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North of Superior Roman Catholic Separate School Board _ Auditor's Report REVENUE FUND STATEMENT OF OPERATIONS for the year ended December 31, 1982 1982 1981 EXPENDITURE TO THE CHAIRMAN AND MEMBERS, Business Administration ' $ 127,127) $ 167,889 The North of Superior District Roman General Adinistration 155,969 o- Catholic Separate School Board Computer Services = ae ; Instruction 2,486,149 2,236,185 We have examined the Balance Sheet of The North of Superior Plant Operation, Maintenance & Teacherages 437,746 372,301 District Roman Catholic Separate School Board as at December Transportation 179,339 149,980 31, 1982 and the Revenue Fund Statement of Operations, the Tuition Fees sg oe Statement of Revised Net Revenue Fund Requirement and the Capital Expenditure (non-allocable) 23,696 - Capital Fund Statement of Operations for the year then ended. Debt Charges & Capital Loan Interest 246,514 259,059 Our examination was made in accordance with generally Other Operating Expenditure 4,869 36,307 accepted auditing standards, and accordingly included such tests Non Operating Expenditure Excluding Transfers and other procedures as we considered necessary in the to Reserves 24,624 * 32,259 circumstances. TOTAL EXPENDITURE $3,686,033} $3,253,980 In our opinion, these financial statements present fairly the financial position of the Board as at December 31, 1982 and the RECOVERY OF EXPENDITURE results of its operations for the year then ended in accordance Other School Boards $ 29,328| $ 20,377 with the accounting principles described in note | to the financial Government of Ontario - Misc. 2,000 16,489 statements applied ona basis consistent with that of the Government of Canada 270,061 226,179 preceding year. Individuals - tuition fees _ _ Other Revenue 67,065 69,242 CLARKSON GORDON Total Recovery of Expenditure $ 368,454| $ 332,287 Thunder Bay, Canada Chartered Accountants NET EXPENDITURE $3,317,579| $2,921,693 March 11, 1983 Licence Numbr 457 SS FINANCING OF NET EXPENDITURE Government of Ontario $ $ General Legislative Grants 3,073,547 2,724,637 Local Taxation Previous Year's over (under) requisition (9,584); (36,132) - Local Taxation raised in the current year 267,323 223,604 BALANCE SHEET. Decrease (Increase) in reserve other than As at December 31, 1982 reserve for refund of taxes (13,000) _ ASSETS 1982 1981 Total Local Taxation $ 244,739 $ 187,472 Current Assets S - $ sion Net under (over) Requisition (707) 9,584 Cash 6,144 ' TOTAL FINANCING OF NET EXPENDITURE $3,317,579| $2,921,693 Investments at cost 150,000 = (See Notes to Financial Statements) ------------ Accounts Receivable -- Fo _Under-requistions (elementary) 1,284 10,338 Under-requistions (secondary) _ = Other 287,790 222,566 sai names 4,717 4,231 NOTES TO FINANCIAL STATEMENTS er Current Assets mee = Total Current Assets $529,935| $3 466,344 ee ss i 1. Significant accounting policies Captial Outlay to be recovered in future years $1,503,232 $1,605,000 ' The financial statements of the Board have been prepared by management in Other Assets : res ate accordance with accounting principles that are prescribed by the Minister of Education, and which differ from generally accepted accounting prinicples in the TOTAL ASSETS $2,033,167 $2,071,344 following significant respects: (a) Accrual accounting - LIABILITIES Revenue and expenditure are accounted for on the accrual method except for: Current Liabilities $ $ (i) No provision is made for interest on unmatured debenture debt from the date of -- : payment to the end of the fiscal year. Bank & Other Short Term Borrowing = = (ii) No provision is made to record the liability for retirement and/or sick leave _-- benenfits accruing over the working lives of employees. Accounts Payable & Accrued Liabilities -requisiti 9 667 (b) Fixed assets - Drenouae csi ced Fixed assets are charged to current expenditure unless financed by long-term debt. _ secondary ee 5x, Principal and interest charges on net long-term liabilities are included as expenditures Other 346,655 276,465 in the period due. Fixed assets, described as capital outlay to be recovered in the Debt Cahrges due and unpaid 1,021 9,212 future years, are included on the balance sheet only to the extent of the balances of Reserve for 1983 Tax Reduction the related net long-term liabilities outstanding and of the related temporary elemeftary) financing at the end of the fiscal year. - ry = 5 ge (c) Under/over requisition of taxes - secondary) Bore ae ee The difference between the net expenditures of any year and the amounts received to Other Current Liabilities -- -- finance these expenditures is carried forward to the subsequent year to either $ 349,667 $ 286,344 increase or reduce the net revenue requirements from ratepayers. aoe + ' 2. Sick leave benefits 2 Net Long-term Liabilites $1,490,500 $1,605,000 Under the sick leave benefit plan unused sick leave can accumulate and employees Reserve for Working Funds 193,000 180,000 may become entitled to a cash payment when they retire while in the Board's employ. g ' ' : pay Equity in Reserve Fund ae ae The accumulated value of sick leave days, to the extent that they could be used to U ded Captial Fund determine the cash payments to an employee on retirement, amount to approximately nexpen Oem aes a uaa $112,654 at December 31, 1982. No provision has been made-in the accounts for the TOTAL LIABILITIES $2,033,167| $2,071,344 sick leave benefit plan. 3. Net long-term liability repayments Of the net long-term liabilities outstanding of $1,490,500, principal amounting to (See Notes to Financial Statements) $532,500 plus interest amounting of $540,017 is payable over the next five years as ' follows: 1983 $ 95,500 $123,554 $219.054 1984 98,000 116,235 214,235 1985 108,000 108,648 216,648 1986 115,000 100,268 215,268 CAPITAL FUND 1987 116,000 * 91,312 207,312 532,500 $540,017. $1,072,517 STATEMENT OF OPERATIONS 4. Debt charges and capital loan interest The Revenue Fund expenditure for debt charges and capital loan interest includes for the year ended December 31, 1982 principal and interest payments as follows: Principal payments on long-term liabilities $114,500 CAPITAL EXPENDITURE 1982 1981 Interest payments on long-term liabilities 132,014 Fixed Assets $ $ $246,514 Buildings, Furniture and Equipment 27,376 32,408 5. Mortgage agreement hool Si di Sit in 1976 the Board sold a home to one of its employees. Consideration for the sale School Sites and Improvements to sites included an $8,000 interest free mortgage forgivable as at August 15, 1985 if the Other = -- employee remains in the employ of the Board until the expiry of the school year TOTAL CAPITAL EXPENDITURES $ 27,376 $ 32,408 terminating 1985. In the event that the employee sells or transfers the house, or terminates employment with the Board, the whole amount owing shall become due and payable. The Board also has obtained a first option to re-purchase the property CAPTIAL FINANCING until August 1985. The above item has not been reflected in the financial statements. Unexpected Funds at Beginning of Year : -- oo 6. Adjustment ot previous year's under requisitions Captial Expenditure $ 14,644, $ 32,408 = ueder regueien as per 1981 -- statements $9,671 - : justments of prior year's general legislative grants Unexpected Funds at End of Year __12,732 =-- included in accounts receivable 87 JOTAL CAPITAL FINANCING $ 27,376 $ 37,408 As restated $9,584. 7. Commitment + During the year the Board entered a contract in the amount of $46,866 for renovations (See Notes to Financial Statements) to one of its schools. As the work did not commence until after the year end, no part of thic amount has been provided for in these financial statements. :