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Pag» 6, Terrace Bay-Schreiber News, Wednesday, June 29, 1983 Lake Superior Board of Education 1982 FINANCIAL STATEMENTS | To The Chairman and Members of The Lake Superior Board of Education: We have examined the balance sheet of The Lake Superior Board of Education as at December 31, 1982 and the revenue fund statement of operations; the statement of revised net revenue fund requirement, the capital fund statement of operations, the reserve funds statement of continuity, the statement of outlay for performing duties of a municipal council in territory without municipal organization, and-trust funds administered by the Board 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, 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. We have also examined the schedules of assets and liabilities as at December 31, 1982 and the following schedules for the year then ended: Revenue fund schedule of revenue Revenue fund schedule of expenditure by function and economic classification Schedule of assessments and sharing ratios for 1981 Schedule of tuition fee revenue Schedule of tuition fee expenditure Schedule of debentures and capital loans Schedule of apportionment of school board requirement for 1981 Schedule of calculation of general wy ec grants for 1981 Analysis of 1982 capital expenditure by project : These schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. In our opinion, these schedules present fairly the information contained therein in all respects material to the financial statements. Deloitte Haskins & Sells Auditors Licence No. 502 March 9, 1983 BALANCE SHEET AS AT DECEMBER 31, 1982 ASSETS 1982 1981 Current Assets Cash 267,530 112,806 Investments at cost 168,600 284,560 Accounts receivable Under-requisitions - (elementary) 333 19,341 Under-requisitions - (secondary) 1,000 688 Other 629,739 648,720 Prepaid expense 31,815 34,787 Other current assets (Note 3) . 13,464 3,689 1,112,481 1,104,591 Capital outlay to be recovered in future years 1,267,700 1,434,700 Other Assets 2,380,181 2,639,291 LIABILITIES Current Liabilities Bank and other short-term borrowing Accounts payable and accrued liabilities Over-requisition - (elementary) 2,261 Over-requisition - (secondary) 5,021 695 Other 528,027 616,433 Debt Charges due and unpaid Reserve for 1983 Tax Reduction - (elementary) - (secondary) Other current liabilities 535,309 617,128 .Net long-term liabilities (Note 4) 1,267,700 1,434,700 Reserve for working funds (note 6) 269,756 198,956 Equity in reserve funds (Note 7) 304,866 285,957 Unexpended capital funds 2,550 -- 2,380,181 | 2,539,291 REVENUE FUND STATEMENT OF OPERATIONS FOR SECONDARY SCHOOL PURPOSES For the year ended December 31, 1982 EXPENDITURE : 1982 1981 Business administration 91,353 152,887 General administration : 157,593 ' Computer services Instruction 2,966,625 2,739,617 Plant operation, maintenance and teacherages 643,132 456,424 Transportation 137,636 127,155 Tuition fees "7,233 9,409 Capital expenditure (non-allocable) 39,789 Debt charges and capital loan interest 132,289 134,890 Other operating expenditure 9,319 77,444 Non-operating expenditure excluding transfers to reserves 12,423 6,467 Total Expenditure 4,157,603 3,744,082 RECOVERY OF EXPENDITURE Other school boards - tuition fees and miscellaneous 2,636 1,511 Government of Ontario, miscellaneous - 1982: Undue Burden Regulation Grant - 1982 portion 60,800 4,884 Government of Canada ¢ 129,588 116,021 Individuals - tuition fees 22,062 23,252 Other Revenue, excluding transfers from reserves 150,687 170,614 Total Recovery of Expenditure 365,773 316,282 NET EXPENDITURE 3,781,830 | 3,427,800 FINANCING OF NET EXPENDITURE 1982 1981 Government of Ontario General Legislative Grants 2,343,014 | 2,149,691 Local Taxation Previous year's over (under) requisition * (1,458) (161) Local taxation raised in the current year 1,520,095 | 1,314,010 Refund of taxes for reason.of employees' withdrawal of services or lockout Decrease (Increase) in reserve other than reserve for refund of taxes (65,800) (35,733) Total local taxation 1,278,116 To be applied to the following year's taxation Reserve for refund of taxes for reason of employees' withdrawal of services or lockout Net under (over) requisition (4,021) (7) Total 3,791,830 | 3,427,800 * 1981 Over Requisition per 1981 financial statements 7 adjustments re: 1981 grants (1,465) adjusted 1981 under requisition (1,458) REVENUE