $3,067,043
(See accompanying notes)
THE HURONCOUNTY BOARD OF EDUCATION
BALANCE SHEET
DECEMBER 31, 1982
(with comparative amounts at December•31, 1981)
ASSETS
1982
REVENUE FUND
Cash
Accounts receivable:
Government of Ontario
Local taxation -
Under requisition (statement 2)
Outstanding 1982 Requisitions
Supplementary taxes
Other school boards
Sundry
Prepaid expenses
$1,790,125
37,000
1,464
396,983
37,397
2,262,969
79,360
1981
$ 2,614
$1,252,142
120,324
9,028
384,722
24,062
LIABILITIES AND EQUITY
REVENUE FUND
Bank loan and overdraft
Accounts payable:
Local taxation - over requisition
(statement 2)
Trade accounts payable and accrued
charges
Other school boards
Due to capital fund
Due to reserve fund.
1,792,892
74,525 Reserve for working funds (note 3)
$2,342,329 $1,867,417
CAPITAL FUND
Accounts receivable
Due from revenue fund
Capital outlay to be recovered in future
years (statement 3)
Due from revenue fund.
$ 225
7,275
2,533, 762
$•• 225
7,275
3,067,043
$2,541,262 $3,074,543
RESERVE FUND
$ 13,500 $ 12,000
TRUST FUND
Cash
Investments - at cost which approx-
imates market va(,ue
On behalf of the Board
Director
Director
$ 7,828 $ 8,446
162,971 162,068
Holdbacks payable
Unmatured debenture debt (note 4)
STATEMENT 1
1982 1981
$ 129,889
310,653
1,073,076
182,036
$1,222,424
100,718
1,696,554 1,323,142
7,275 7,275
13,500 12,000
0,775 19,275
625,000 525,000
$2,342,329 $1,867,417
CAPITAL FUND
$ 7,500 $ , 7,500
2,533,762 3,067,043
$2,541,262
$3,074,543
RESERVE FUND
Equity in reserve funds (note 6)
$ 13,500
12,000
TRUST FUND
Trust funds (note 7):
Balance, beginning of year
Add -
Investment income
Principal receipts
Deduct awards
$ 170,799 ' $ 170,514 Balance, end of year
(See accompanying notes)
$ 170,514
23,477
1,000
$ 167,925
20,447
2,400
194,991 ' 190;772
24,192 20;258
170,799 170,514
$ 170,799 $ 170,514
THE HURON COUNTY BOARD OF EDUCATION
REVENUE FUND STATEMENT OF REVENUE AND EXPENDITURES
YEAR MED DECEMBER 31, 1982
(with comparative amounts for 1981)
Expenditure:
Business administration
General administration
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 to reserves
Total expenditure
Recovery of expenditures:
Other school boards
Government of Canada
Individuals
Other revenue, excluding transfers
from reserves
Total recovery of expenditures
Net expenditure
Financed by:
Transfer to reserve fund
Transfer to revenue fund reserve for
working funds
Government of Ontario - general
legislative grant
Local taxation - raised in current year
Previous year's over (under) requisition
Under (over) requisition of taxes for year
(note 8)
1982
Elementary
Schools
$ 144,507
132,092
5,257
12,461,920
1,202,861
1,592,266
25,289
149,139
69,812
487,416
33,868
Secondary
Schools
Total
$ 154,061 $ 298,568
140,825 272,917
5,605 10,862
11,018,021 23,479,941
1,429,032 2,631 ,893
1,449,102 3,041 ,368
793,143 818,432
418,698 567,837
96,051 165,863
220,982 708,398
STATEMENT 2
1981
Elementary
Schools
$ 158,317
113,074
3,225
10,939,493
1,117,313
1,272,810
30,515
91,081
147,832
487,894
64,970 98,838 27,234
Secondary
Schools
$ 172,199
122,988
3,507
9,949,206
1,278,752
1,214,302
609,739
206,334
172,407
220,443
Total
$ 330,516
236,062
8,732
20,888,699
2,396,065
2,487,112
640,254
297,415
320,239
708,337
34,896 62,130
16,304,427
15,790,490 32,094,917 14,388,788 13,984,773
1,626
16,952
990,095
33,848
81,622
3,857
18,578
1,109,422
28,373,561
990,095
33,848
83,248
20,809
1,128, 000
16,285,849
(1 .500)
11,039,891
5,352,147
(13,779)
16,376, 759
14,681 ,068 30,966,917
1,018
1,325
6,942
9,285
14,379,503
901,047
10,936
89,145
902,065
10,936
90,470
4,333 11,275
1,005,461
1,014, 746
2,979,312
(100,000)
9,847.913
5,259,443
(106, 545).
