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The Northumberland and Newcastle Board of Education FINANCIAL STATEMENTS DECEMBIER 31, 1984 AUDITOR'S REPORI To The Northumberland and Newcastle Board of Ecucat ion We have examined the Balance Sheet of The Nor- thumberland and Newcastle Board of Education as at Decemnber 31, 1984, and the Revenue Fund Statemnent of dOperations and the Capital Fund Statement of Operat ions for the year then ended. Our examination was made in accor- dance with generally accepted auditing standards, and accor- dingly included such tests and other procedures as we con- sidered necessary in the circumstances. In aur opinion. these financial statements present fairly the financial position of the Board as at December 31, 1984 and the results of ifs operations for the year then ended in ac- cordance wîith the accounting principles described in note 1 f0 the financial statements applied on a basis consistent with that of thie preceding year. Langhorne & Lynch, License number 1071 Chartered Accountants Cobourg, Ontario March 22, 1985 THE NORTHUMBERLAND AND NEWCASTLE BOARD 0F EDUCATION BALANCE SHEET AS AT DECEMBER 31, 1984 ASSETS Current Assets Cash Accounts receivable Municipalit les Under-requisit ions (elemnentary) Under-requisit ions (secondary) Supplementary taxes, etc. Other school boards Government of Ontario Govern ment of Canada Other Other current assets Total current assets Capital ouf lay ta be recovered in future years LIABILITIES Current liabilit es Bank and other short-f erm barrowing Accounts payable Municipalit les. Over-requisit ions (elemnentary) Overrequisit ions (secondary) Other school boards Trade Dayables and accrued liabilifies Total current liabilit les $8,825 21,481 18,732 502,416 41,892 2,769,042 858 166,628 160,464 $3690,338 7,628,044 $1 1,318,382 $1,312,241 21,481 18,732 24,818 1,167,046 $2,544,318 Net long-termn liabiities 7,628,044 Réserve for working f unds 571,427 Eqviýty in reserve funids 57459 $11 1,318.382 The accompanying notes are an integral part of thdse financial 'statemnents. THE NORTHUMBERLAND AND NEWCASTLE BOARD 0F EDUCATION NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1984 1.Accounting principles The financial statements have been prepared by the Board using accounting principles, that are prescribed by the Ministry of Education and are considered appropriate for Ontario School Boards. These principles are in accordance with generally accepted accounting princîples except as follows: (a) Accrual accounting Revenue and expenditure are accounted for on the accrual method except for:' (i) No provisions is made for interest on un- matured debenture debt from the date of pay- ment fa the end of the fiscal year. (il) No provision is made to record the liabilify for retiremnent andior sick leave benefits ac- cruing over the working lives of employees ex- cept as described in note 3(b). (b) Fixed assets are charged f0 current expenditure unless financed by long-term debt. Principal and in- terest charges on nef long-term liabilities are in- cluded as expenditures in the period due. Fixed assets including Capital Leases, described as Capital outlay f0, be recovered in future yeârs, are included on thie balance sheet only ta, the extent of the balances of the related net long-term liabilities outstanding and of the related temporary financing at the end of the fiscal year. (c) Reserves and ýreserve f unds Reserves and Reserve Funds represent funds ap- propriated for general and specific purposes and are charged or credited fa Revenue Fund Opera- fions in the year appropriated or drawn dawn. (d) Under/over iequisitions of taxes IlThe difference between ihe net expenditure 0f anv Qyear and the amounts receîved to finance these ex- penditures is carried forward to the subsequent year fa either increase or reduce the net revenue re- quiremnent tram ratepayers. 2.ý Reserve for worl<îng turids The reserve for working funds as at December 31, 1984 is applicable ta the elementary and secondary operat ions of the board as fallows: Elemenfary Secondary Total $219,814 351,613 $571 ,427 3. Liability for sick leave benefif s (a) Under the sick leave benef if plan, unused sick leave can accumnulate and employees may become entiti- ed tn a cash paymenfwhen t hey leave the Boards employment on rettrement. The est imated cost f 0tfhese accumnulated days as at December 31, 1984 ta the exfent that fhey may be used f0 defermine the refiremnent grafuity ta an employee on retirement amnounts ta appraximately $5,655,000 for elemnenfary and $5,258,000 for secon- dary afthe end of the year. In 1984 t he Boardpaîd $361,146,üunderthis benefit plan. (b) An amnount of $204,363 is included in Equify in Reserve Funds and is available f0 assist in meeting the future obligations of the plan. 4. Net long-fermn liabilif y repaymenf s 0f the net long-term liiablities oufsfanding of $7,628,044 principal amnounfing ta $4,591,044 plus interest amnounting ta $2,269,033 is payable over the next f ive Years as follows: Principal $1,003,378 1,054,666 980,000 802,000 751,000 lnferest $599,742 530,793 447,811 376,897 313,790 Total $1,603,120 1,585,459 1,427,811 1,178,897 1,064,790 Total < $4,591,044 $2,269,033 $6,860,077 5. Debt charges and capital boan inferest The revenue fund expendifure for debf charges and capital boan interest includes principal and inferest payments as follows: Elementary Principal paymenf s on long-ferm