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The accompanying notes form an integral part of the financial statements transfers from reserves Total Recovery of Expenditure NET EXPENDITURE FINANCING OF NET EXPENDITURE: The accompanying notes form an integral part of the financial statements. Less goods and services tax rebate TOTAL CAPITAL EXPENDITURE The accompanying notes form an integral part of the financial statements Approved on Behalf of C. G. Byrnes Director of Education and miscellaneous Government of.Ontario â€" mlscellaneous Government of Canada Individuals â€" tuition fees Other revenue, excluding To be applied to the following year‘s taxation: Net (over)/underâ€"requisition Other school boards â€"â€" tuition fees Government of Ontario: General Legislative Grants $ 47,122,432 Local Taxation: Previous year‘s over/(under) requisition 4,538,312 Local taxation raised in the current year _ 22,736,127 Business administration General administration Computer services Instruction Plant operation and maintenance Transportation Tuition fees Capital expenditure (nonâ€"allocable) Debt charges and capital loan interest (Note 3) Other operating expenditure Nonâ€"operating expenditure excluding transfers to reserves Balance at beginning of year not permanently financed Elementary Secondary Longâ€"term liabilities issued and sold Capital expenditure from revenue fund Transfer to revenue fund Balance at end of year not permanently financed: Elementary Secondary Fixed assets and workâ€"inâ€"progress: Buildings, furniture and equipment School sites and improvements to sites Other (Note 3) Investments at cost Accounts receivable: Underâ€"requisitions â€" secondary Other Prepaid expense Bank and other shortâ€"term borrowing Accounts payable and accrued liabilities Overâ€"requisitions â€" elememary Other Debt charges due and unpaid Total Expenditure HALTON ROMAN CATHOLIC SEPARATE SCHOOL BOARD FINANCIAL STATEMENTS REVENUE FUND STATEMENT OF OPERATIONS â€"â€" ELEMENTARY SECONDARY EXPENDITURE FOR THE YEAR ENDED DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31 $ 67,435,028 $ 56,168,536 $ 67,435,028 ( 6,961,843) 74,396,871 578,255 1,226,387 281,139 45,376,879 5,746,622 3,164,813 412,898 14,535,554 73,034,261 4,777,702 5,599,233 1,273,519 133,713 304,482 Irene McCauley Chair of the Board $ 56,168,536 $ 40,021,059 $ 568,966 1,044,025 320,512 41,404,149 5,117,850 3,618,042 426,423 5,502,812 (4,538,312) 60,706,848 2,404,768 18,281,021 59,350,168 2,290,789 3,181,632 346,175 98,969 389,599 56,100 794,335 354,641 198,413 $( $ 24,922,421 4,636,779 671,458 $ â€"16,986,268 No 29,016,251 4,609,717) 3,928,797) 5,160,500 23,773,587 7,256,376) 10,955,002 4,922,052 30,230,658 1,214,407 19,460,377 34,217,636 35,337,431 18,340,582 sa_sigjg . $ _36,656,882 asenm _ 1 Nes s \7]2(0qu 53,678,013 5,120,254 12,264,580 65,385 6,961,843 10,770,563 618,757 (with comparative figures for 1991) 420,872 1,589,286 $ 26,432,164 $ 44,721,068 $ 44,721,068 ( 5,130,671) 18,299,321 00,814 316,049 685,979 153,808 22,257,376 3,218,920 1,935,524 12,183,825 8,653,429 5,120,254 7,457,845 3,732,597 59,876 110,246 217,724 2421,219 76,065 276,719 DECEMBER 31, 1992 $ 40,881,975 $ 40,881,975 $ 26,310,175 1,992,972) 8,316,666) 3,622,285 11,856,405 4,458,477) 13,159,475 35,751,304 23,497, 407 47,366,938 295,594 551,446 166,514 20,332,267 3,002,530 2,046,451 12,488,065 6,138,373 6,022,494) 15,463,623 4,613,412 3,929,222 9,253,209 6,555,054 1,829,357 1,196,254 9,580,665 327 .456 4,538,312 9,433,548 5,130,671 7,007,318 7,730,189 3,007,672 6,484,963 5,130,671 2,834,319 91,991 367,742 183,239 1,803,496 184,245 968,201 357,957 53,285 We have audited the balance sheet of the Halton Roman Catholic Separate School Board as at December 31, 1992 and the Revenue Fund Statements of Operations and the Capital Fund Statement of Operations for the year then ended. These financial statements are the responsibility of the School Board‘s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of mateâ€" rial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disâ€" closures in the financial statements. An audit also includes assessing the accounting principles used and signifiâ€" cant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these financial statements present fairly, in all material respects, the financial position of the Board as at December 31, 1992 and the results of its operations for the year then ended in accordance with the accounting principles