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(FA grams available were increased by $108,837 and the amovnts 1. Comparative Figures the reserve fund. in the currem year this amount $2,407 414 (1994 â€" $1,673,307). The amounts in within the limite defined in the Educar 4. UndertOver Requisition of Taxes e the belance sheet only to the extent of the balances of the . sclated net longâ€"icrm liabiliies outstanding and of the reiated temporary fieancing st the end of the fiucal year. financed by longâ€"term liabilities. 1 "."‘.'!'.""!".‘."“"‘,"."é i. Capital Assets 'â€"“m‘--*fyhlfiy of Educstion and and are considered appropriate for Ontario boards of education. ‘These principies are in . except as follows: a Accrual Acton no provisioe andéor sick 1 Reserve Funds (Note 5) Reserve in Working Funds (Note 6) Longâ€"Term Linbilities (Note 4) APPROVED: Date: June 27, 1996 Al Forier, Chairperson of the Board Date: June 27, 1996 Puti Haskell, Director of Education Capital Outlay to be Recovered in Future Years Other current liabilities Betance Sheot as st December 31, 1996 December 31, 1995 and the resuls of iss operations for the yeur descrined in Nese | to the fmancial simemens. Febmuary 23, 1996 We conducted our sudi in accordance with generally accepned auditing uandards. Troxe m--gm-â€"_n,-â€"---uuâ€"â€"-m Other school boards Government of Ontario Government of Canada ‘in the year â€" under requisition (secondary) :dd.:lfl. the lisbility for retivement ving over the working lives of ted to reflect changes in As a result, the 1994 in applied to increase ‘by the Board and are funds resiricted in on the accrual basis ‘any year and the are included on 94157 Empowering lifeâ€"long learners who strive for excellence in a changing world [D Tax writeâ€"off in excess of 6. Reserve for Working Funds Health and safety §.1 4. Net Longâ€"Term Linbifity Repayments 6. Reserve for Working Puads Of the net longâ€"term liabilities oustunding of $26.97% 23 | Contimend (1994 â€" $28.563,903), principal amounting to $19.308.550 phus interess amounting to ) 1,002,645 is paysiile over the next five Transters w Reserve Funds: years as follows: o agte s ts Retremem gramaty 102,210,561 40,022.722 35,200 £0% 26978231 6479137 2787491 2613,336 18,931,412 10,495,013 10,495,013 40,309 973 £,010 455 2.115,429 2,128 Ab6 3,437,332 1825279 1,258,518 412656 187 839 19.308,550 4721 487 5133537 3414442 3,110,279 32012067 256704 5.007 14 927997 116917 H#A1 139878 5 448 072 12582 3447821 11,002 646 3. u09 204 26114 14 2.100.199 ism a» 1335487 Coopers and Lyvend Licence Mo. 1OK2 117,179,635 as well as cvabzating 117,179,438 63,177,276 3461 3,373 28,563,903 37475711 $4,007,359 2.906,916 3,195,.988 20,010,03% 367,186 the Board as 28,563,903 (1,034937 #,133,245 2,715,708 1,303,156 y971 13,1127%6 1 347 #%0 30341215 586413 $715447 2.5#1 878 713,.7%3 3219404 1 J44 488 5.763 641 667 120 $10.741 106172 112 and retive on s pension. Since <. Retrement Geatuity estimated as $5.779,000 (1994 â€" $3,314,000. b. Workers Compensation Effective January |, 1992. the Board clecied to become seit imeured for Workers Compemmation as s Schedule 1 employcr. A reserve fund, as indicuied in nose 5, has been estabished in reapec of this self insurmnce obligation. 