liabilities $ 489,103 lnterest paymenfs on long-term liabilif les 298,998 $ 788,101 Secondary Total $ 436,400 $ 925,503 349,177 648,175 $ 785,577 $1,573,678 6. Operating lease obligations The Board has long-term ýperating lease obliga- fions for administration office, warehause space, computer facilities and rentais which expire bet-' ween 1985 and 1989, The commitfed lease payments for the next f ive years are as follows: 1985 $118,118$ 1986 103,777 1987 83,700 1988 80,800 1989 66,300 The lease paymenf s for office space are also sub- jecf fa an annual inflation escalation clause. THE NORTHUMBERLAND AND NEWCASTLE BOARD 0F EDUCATION CAPITAL FUND STATEMENT 0F OPERATIONS FOR THE VEAR ENDED DECEMBER 31, 1985' Capital expenditure Fixed assets Buildings, furniture and eqlîpmenf School sites and improvement ta sites Total capital expenditure Capital financing $492,867 39,694 532,5611 Capital expenditure ftram the revenue fund $532,561 Total capital financing $532,561 The accompanying notes are an integral part.0f the statements. THE NORTHUMBERLAND AND NEWCASTLE BOARD 0F EDUCATION REVENUE FUND STATEMENT 0F OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1984 Elementary Expendifure Business administration $38Ob6 General administration 235,331, Computer services 125,754 Instruction 24,033,852 Plant operation and maintenance 3.528.619 Transportation 2,324,559ý Tuit ion fees 39,187 Capital expenditure (non-allacable) 248,669 Deht charcies ancapuital loan inter est 7R8.1 01 0f her aperating expenditure 179,441 Nan-aperating expendifure excluding transfers ta reserves 200.458 Total expenditure $32,062.0371 Recavery of Expenditure Other school boards - fuit ion tees and miscellaneaus Gomerment of Canada Secondary $370,462 243,131 416,182 21,814,346 3,344,252 2,087,518 83,213 121,348 785,576 187,244 161,595 $29,61 4,868 $40,596 $126.332 111,322 75,400 Attempt to name Town roads fails A proposai for the naming of' streets and sideroads in the Town of Newcastle bas been sent back to the Public Works departinent as a result of lack of consensus at the Town's general purpose meeting on Monday. The naming of street has beeni before council over a number of years and still lacks sup- port for its initiation. In 1979 the Ministry of Transportation and Com- munication made a request ta the Town for the naming of streets and roads ta be followed'witb a Street Naine Map and accompaning by- law. Over the past couple of years public input has been sought and this input in cases has been consîdered resulting in ail council members receiv- ing a naine map with naines designated to the roads within the municipality tak- ing into account historical consideration where thought Cla rke Hîgh Newsletter (Conitinuied frain page 6) few more marks may just be the difference between being accepted to the course of your choice or mot beimg ac- Se p te d. You're almost there! Don't let dawn! Next Year - A few new pro- gramns, or expansion of pro- grairis now in effect, should be mentioned at this time. Choices: a computerized career program will be in the school for three months. We hope that a large number of students will use this good tool. applicable. The namnes and locations came before council members of Monday resulting in a lengthy debate but with little result other than ta refer the proposaI back ta Public Works. Prior ta the referral a change was made in the Township of Clarke whereby it had been recanimended thattLéskard Road extend the full length from the eighth line ta the third lime even though at times the road does jog at concession roads. Counc. Hainre had re- quested that themarne O'Chanski mot be eliminated which was the case as presented. O'Chonski Road would have becomne Leskard *Road. Mayer Rickard then sug- gested numbers should be in- corporated in the naming and this is mow to be considered by the Public works depart-. ment. C.A.A.T. Day -A Com.- munity College Day, much like the University Day, is be- ing planned by Mrs. Lowery for next year. Peer Cbunselling - Pro- gress was made in aur Peer Counsellimg Program thià year ancl we have even greater plans for next year with a few more couinsellors gettimg more mnvolved in a greater variety of activitiçs. Too often we the Guidance Counsellors at Clarke get in- volved in programs of which you -are nat aware.,FHopefully this newsletter will help ta in- crease your awareness. Please feel free ta calI the Guidance Office at 987-4771 if you need more information or wauld like ta discuss anything with us. When its printing give us a cail 983-5301 Win=LV TIN»S u il u il u p.O. BOX 209,ORC*iQ.ONTARIO LOBlNtO PRINTING AND PUBLISHING *Letterheads Envelopes *Business Cards* Invoices Labels * Invitations* Brochures *NOR Forms Continuous and Snap-Out Forms lndividuals - tuitiori tees -10,695 112,730 Other revenue, excluding transfers 1from reserves .150,991 222,421 Total recovery of expenditure $313,604 $536,873 Net expenditure $31,748,433 129,077,995 Financing of Net Expendituré Government of Ontario General Legisiative Grants $19,966.976 $17,000,724 Local Taxation P-revious year's over (under) requisitiom(161,015) - $150-804 Local taxation ralsea in mhe current year 12,137,441 .12,238, 080 Decrease increasïe in reserve other th an reserve for reftmd 0f taxes (194,969) (311,613) Total local taxation $11,78,1,457 $12,077,271 Total $31.-748.33 .$29,017,995 The accompanying notes are an integral part of these finandiaI statements. L.