FUND STATEMENT OF OPERATIONS FOR ELEMENTARY SCHOOL PURPOSES For the year ended December 31, 1982 EXPENDITURE 1982 1981 Business administration 61,661 95,587 General administration 102,166 Computer services Instruction 2,165,714 2,009,475 Plant operation, maintenance and teacherages 474,005 340,952 Transportation 127,559 113,395 Tuition fees 94 522 Capital expenditure (non-allocable) 2,862 49,095 Debt charges and capital loan interest 144,865 144,758 Other operating expenditure 6,291 54,546 'Non-operating expenditure excluding transfers to resérves 13,613 6,584 Total Expenditure 3,098,831 2,814,914 RECOVERY OF EXPENDITURE Other school boards - tuition fees and miscellaneous Government of Ontario, miscellaneous Government of Canada : 79,517 43,253 Individuals - tuition fees Other Revenue, excluding transfers from reserves 72,235 58,931 Total Recovery of Expenditure 151,752 102,184 NET EXPENDITURE 2,947,079 | 2,712,730 *Due to reclassification of certain expenditure functions in 1982, the 1981 comparative amount for general administration is included in business administration and instruction functions. FINANCING OF NET EXPENDITURE 1982 1981 Government of Ontario General Legislative Grants 1,453,561 1,287,240 Local Taxation Previous year's over (under) requisition * (19,826) 175 Local taxation raised in the current year 1,530,272 1,281,819 Refund of taxes for reason of employees' withdrawal of services or lockout Decrease (Increse) in reserve other than reserve for . refund of taxes : (15,000) | _ 124,155 Total local taxation : 1,495,446 1,406,149 To be applied to the following year's taxation Reserve for refund of taxes for reason of employees' withdrawal of services or lockout Net under (over) requisition (1,928) | 19,341 Total 2,947,079 2,712,730 * 1981 Under Requisition per 1981 financial statments (19,341) Adjustments re 1981 grants 485 Adjusted 1981 under requisition 826 CAPITAL FUND STATEMENT OF OPERATIONS For the year ended December 31, 1982 CAPITAL EXPENDITURE Fixed Assets and Work in Progress 1982 1981 Buildings, Furniture and Equipment 0141 46,493 205,310 School Sites and Improvements to Sites 0142 Pupil Transportation Vehicles 0143 Other 0144 Less Federal Sales Tax Refund 0145 Total Capital Expenditure 0146 46,483 206,545 CAPITAL FINANCING Unexpended Funds at Beginning of Year, or (Balance at Beginning of Year not Permanently Financed) Elementary . 0147 Secondary 0148 2,550 2,550 Long Term Liabilities Issued and Sold 0149 : Contributions from Government of Canada. 0150 Capital Expenditure from the Revenue Fund : 0151 46,493 206,545 Transfer to the Revenue Fund 0152 Balance at end of Year not Permanently Financed or (Unexpended Funds at End of Year) Elementary 1053 - Secondary ; 0154 (2,550) (2550) Total Iss | _ 46403 | 206545 STATEMENT OF OUTLAY FOR PERFORMING DUTIES OF A MUNICIPAL COUNCIL IN TERRITORY WITHOUT MUNICIPAL ORGANIZATION / FOR THE YEAR ENDED DECEMBER 31, 1982 (Recoverable Through Levy on Assessment in the Applicable areas) Name of Area Net Expenditure of | Expenditure on Account A Recreation Of Voters' Lists, Total Committee Elections, Levying and Collecting Taxes, Etc. Pic (Heron Bay) 885 885 Port Caldwell 268 268 Rossport (Lamonton) 3 662 662 Jackfish (Syine) 511 511 TOTAL 0157 0158 0159 Nil 2,326 2,326 NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1982 1. ACCOUNTING PRINCIPLES The financial statements have been prepared by the Board using accounting principles that are prescribed by the Ministry of Education and are considered appropriate for Ontario School Boards. These principles are in accordance with generally accepted accounting principles except as follows: Accrual accounting Revenue and expenditure are accounted for on the accrual method except that: (a) No provision is made for interest on unmatured debenture debt from the date of the last principal payment to the end of the fiscal year. (b) No provision is made to record the liability for retirement and/or sick leave benefits accruing over the working lives of employees. Fixed assets Fixed assets are charged to current expenditure unless financed by long-term debt. Principal and interest charges on net long-term liabilities are included as expenditures in the period due. Fixed assets including capital leases, 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 net long-term liabilities outstanding and of the related temporary financing at the end of the fiscal year. continued on page 7 diated