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_ Page 4. News. Wednacdow Inlw 7 1NKa Page 6, News, Wednesday, July 20, 1988 To the Chairman and Members of The Lake Superior Board of Education We have examined the balance sheet of The Lake Superior Board of | loperations, the statement of revised net revenue fund requirement an with generally accepted auditing standards, and accordingly included such tests and other procedures as we considered necessary in the circumstances. of the Board as at December 31, 1987 and the results of its operations for the year then ended in In our opinion, these financial statements present fairly the financial position | statements applied on a basis consistent with that of the preceding year. accordance with the accounting principles described in Note 1 to the financial We have also examined the schedules of assets and liabilities as at December 31, 1987 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 1987 Schedule of tuition fee revenue Schedule of tuition fee expenditure Schedule of debentures and capital loans Schedule of apportionment of school boar Schedule of calculation of general legislative grants for 1987 Analysis of 1987 capital expenditure by project These schedules are presented for purposes of additional analysis and are not a required part of the basic fi information contained therein in all respects material to the financial statements. The Lake Superior Board of Education Auditors Report Education as at December 31, 1987 and the revenue fund statement of operations, the capital fund statement of d the reserve funds statement of continuity for the year then ended. Our examination was made in accordance d requirement for 1987 nancial statements. In our opinion, these schedules present fairly the Deloitte Haskins & Sells Auditors Current Assets Cash Investment at cost Accounts receivable . Under-requisitions-(elementary) Under requisitions-(secondary) Other Prepaid expense Other current assets Capital outlay to be recovered in future years Other Assets Current Liabilities Bank and other short-term borrowing Accounts payable and accrued liabilities Over-requisitions-(elementary) Over-requisitions-(secondary) Other Debt Charges due and unpaid Reserve for 1988 Tax Reduction-(elementary) - (secondary) Other current liabilities Net long-term liabilities Reserve for working funds Equity in reserve funds Unexpended capital funds BALANCE SHEET AS AT DECEMBER 31, 1987 (with comparative amounts as at December 31, 1986) 1987 $3,528,587 64,393 82,725 2,799,833 22.288 218,508 $6,716,334 $ 1,500,000 71,516 1,892,828 3,464,344 218,508 1,437,430 1,596,052 $6,716,334 1986 $1,920,841 81,177 1,380 2,009 926,022 150,726 285,353 $3,367,508 62,383 15,897 977,786 ----_ 2.020 1,058,086 285,353 1,172,880 851,189 $3,367,508 [REVENUE FUND STATEMENT OF OPERATIONS FOR ELEMENTARY SCHOOL PURPOSES FOR THE YEAR ENDED DECEMBER 31, 1987 (with comparative amounts for the year ended December 31, 1986) EXPENDITURE 1987 1986 Business administration 107,688 101,303 General administration 163,729 161,020 Computer services 35,846 26,211 Instruction 4,080,506 3,533,426 Plant operation, maintenance & teacherages 719,932 657,273 Transportation 268,355 259,184 Tuition fees - - Capital expenditure(non-allocable) * 275,775 414,872 Debt charges and capital loan interest 47,573 47,414 Other operating expenditure 36,871 21,601 Non operating expenditure excluding transfers to reserves 39,638 12,930 Total Expenditure 5,775,913 5,235,234 RECOVERY OF EXPENDITURE Other school boards-tuition fees and miscellaneous 41,619 32,994 Government of Ontario -miscellaneous 56,968 8,753 Government of Canada 55,631 64,627 Individuals - tuition fees Other Revenue excluding transfers from reserves 207,088 119,951 Total Recovery of Expenditure 361,306 226,325 NET EXPENDITURE 5,414,607 5,008,909 FINANCING OF NET EXPENDITURE Government of Ontario General Legislative Grants 2.986.457 2,434,032 Local Taxation Previous year's over(under) requisition 61,003 50,339 EXPENDITURE Business administration General administration Computer services Instruction Plant operation, maintenance and teacherages Transportation Tuition fees Capital expenditure (non -allocable) Debt charges and capital loan interest Other operating expenditure TOTAL EXPENDITURE RECOVERY OF EXPENDITURE Other school boards - tuition fees and miscellaneous (421,764 « 34,273) Government of Ontario, miscellaneous (143,336 + 4,308 + 16,979) Government of Canada Individuals tuition fees (143,336 + 136,500 + 89,511) _lOther Revenue, excluding transfers from reserves Total Recovery of Expenditure NET EXPENDITURE FINANCING OF NET EXPENDITURE Government of Ontario General Legislative Grants Local Taxation , Previous year's over (under) requisition Local taxation raised in the current year Refund of taxes for reason of employees withdrawal of services or lockout Non-operating expenditure excluding transfers to reserves 1987 116,744 308,067 38,832 4,124,894 838,700 198,243 28,933 3,004,475 41,880 65,074 32,795 8,798,637 456,037 164,623 17,500 369,190 1,007,350 791,287 5,294,111 13,888 2,868,191 1986 114,247 255,399 29,559 4,007,613 824,896 192,065 26,000 516,836 40,854 24,120 11,821 6,043,410 2,384 316,941 229,379 7,380 187,894 743,978 5,299,432 3,006,750 (44,146) 2,631,163 REVENUE FUND STATEMENT OF OPERATIONS FOR SECONDARY SCHOOL PURPOSES FOR THE YEAR ENDED DECEMBER 31, 1987 (with comparative amounts for the year ended December 31, 1986) Local taxation raised in the current year 2,874,867 2,708,265 Refund of taxes for reason of employees withdrawal of services or lockout - - Decrease(Increase) in reserves other than reserve for refund of taxes (436,204) (122,724) Total local taxation 2.499, 666 2.635.880 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 7151 (61,003) TOTAL FINANCING 5.414.607 5,008,909 1987 1986 Decrease(Increase) in reserves other than reserve for refund of taxes (467.628) (280,447) Total local taxation 2.414.451 2,306,570 To be applied to the following year's taxation Reserve for refund of taxes for reason of employees with- drawl of services or lockout CaS Sta} Net under(over) requisition 82,725 13,888 TOTAL FINANCING 7.791.287 5.299.432