Tbursday, June 1, 1972, WHITE3Y FREE PRESSc AUDITOR'S REPORT TO THE SUPPORTERS 0F THE ONTARIO COUNTY BOARD 0F EDUCATION We have examined the balance sheet of The Ontario County Board of Education as at December 31, 1971 and the revenue fund statement of revenue and expenditure and the statement of source and appl icat- ion of capital funds for the year then ended. Our examination incîuded a general review of the accounting procedures and such tests of accounting records and other supportlng evidence as we considered necess- ary in the ci rcumstances. ln our opinion these financial statements present fairly the financial position of the Board as at December 31, 1971 and the resui ts of its operations and the source of application of its capital funds for the year then ended, in accordance with accounting principles generally accepted for Ontario School [Boards appîied on a basis consistent with that of the preceeding year. -Atîditors. REVENUE FUNO STATEMENT 0F REVENUE AND EXPENDITURE ELEMENTARY FOR THE VEAR ENDED DECEMBER 31, 1971 EXPENDITURE Business Administration Instruction Educational Services Attendance, Health and Food Services Plant Operation Plant Maintenance Transportation Tuition Fees Capital Expendîtures (Non-Allocable) Other Operating Expenditure Debt Charges on Capital Borrowîng Non-Operating Expenditures, excîuding Transfers to Reserves Total Expenditure $ 381,303 13,930,600 153,734 27,058 2,090,365 650,908 666,942 34,270 106,927 38,002 2,176,401 S130,508 $20,387,018 RECOVERIES 0F EXPENDITURE Other School Boards 63,018 Government of Ontario, Tuition Fees and Mîscellaneous 9,1 28 Govern-ment of Canada 22,994 I ndividuals 33,606 Other Revenue, excluding Transfers from Reserves 205,150 NET EXPENDITURE FINANCED BY: Government of Ontario - General Legislative Grants Local Taxation Raised in 1971 on Account of 1971 I ncrease in Reserves NET OVER REQUISITION ON ACCOUNT 0F 1971 REQUIRED TO BE APPLIED TO 1972 TAXATION 11,675,409 9,260,876 (187,422) 20,053,122 20,748,863 S 695,741 NOTE: A reconciliation of local taxes raised in 1971 to local taxation raised in 1971 on account of 1971 follows: Local Taxation Raised in 1971 Less: 1970 Under Requisition as per Audited Fînancial Statements $ 51,407 Subsequent adj ustrments related to 1970 or prior, as set out below. ' (40,678) $ 1968 Surplus from predecessor boards applied in 1971 LOCAL TAXATION RAISED IN 1971 ON ACCOUNT 0F 1971 $8,847,937 10,729 423,668 412,939 $9,260,876 Ir'LUDED IN LOCAL TAXATION RAISED IN 1971 ON ACCOUNT 0F 1971 ARE SUPPLEMENTARY TAXES, LICENSE FEES FOR TRAI LERS, AND PAYMENTS IN LIEU 0F TAXES. Adjustment to 1970 Under Requisition: Increase in General Legislatîve Grants and French Language Grants s 90,355 Decrease in Education MiOI Rate Subsidy 49,677 $40,,678 STÂTEMENT 0F SOURCE AND APPLICATION 0F CAPITAL FUNDS FOR THE YEAR ENDED DECEMBER 31, 1971 SOURCE Par Value of Debentures Issued Contributions from Governments: Canada Capital Expenditure from the Revenue Fund Other Total APPLI CATI ON Fixed Assets: Buildings Furniture and Equipmnent School Sites and Improvemrents thereto Other Total Increase in Capital Funds Not Permanentîy Financed Arriounts Not Permnanently Financed: Balance at December 31, 1970 Balance at December 31,.1971 $5,433,000 2,567,424 430,627 233,321 $8,664,372 8,064,077 870,776 26,912 126,927 9,088,692 424,320 950,283 $ 1,374,603 REVENUE FUND STATEMENT 0F REVENUE FOR THE VEAR ENDED * EXPENDITURE EODR Business Administration Computer Services Instruction Educational Services Attendance, Health and Food Services Plant Operation Plant Maintenance Transportation Tuition Fees Capital Expenditures (Non-Allocable) Other Operating Expenditure Debt Charges on Capital Borrowing Non-Operating Expenditure, excludîng Transfers to Reserves Total Expenditure RECOVERIES 0F EXPENDITURE Other School Boards Governmnent of Ontario, Tuition Fees and Miscellaneous Government of Canada Individuals Other Revenue, excluding Transfers from Reserves NET EXPENDITURE FINANCED BV: Governm-ent of Ontario - General Legislative Grants Local Taxation Raised in 1971 on account of 1971 Increase in Reserves NET OVER REQUISITION ON ACCOUNT 0F 1971 REQUIRED TO BE APPLI ED TO 1972 TAXATION NOTE: A reconciliation of local taxes raised in 1971 to local taxation raised in 1971 on account of 1971 follows: Local Taxation Raised in 1971 Less: 1970 Unc$er Requisition as per Audited Fînancial Statements $ 1 34,833 Subsequent Adjustments related to 1970 or prior, as set out below* (49,628) 1968 Surplus f rom predecessor boards applied in 1971 AND EXPENDITURE DECEMBER 31,ý 1971 $31 3,929 8,186 12,919,546 86,461 46,196 1,760,796 430,226 555,883 486,185 34,51 3 73,892 1,655,588 124,069 186,087 20,481 53,146 92,726 9,979,723 8,630,565 (190,480> $ 18,495,470 527,808 17,967,662 18,419,808 $ 452,146 $ 8,573,427 $ 85,205 142,34357,138 LOCAL TAXATION RAISED IN 1971 ON ACCOUNT 0F 1971 $ 8,630,565 INCLUDED IN LOCAL TAXATION RAISED IN 1971 ON ACCOUNT 0F 1971 ARE SUPPLEMENTARY TAXES, LICENSE FEES FOR TRAI LE RS, AND PAYME NTS 1IN Li EU 0F TAXES. AdI ust ment to 1970 Under Requisition: Increase mn General Legislative Grants and French Language Grants $ 49,628 BALANCE SHEET AS AT DECEMBER 31, 1971 ASSETS Current Assets: Cash lnvestments, at cost Accounts Receivable Municipalities Government of Ontario Government of Canada Other Due from Other Funds Other Current Assets Total Current Assets Fixed Assets Deficit as at January 1, 1969 reduced by Ontario Government Assistance in respect thereof LIABIItI$ Current Liabilities: PU - - Accounts Payable and Accrued Liabilities Municipalities (including over- requisitior Other School Boards Government of Ontario Trade Payables and Accrued Liabilities Due to Other Funds Total Current Liabilities Unmatured Debenture Debt Equity in Reserve Funds Deferred Income Investment in Fixed Assets APPROVED on behaif of The Board M.J. MOWBRAY Chairman of the Board Reven ue Capital Reserve Fund Fund Fund $ 421,568 $ 30,659 $ 392,349 400,000 360,484 1,092,783 16,144 114,020 671,646 2,733,120 616,261 646,920) 792,349 82,495,511 152,299 2,885,41$ 314243 $72,3492 ns$1,147,887 266,674 27,545 1,354,188 $1,349,877 2,796,294 2,021,523 33,638,819 792,349- 89,125 47,482,089 $2,885,419$83,142,431 $ 792,349 K.D. MUNROE Director Page 10, Oshawa. Ontario May 4, 1972. License No. 4077 Deloitte, Haskins and SeUls .e