5. Obtigations and Contingencies a. Contractual Obigntions by the Board amouned w $2.253.317 (1994 â€" $2.195.55#) Not shown in the financial stutements of the Board are the employer‘s comributions to the Teachers Pension Plan. The funding for such is provided directly by the Provincial 8. Peasion Plan Costs to be members of the Symem which is a Intcres: payments on Ffiq’l.t* Principal payments on Mmfitwn‘-h 7. Debt Charges and Capital Loan Lnterest Totsl Capitel Financing Total Capital Expenditure Capital Fund Statement of Operations for the Year Ended December 31, 1996 I“ntumf-u‘-euld;w Tou! Recovery of Expendiure Financing ot Het Expenditure Governmen of Omarc: Toust Expenditure Recovery of Expendnure Other school boards â€" wition foce und mi Governmem of Omario â€" wition foes and Government oA Canada To be applied w following year‘s texation: Met under requisition Revenue Fund Srtement of Operations for the Year Ended Occermia! 31 , 1996 For the Year Ended December 31, 1995 work in progress \by the Boand for at least wn years . ® Howard Seone 428472 320 @0 #010485 (300.000; wo the glan during the year the currem year the revense fund reserve for working funds of the Board are clogible ai beginming of yeur (10.000 dn (0 10w t (5 .000 ol (4.000 h0h 7 a%6 3 49 4i 3950 772 (400 000 7 Director of Education Drsciowere Act. th folowi sstancs of $100,000 or more 10. Social Comenet The Socasl Contract Act requares ts school bourds reducs expendmares by s specied amoum in t year 1Â¥7} thecoug 1996 . Grams will be reducrd by a corresponding amoum ca year . For 1995 the socel contract amousm was §5 447 .M un amoun was seflccied as a reductoon is the g occurrence of future losers and thew 11. Public Sertor Satary Disciosure 34. 991 amounted io 147 600 /58 4. Contingers i smhitities There are numerous legai actiom agame the Bourt ah o wha> n the Board‘s apmenn ar comered by t uty smutcrs Ti Boart‘s cxpiuar in cach of these actsoam comvercd ty unutuns would be no more than 1036 However. ther m ote uguils am action where e cham m is cxcem of the lamas of the labsin, pobscies. The cxncoune of thes actum m endesermanatic m the. um Lowes. of any . armang from these clasme will be ax ladct m capendmates in the year uetliomens cccun «. Ontarie School Board imsurmace E achange free year persod . The OSBIE m a recapmcal amerance compa hnconsed under the Insurmnce Aci The OSBW imunes gonersl The Board renewcd memberaiop wit tw Ounare. Schors heasd !â€"â€"hfl,m.hlâ€"m; 192 tor a mude in the accomts hor Oe mccrouny batubsices uns they become paysinc . Expendstuzes im 1V7 is resstcmesm graumy unt other returemen mcentrecs aminnacd o § 204. 26 i 794 $4.107.997; Durng 199i. e Bourd reacrved » repor trum thew commtung acteumcs mducating us Oe actounal prcsem watur 0 mirucd retwemers gratemees sirinacd w servuces rondered i cesb 218 5 .1 59 20M) 206904253 36 7111 345476 862 (3,102.1#5) (2 .954 927 ) 2 m40 sn 10,199.254 1 14.510,206 3.490152 122 606 274,7 44009 367,278 .751 14M52.164 21 , 794 miy 4,399 piv 1 A75 Arv 1 1 A64 .776 18196413 7 a904 .200 L9313 5.262 #1 # prowmaon. other than is mnducauod w mt . m o man pSo $ 483 @73 34 132M 3w2 4704143 273185 345 pa4 273188 213 S04 provissns of the Puiblc: Secu Satury Satkowing employees of ie Bourd recereed od gremwat. on an antatl bwin. uns shenisc nos be sufficem w cover actusl ionar ammal semessmens may be levice Th 152 19 Chairperson of the Board you w96 yGn Asd 1 10,999 wan $5 440 200 and thes 3 3% Soint fra5 (1 494 $27, Bb J 40 Sptint, 123 990 521 (8,124.810, (3.207 X1 4) 776 Sm6 Adh 33. 346 frzn va88 242 5442 815 363 14 S®5 1 20 41 7 . PGm 3.521 13 10 % 10 poud MAQ 230,723 â€" 351 386 10 6 16 4000 172 11 31 #96 1 1&»# £53 4855 243 4 954 442 6.3 ts « Ahn) S 3 A09 3 26 4,798.786 1 A19 pae? 7 a00 21 3 wSw w27 4) 48 ) 30 £40 «50 * ues a‘n"