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TERRACE BAY/SCHREIBER NEWS THE LAKE SUPERIOR BOARD OF EDUCATION UDITOR'S REPORT OE Wednesday, June 21, 1989 To the Chairman and members of The Lake Superior Board of Education We have examined, in accordance with generally accepted auditing standards, the balance sheet of The Lake Superior Board of Education as at December 31, 1988 and the revenue fund statement of operations, the capital fund statement of operations, the statement of revised net revenue fund requirement, the reserve funds statement of continuity and the statement of outlay for performing duties of a municipal counc our report dated March 23, 1989, we expressed an unqualified opinion on those finan In our opinion the information set forth in the accompanying, revenue fund statements of operations, capital fund state performing duties of a municipal council in territory without municipal organization is fairly stated in all material respe statements from which it has been derived. . DELOITTE HASKINS & SELLS Chartered Accountants March 23, 1989 BALANCE SHEET AS AT DECEMBER 31, 1988 (with comparative amounts as at December 31, 1987) ASSETS 1988 1987 Current Assets Cash $ 1,853,133 $ 3,528,587 Investments at cost 109,661 64,393 Accounts receivable Under-requisitions - (elementary) Under-requisitions - (secondary 94,494 Other 3,571,225 2,786,035 Prepaid expense 72,238 22,288 Other current assets St ME 7. 6.495.797 Capital outlay to be recovered in future years 164,444 218,508 Other Assets = = {a . $5,770,701 $6,714,305 LIABILITIES Current Liabilities Bank and other short-term borrowing $ 450,591 $ 1,500,000 Accounts payable and accrued liabilities Over-requisitions - (elementary) 14,991 69,487 Over-requisitions - (secondary) 23,501 Other 1,616,584 1,892,828 Debt Charges due and unpaid Reserve for 1989 Tax Reduction - (elementary) - (secondary) Other current liabilities 2,105,667 3,462,315 Net long-term liabilities 164,444 218,508 Reserve for working funds 1,004,430 1,437,430 Equity in reserve funds 2,496,160 1,596,052 Unexpended capital funds $ 5,770,701 $ 6,714,305 REVENUE FUND STATEMENT OF OPERATIONS FOR ELEMENTARY SCHOOL PURPOSES FOR THE YEAR ENDED DECEMBER 31, 1988 (with comparative amounts for the year ended December 31, 1987 Expenditure 1988 1987 REVENUE FUND STATEMENT OF OPERATIONS FOR SECONDARY SCHOOL PURPOSES il in territory without municipal organization cial statements. for the year then ended. In ment of operations and statements of outlay for cts in relation to the above mentioned financial FOR THE YEAR ENDED DECEMBER 31, 1988 (with comparative amounts for the year ended December 31, 1987) Expenditure 1988 1987 Business administration 114,681 107,688 . int q General administration _ 178,995 163,729 a Foe a on en Computer services 20,050 35,846 Computer services 21,722 38,832. earners maintenance and teacherages ever perryrt instruction 4.370.108 4,1eS aes Transportation . 289, 590 268. 355 Plant operation, maintenance and teacherages 912,543 838,700 Tui Sores ee se? Transportation : 211,950 198,243 : ; 3 Tuition fees : 38,214 28,933 Pearse hoy aa a un yee pes Capital expenditure (non-allocable) 4,528,623 3,004,475 O F ; . : : Debt charges and capital loan interest 104,810 41,880 ther operating expenditure : 22,181 sa,871 Other operating expenditure 24,030 65,074 pe nara gt excluding Non operating expenditure excluding Total Expenditure on ee transfers to reserves 21,058 32,795 --- Total Expenditure 10.553,799 8.798.637 Recovery of Expenditure Recovery of Expenditure ie school boards tuition fees and miscellaneous 51,586 41,619 Other schoo! boards tuition fees and miscellaneous 2.135 i overnment of Ontario, miscellaneous 170,282 56,968 Government of Ontario, miscellaneous i + 430 456,037 pees cg ae as asus 55,631 Government of Canada 199,843 164,623 : a Individuals - tuition fees 3 1 Other Revenue, excluding transfers from resenes 327,822 207,088 Other Revenue, excluding transfers from reserves sues Pie Total Recovery of Expenditure 806.757 --361.306 Total Recovery of Expenditure 721.909 : NET EXPENDITURE 6.920.588 $414,607 NET EXPENDITURE 9,831,890 2.791.287 Financing of Net Expenditure E 3 j Government of Ontario Financing of Net Expenditure General Legislative Grants 4,088,869 2,984 ,428 Government of Ontario Local Taxation General Legislative Grants 6,631,185 5,260,447 Previous year's over(under) Requisition 69,487 61,003 Local Taxation Local taxation raised in the current year 3,272,643 2,874,867 Previous year's over(under) Requisition (94,494) ° 35,783 Refund of taxes for reason of employees' Local taxation raised in the current year 3,156,428 2,868,191 withdrawal of services or lockout = Refund of taxes for reason of employees' Decrease (increase) in reserves other withdrawal of services or lockout -- : than reserve for refund of taxes (495,420) (436,204) Decrease (increase) in reserves other than reserve for refund of taxes 162,272 (467,628) Total Local Taxation 2.846.710 2.499.666 To be applied to the following year's taxation Tomitoes taxon 9.224.206 26.546 Reserve for refund of taxes for reason To be applied to the following year's taxation of employees' withdrawal of services or Reserve for refund of taxes for reason lockout : | Se eo of employees' withdrawal of services or Net under(over) requisition (14,991) (69,487) lockout ( - ) (zoek: -) Net under(over) requisition (23,501) 94.494 TOTAL FINANCING 6,920,588 5,414,607 ; TOTAL FINANCING $9,831,890 $7,791,287