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PAGE 24 CURRENT ASSETS $ Cash and shortâ€"term deposits 10,452.914 Accounts receivable Municipatities â€" under requisition (elementary) 3,880 â€" other . 1,519,439 Other school boards + ; 238,440 Government of Ontario â€" grants 4,854,231 Government of Canada 4.041 Other . 318,951 Prepaid expense . 284,734 Other current assets ? 1,122. 639 Date: June 3, 1982 Date: June 3, 1982 Date: June 3, 1982 CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS Permanently financed v Temporarity financed ; APPROVED EXPENDITURE Business administration . . . . . . Computer services . . . . . . . .. INSINuUCHOR. . . ; s 1c css s Attendance, health and food services Plant operation and maintenance . . Transportation. . . . . . . . . . . Capital expenditure (nonâ€"allocable) . Other operating expenditure . . . . Debt charges and capital loan interest (note 6) . . . . . . .. Nonâ€"operating expenditure Transfers to reserves _. TOTAL EXPENDITURE . . . . . . . THE WATERLOO COUNTY BOARD OF EDUCATION CAPITAL FUND STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1981 THE WATERLOO COUNTY BOARD OF EDUCATION . REVENUE FUND STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1981 RECOVERY OF EXPENDITURE Other school boards â€" tuition fees Government of Ontario â€" tuition fees and miscellaneous . Government of Canada Other revenue, excluding transfers from reserves . . . . . . . . .. TOTAL RECOVERY OF EXPENDITURE CAPITAL EXPENOITURE $ Fixed assets and work in progress Buildings, furniture and equipment . . . . . . _ 7,626,595 School sites and improvements to sites . © . . 1,553,030 Pupil transportation vehicies . . . . . . . . . 148,099 Transfer to the revenue fund . . . . . . . . . . 5.578 TOTAL CAPITAL EXPENDITURE Less: Federal sales tax retund We have examined the balance sheet of The Waterioo County Board of Education as at December 31, 1981, the revenue fund statement of operations and the capital fund statement of operations 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 circumâ€" stances. In our opinion, these financial statements present fairly the financial position of the board as at December 31, 1981 and the results of its operations for the year then ended in accordance with accounting principles described in note 1 to the financial statements applied on a basis consistent with that of the preceding year. Kitchener, Ontario. April 23, 1982 â€" WATERLOO CHRONICLE, WEDNESDAY, JULY 21, 1982 CHAIRMAN OF THE BOARD: Dr. H. G. Albrecht DIRECTOR OF EDUCATION: W.T. Townshend BUSINESS ADMINISTRATOR & SECRETARY TREASURER: J.F. Tummon ASSETS To The Waterloo County Board of Education THE WATERLOJ COUNTY BOARD OF EDUCATION BALANCE SHEET AS AT DECEMBER 31, 1981 AUDITORS‘ REPORT 135,673,608 131,943,383 18,799,269 1,824,275 364,378 94,580,350 1,989,791 343,910 15,464,386 3,190,430 38.044,798 19,245,529 18,666,775 â€" §78,754 197,093 7,516,551 1,617,906 4,685,583 1,434,442 2464513 1,778,776 3,730,225 1,393,700 9,333.302 9.333,302 _ 1,906,050 128,500 337.025 92,224 1981 1981 1981 116,328 493 113.267 .959 15,310,905 1,586,431 291,469 82,672,291 1,784,445 259.693 13,216,211 2,708,326 166.788 1,330,210 1,121.819 21,731,052 21,731,052 37.041 .957 4,062.011 901,385 330.135 4,539,852 8,432 586,569 328,011 4554 510 4.900,515 3,613,007 2,677,288 1,618,713 3060534 1,006,136 26,018 . 116,827 292,840 1,375,355 425.837 105,107 1,906,299 249 FINANCIAL STATEMENTS ~_ FOR THE YEAR ENDED DECEMBER 31, 1981 $ _ CURRENT LiAgiLmMEs TOTAL FINANCING OF NET EXPENDITURE Government of Ontario General legislative grants. . . . . . . . . Local taxation To be applied to following year‘s taxation Net over requisition . . . . . . . . . 13,662,785 UNMATURED DEBENTURE DEBT (note 3) 18.666,775 RESERVE FOR WORKING FUNDS (note 4) 1,000,000 EQUITY IN RESERVE FUNDS (note 5) 4,715,238 YNEXPENDED CAPITAL FUNOS â€" CAPIT AL FINANGJING Unexpended funds at beginning of year Bank advances [ . . 855,251 Accounts payable and accrued habilities Municipalities â€" over requisition (elementary) + â€" over requisition (secondary} 2,354,688 â€" other 531,952 Other 9,811,470 Other current labilines â€" _ 109424 Capital expenditure from the revenue fund . . . . _ 8.511,096 Balance not permanentty financed {unexpended funds) at end of year e TOTAL CAPITAL FINANCING The Waterloo County Board of Education Previous year‘s over (under) requisition . . . . 1,500,987 Local taxation raised in the current year . . . . 