Zurich Citizens News, 1974-07-17, Page 13THE HURON COUNTY BOARD OF EDUCATION
Auditor's Report
FOR THE YEAR ENDED DECEMBER 31, 1973
TO THE HURON COUNTY
BOARD OF EDUCATION:
I have examined the Balance Sheet of the Huron County Board
of Education as at December 31, 1973, the Revenue Fund, Statement
of Operations and the Statement of Source and Application of Capi-
tal Funds for the year then ended. My examination included a general
review of the accounting procedures and such tests of accounting
records and other supporting evidence as I considered necessary in
the circumstances.
BALANCE SHEET
As at December 31, 1973
ASSETS
Curreit Assets Revenue
Fund
Cash $ 85,403
Accounts Receivable:
Municipalities:
Under -requisitions .. 30,292
Other School Boards . ... . 100,775
Government of Ontario.... 445,183
Other ..._ • 7,273
Due from Other Funds:
Capital 4,572
Prepaid Expenses 84,697
TOTAL CURRENT ASSETS •...... $ 758,195
Fixed Assets
Land
Buildings
Furniture and Equipment
Buses
Capital
Fund
$ 26,921
1,993
28,914
359,182
21,336,450
2,398,542
537,049
$ 758,195 $24,660,137
LIABILITIES
Current Liabilities Revenue Capital
Fund Fund
Accounts Payable
Municipalities: Over -requisition $ 26,624
Other School Boards " 48,362
Trades Payable and Accrued
Liabilities ......... ............. 483,209
Due to Other Funds:
Revenue
Total Current Liabilities
In my opinion these Financial Statements present fairly the
financial position of the Board as at December 31, 1973 and the
results of its operations and the source and application of its capital
funds for the year then ended, in accordance with accounting prin-
ciples generally accepted for Ontario school boards applied on' a
basis consistent with that of the preceding year.
Goderich, Ontario, A. M. HARPER,
May 31, 1974 Municipal Auditor -4440
NOTE:
(1) Other Revenue includes transfers from the capital fund, proceeds
from the sale of assets, insurance claims, earnings on temporary
investments, reimbursement for services and other miscellaneous
items that are in the nature of recovery of expenditure.
(2) Local Taxation includes the total of the 1973 requisitions on muni-
cipalities, supplementary taxes, license fees for trailers, taxes
levied directly by school boards, and any other amounts provided
by municipalities over and above the requisition, other than
accounts in respect of sale of assets to a Municipality or revenue
from shared cost programs.
REVENUE FUND Statement of Operations
FOR ELEMENTARY SCHOOL PURPOSES
for the year ended December 31, 1973
EXPENDITURE
Business Administration $ 86,401
Computer Services 1,473
Instruction 3,967,318
90,452
2,258
448,882
Plant maintenance 83,153
14,926 Transportation 565,877
Tuition fees 17,083
4,572 Capital expenditure (non -allocable) 44,849
Other operating expenditure 19,044
Educational Services
Attendance, health and food services...
Plant operation
558,195 19,498
Long Term Liabilities
Unmatured Debenture Debt 7,198,930
Less: Sinking Fund
Reserve for Working Funds ...
Investments in Fixed Assets
200,000
7,198,930
17,441,709
$ 758,195 $24,660,137
Note 1: There is a contingent liability of an unknown amount with
respect to accumulated sick leave.
REVENUE FUND Statement of Operations
FOR SECONDARY SCHOOL PURPOSES
for the year ended December 31, 1973
EXPENDITURE:
Business Administration ..... .. ..... .. $ 82,516
Computer Services 1,407
Instruction ... 4,230,666
Educational Services 47,850
Attendance, Health and Food
Services • . ..,5,587
Plant Operation 497,691
Plant Maintenance 55,259
Transportation 450,473
Tuition Fees ......... • 302,259
Capital Expenditures (non -allocable) 42,236
Other Operating Expenditure 21,00:
Debt Charges on Capital Borrowing 393,118
Non-operating expenditures excluding
transfers to reserves ... .. .. a5,772
TOTAL EXPENDITURE
RECOVERY OF EXPENDITURE:
Other School Boards ......
•Government of Ontario: tuition fees
and miscellaneous ...__ ....
Government of Canada
Individuals
(1) Other Revenue excluding transfers
from Reserves
$ 6,165,838
633,557
19,034
9,980
23,792
4,064
TOTAL RECOVERY OF EXPENDITURE._ $ 690,427
NET EXPENDITURE $ 5,475,411
Financing of Net Expenditure:
Government of Ontario
General Legislative Grants $ 4,101,103
Deal Taxation
1972 Over (under) Requisition ... .. ..... 13,260
(2) Local Taxation raised in 1973 1,330,756
Decrease (increase) in reserve . . 1,344,016
Net Under (over) Requisition Required .._. .
to be applied to 1974 taxation 30,292
TOTAL .....................................................$ 5,475,411
Debt charges on capital borrowing 557,034
Non-operating expenditure excluding
transfers to reserves 20,666
TOTAL EXPENDITURE
RECOVERY OF EXPENDITURE
Other School Boards
Government of Ontario, tuition fees and
miscellaneous
Individuals
(1) Other Revenue, excluding transfers
from reserves
TOTAL RECOVERY OF EXPENDITURE ....
NET EXPENDITURE
$ 5,904,490
$ 12,311
6,423
200
4,655
$ 23,589
$ 5,880,901
FINANCING OF NET EXPENDITURE
Government of Ontario:
General legislative grants $ 4,359,502
Local Taxation:
1972 Over (under) requisition .. 11,019
(2) Local taxation raised in 1973. 1,537,004
Decrease (increase) in reserve .... 1,548,023
Net under (over) Requisition required to
be applied to 1974 taxation
(26,624)
TOTAL . . $ 5,$60,901
Statement of Source and Application of
Capital Funds
for the year ended December 31, 1973
SOURCE
Unexpended funds at beginning of year $ 108,027
Capital expenditures from Revenue
Fund 220,321
Federal sales tax refund 4,540
Bank interest 793
TOTAL .............
APPLICATION
Fixed assets and work in progress:
Buildings 169,437
Furniture and equipment 83,922
Buses 70,907
Other
Unexpended funds at end of year
TOTAL
NOTE: The bank interest should have been shown
revenue fund instead of in the capital fund.
333,681
324,266
9,415,
$ 333,681
as revenue in the