14,900,811
(1,500)
(100,000)
20,887,804
10,611,590
(120,324)
31,277,570
(200.000) (175,000)
9,520,686 8,550,327
5,052,779 4,471,828
,_ (7,7411 25,612
14,365,724 12,872,767
27,358,815
(375,000)
18,071,013
9,524,607
17,871
27,238,491
$ (90,910) $ (219,743) $ (310,653) $ 13,779 $ 106,545
(See accompanying notes)
$ 120,324
DECEMBER 31, 1982
FINANCIAL STATEMENTS
NOTES TO THE
FINANCIAL -
STATEMENTS
December. 31, 1982
1. ACCOUNTING POLICIES
The financial statements have been
prepared by the Board in accordance with
principles that are considered appropriate for
Ontario School Boards on a basis consistent
with that of the preceding year. These prin-
ciples are in accordance with generally ac-
cepted 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 u ed with the ex-
ception 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. Note 2
below sets out the accounting followed for
sick leave benefits. ,
(B) FIXED ASSETS AND
UNMATURED
DEBENTURE DEBT
Fixed assets are charged to current expen-
diture unless financed by long-term debt.
Principal and interest charges on unmatured
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 unmatured debenture
debt outstanding and of any related tem-
porary financing at the endtof 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, 1982, to the extent that
they can be claimed as cash payments by
employees on retirement is $5,656,000.
This amount does not include any estimate in
respect of sick leave accumulated by
employees of the Board who do not yet
qualify to claim the gratuity. No provision has
been made in respect of this contingent
liability in these financial statements. During
1982, the Board paid $112,000 to
employees who left the Board in 1981,
(1981 - $135,000).
3. Reserve for working funds
The reserve for working funds at December 31 is applicable to the elementary
and secondary school operations of the Board as follows:
Elementary
Secondary
4. Unmatured debenture debt
1982
$275,000
350,000
$625,000
1981
$275,000
250,000
$525,000
Of the unmatured debenture debt outstanding of $2,533,76.,
terest repayments for the next five years are as •follows:
1983
1984
1985
1986
1987
Remaining balance
'Principal
$ 529,232
522,236
513,120
476,174
313.000
2,353,762
180,000
$2,533,762
5. Debt charges and capital loan interest
Interest
$144,619
1 14, 307
84,315
54,850
, 27,488
425,579
31,752
$457,331
•
principal and in -
Total
$ 673,851
636,543
597,435
531,024
340,488
2,779,341
211,752
$2,991,093
The revenue fund expenditure for debt charges and capital loan interest includes
principal and interestppaymentsas follows:
. 1982 1981
Principal payments on
long-term debt in-
cluding contributions to
sinking funds $373,281 $160,000 5353,379 $151,000
Interest payments
thereon 114,135 60,983 134,515 69,443
087,894 $220,443
Elementary Secondary Elementary
Secondary
6. Reserve fund
$487,416 $220,983
The reserve fund relates to disposals of certain surplus properties. The Board
was not obligated to reduce the current Prov;nce of Ontario grants in this amount on ,
condition that such funds be placed in a reserve fund an' -i used for future capital ex-
penditures.
7. Trust funds
Trust funds generally represent accumulated donations received by "the Board
from individual, corporate and institutional sources. These funds are used to pro-
vide 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 requisition-
ed based on the actual level of expenditure and grants is to be treated as an over re-
quisition or under requisition. The attached financial statements reflect a net over
requisition from municipalities in 1982 of $310,653 which will be deducted from
the tax requisition by the School Board in 1983.
9. Comparative amounts
The 1981 comparative amounts in the revenue fund statement of revenue and
expenditures have been reclassified to conform with current year's financial state-
ment presentation. Also certain of the 1981 comparative figures have been revised
to reflect adjustments made to the 1981 grant from the Government of Ontario;
such adjustments were not material in amount.
Chartered Accountants
City Centre
380 Wellington Street
London, Canada N6A 585
THE HURON BOARD
OF EDUCATION
December 1982
FINANCIAL STATEMENT
•