69,692,268 Transters from reserves . . . . . . . . . . . 2 838,305 Coopers & Lybrand CHARTERED ACCOUNTANTS LICENCE NO. 525 LIABILITIES 131,943,383 113,267 959 (2,350,808) 60,262.631 74,031,560 38,044,798 37,041,957 9,.333,302 42,642 200,810 299,.977 278,777 1981 1981 (2.862) 61,151,178 (1,500,987) 53.087,403 61.681,543 8,895.010 21,731.052 1,000,000 5.172.443 â€" 243,452 708,439 792,548 922.688 6.071,872 129. 989 59,491 200,810 1,889,201 1,906,050 (42,642) (200,810) 533 227 269.474 The cost to complete construction contracts in progress is estimated at $1,660,000. The board pays a retirement gratuity to members of tull time staft who have been employed by the board for at least ten years and retire on a pension Since the entitiements vest only upon retirement, no provision is made in the accounts for the accruing labilities until they become payable. Expenditures in 1981, amounted to $314,823 (1980 â€" $243,884). The unfunded liability that the board would have to pay to eligible employees if they had ratired at year end is estimated to be approximatety $99,000 RESERVE FOR WORKING FUNDS The reserve for working funds is applicable to the elementary and secondâ€" ary school operations of the board as follows: EQUITY IN RESERVE FUNDS Improvement to sites . . . Improvement to buildings . Hespeter /Winston levy . Lakeshore North footings Reserves and Reserve Funds Reserves and reserve tunds represent funds appropriated for general and specific purposes and are charged or credited to revenue fund operations in the year appropriated or drawn down respectively. Under/Over Requisition of Taxes s The difference between the net expenditures of any year and the amounts received to finance these expenditures is carried forward to the subsequent year to either increase or reduce the net revenue requirement. COMPARATIVE FIGURES Comparative figures have been adjusted to reflect changes in grant calculaâ€" tions applicable to 1980. As a result, the 1980 grants available were deâ€" creased by $59,584 and the amounts required through local taxation were increased by an equivalent amount. Education centre . . . . Furniture and equipment . Special reserve for sites . UNMATURED DEBENTURE DEBT Of the unmatured debenture debt of $18,666.775, principal amounting to $12,901,475, plus interest amounting to $5,156,888, is payable over the next five years as follows: DEBT CHARGES AND CAPITAL LOAN INTEREST The expenditure for debt charges and capital interest includes principal and interest payments as follows: o ___ Principal payments on debenture debt Interest payments on debenture debt Accrual Method of Accounting The accrual method for reporting revenue and expenditure has been used except for: â€" principal and interest charges are not accrued for any portion of payâ€" ments due after the year end. â€" no provision is made to record the liability for retirement and/or sick leave benefits accruing over the working lives of employees. Capital Outtay To Be Recovered in Future Years Fixed assets are included in the balance sheet as capital outlay to be recovâ€" ered in future years only to the extent of the batances of the related unmaâ€" tured debenture debt outstanding and of the related temporary financing at the end of the fiscal year. Fixed assets are charged to current expenditures unless financed by longâ€" Unmatured Debenture Debt Debentures are recorded as unmatured debenture debt in the year of sale. Principal and interest charges on unmatured debenture debt are included in expenditures in the period in which they are due. ACCOUNTING PRINCIPLES These financial statements have been prepared by the board using accountâ€" ing principles that are prescribed by the Ministry of Education and are considered appropriate for Ontario boards of education. The principles are in accordance with generally accepted accounting principles except as folâ€" THE WATERLOO COUNTY _ . BOARD OF EDUCATION NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31. 1981 19°" 198 497,918 â€"~461,215 12,901,475 2,823,611 2,586,273 9 532,458 ~57156 .888 1,415,841 1,216,416 1,028,043 842,533 Interest 1,000,000 4,715,238 2,170,195 449,792 402,119 340,014 3,064,277 1.621,306 4,685,583 955,113 125,092 207,746 1981 1981 1961 1,000,000 5.172 443 3,069,705 1,830,810 4,900,515 2,670,201 4,239,452 3.802,689 3,560,501 3,340,451 3,115,270 418,973 614,653 341,902 117,733 17,722 144,689 145,451 210,586 Total