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Page 8, News, Tuesday, June 26, 1990 UDITO S' REPORT BALANCE SHEET i arative amounts December 31, 1988) To the Chairman and Members of Assets 1989 1988 The Lake Superior Board of Education: Current Assets ~ Cash $5,315,297 $1,853,133 We have examined the balance sheet of The Lake Superior Board of Education as at investments at cost 43,108 109,661 December 31, 1989 and the revenue fund statement of operations, the capital fund Accounts receivable : : statement of operations and the statement of outlay for performing duties of a Under-requisitions (elementa 22.846 wa municipal council in territory without municipal organization for the year then Und q isiti ( cond ry) Ae = ended. Our examination was made in accordance with generally accepted auditing a er-requisitions (secondary) 504.390 3.720.068 standards, and accordingly included such tests and other procedures as we Prep a icant 59,507 : 72,238 considered necessary in the circumstances. Other current assets 5,945,148 5,755,100 In our opinion, these financial statements present fairly the financial position of the | | Capital Outlay to be recovered in future years 943,291 164,444 Board as at December 31, 1989 and the results of its operations for the year then Other Assets eee aro ended in accordance with the accounting principles described in Note 1 to the $6,888,439 $5,919,544 financial statements applied on a basis consistent with that of the preceding year. Liabilities ae oy -- eg Current Liabilities $+--------- $ 450,591 : Bank and other short-term borrowing = = Accounts payable and accrued liabilities 2 Over-requisitions (elementary) 22,622 131,382 Over-requisitions (secondary) 80,171 55,953 --a ss Other Lacie see 1,616,504 Debt charges due and unpaid = = Reserve for 1990 Tax Reduction (elementary) = ae (secondary) = = Othercurrentliabiliies © #£e.~==---- cannes 1,793,569 2,254,510 Net long-term liabilities 943,291 164,444 Ce -------------- Reserve working funds 1,743,430 1,004,430 Equity in reserve funds 2,408,149 2,496,160 Unexpected capitalfunds = 8 4 7 $6,888,439 LAKE SUPERIOR BOARD OF EDUCATION REVENUE FUND STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1989 a {+} b Total Total Elementary Elementary Secondary Expenditure: 1989 1988 1989 1988 4989 Business administration $ 271,241 $ 238,906 $ 130,196 $ 114,681 ¢ 441,045 } General administration 446,152 375,443 © 208,108 » 178,995 BES _ Computer services 43,912 41,772 21,078 20,050 22,834 Instruction 10,352,787 9,289,871 5,452,180 4,919,695 4,900,607 Plant operation, maintenance & teacherages 2,245,043 1,666,733 970,513 754,190 1.27 4.530 Transportation 585,399 501,540 364,785 289,590 220,614 Tuition Fees 17,502 38,214 ioe? 17,502 Capital expenditure (non-allocable) 1,607,868 5,699,077 491,897 1,170,454 1 115.971 Debt charges & capital loan interest 35,182 139,178 34,575 34,368 : 607 Other operating expenditure 62,321 46,211 29,914 22,181 32,407 Non-operating expenditure excluding transfers to reserves 32,031 44,199 16,882 23,141 45,149 Total Expenditure 15,699,438 18,081,144 2.720.128 7.527.345 = 7,979,310 Recovery of Expenditure: Other school boards 39,936 53,721 38,022 51,586 1.914 Government of Ontario 258,977 184,712 233,509 170,282 25, 468 Government of Canada 294,657 256,910 46,786 57,067 247,871 Individuals - tuition fees 7,000 15,832 - ~ 7,000 Other revenue, excluding transfers from reserves 1,338,674 817,491 113,395 327,822 1.225.279 Total Recovery of Edpenditure : 1,939,244 1,328,666 431,712 606,757 1,507,532 Net Expenditure 13,760,194 16,752,478 2,288,416 6,920,588 6,471,778 Financing Expenditure: Government of Ontario General Legislative Grants 7,063,908 10,868,897 3,708,125 4,205,260 3,355,783 Land taxation Previous year's over (under) requisition 187,335 (25,007) 131,382 69,487 55,953 69.487 Local taxation raised in current year 7,025,416 6,429,071 3,540,816 3,272,643 3,484,600 3 272,643 Decrease (Increase) in reserves other than ae : 3 reserve for refund of taxes (436,518) (333,148) (92,131) (495,420): (344,387) 495.42 Total Local Taxation 6,776,233 6,070,916 3.980,06 2,846,710 3,196,166 cea ria Total Financing 13,840,141 16,939,813 7,288,192 7,051,970 6,551,949 7,051,970 Net under (over) requisition $(79,947) $(187,335 $ 224 $131,382) $ (80,171) $(55,953) CAPITAL FUND STATEMENT OF OPERATIONS Capital Fund Statement...cont'd rthe 8 ompa 8 Capital Financing December 31, 1988) Unexpected Funds at Beginning of Year, or (Balance at Beginning of Year not Capital Expenditure 1989 1988 Permanently Financed) Fixed Assets and Work in Progress Elementary rey '- Buildings, Furniture and Equipment $2,092,109 $6,046,701 Secondary z: School Sites and Improvements to Sites = 2,320 pot Bhi pay aap Issued nts te 800,000 7 upil Tr: j - ~ ntributions from Government Canada = = eae en J - Capital Expenditure from the Revenue Fund 2,092,109 6,049,021 Less Federal Sales Tax Refund i) 1} Transfer to the Revenue Fund (800,000) o=4 Total Capital Expenditure $2,092,109 $6,049,021 Balance at end of Year not Permanently ' Financed or (Unexpected Funds at End of Year) Elementary =: . Secondary = = | Total Capital Financing $2,092,109 $6,049,021