described in Note 1 to the financial statements. Burlington, Ontario %nfl " ® Burlington, Ontario April 1, 1993 AUDITORS‘ REPORT To the Trustees of The Halton Roman Catholic Separate School Board The revenue fund expenditure for debt charges and capital loan interest includes principal and interest payments as follows: Principal payments on longâ€"term liabilities including contributions to sinking funds Interest payments on longâ€"term liabilities Interest payments on temporary financing of capital projects The amount of interest relating to the temporary financing of capital projects which is included as a capital expenditure in the Capital Fund Statement of Operations for the current year is $607,083 (1991 â€" $519,777) All nonâ€"teaching employees of the Board are eligible to be members of the Ontario Municipal Employees Retirement System which is a multiâ€"employer final average pay contributory plan. Employer contributions made to the plan during the year by the Board amounted to $561,917 (1991 â€" $469,820). Not shown in the financial statements of the Board are the emplover‘s contributions to the Teachers‘ Pension Plan. The funding for such is provided directly by the Provincial Government. Of the $18,340,582 net long:term liabilities outstanding at December 31, 1992, principal amounting to $8,635,743 plus interest amounting to $8,769,071 is payable over the next five years, as follows: 3 10 ONTARIO SCHOOL BOARD INSURANCE EXCHANGE The Board joined effective April 1, 1987, the Ontario School Board Insurance Exchange (OSBIE), a reciprocal insurance company licenced under the Insurance Act. OSBIE insures general public liability, property damage and certain other risks. 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 principles except as follows: (a) Accrual Accounting: Capital assets are charged to current expenditure unless financed by longâ€"term debt. Principal and interest charges on net longâ€"term liabilities are included as expenditures in the period due. Capital assets, including capital leases, described as capital outlay to be recovered in future years, are included on the balance sheet only to the extent of the balance of the related net longâ€"term liabilities outstanding and of the related temporary financing at the yearâ€"end. Under/Over Requisition of Taxes: (c) Under/ qui _ 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 requirements from ratepayers. In addition to amounts disclosed elsewhere in the financial statements, the Board has obligations under operating leases in the following amounts: 1993 $ 514,746 1994 249,181 1995 189,044 1996 133,486 1997 16,530 Revenue and expenditure are accounted for on the accrual basis of accounting, with the following exceptions: (i). No provision is made for interest on unmatured debt from the date of payment to the yearâ€"end. (i) No provision is made to record the liability for retirement and/or sick leave benefits accruing over the working lives of employees. 5: (b) 1993 1994 1995 1996 1997 _ As a result of the Board converting the former St. Joseph‘s School in Burlington to academic administration offices, the Ministry of Education has directed that $1,093,539 be placed in a Ministry Equity Capital Reserve Fund on or before December 31, 1995. This amount will be required from the Revenue Fund and require local taxation revenues for such funding. (c) Expropriation of School Sites: At December 31, 1992 the Board has potential outstanding obligations with respect to the expropriation of school sites for St. Luke the Apostle and Our Lady of Peace elementary schools. The Board has expended funds in the accounts equal to the Board‘s appraisal values. Additional liabilities, if any, are unknown at this date. LEASE OBLIGATIONS PENSION PLAN COSTS Contractual obligations amounted to approximately $9,126,537 for the construction of and/or renovations to schools as follows: apital Projects St. Luke the Apostle St. Thomas Aquinas Sacré Coeurâ€"Site Sacré Coeur Our Lady of Peace NOTES TO THE FINANCIAL STATEMENTS $ 1,273,519 $ â€"658,284 ementary 535,175 80,060 $ 2421219 $ 794,335 1,000,004 $ 1992 Sernndary 1,385,363 1,968,414 1,768,749 1,852,634 1,828,061 1,217,885 Charterea Accountants $ 2,123,156 767,208 721,000 2,869,113 2,646,060 9,126,537 Elementary 514,746 249,181 189,044 133,486 16,530 2,070,453 1,957,514 1,864,145 1,572,354 1,304,605 405,280 312,425 $ 1,803,496 $ 552,126 Secondary 4,038,867 3,726,263 3,716,779 3,400,415 2,522,490 1,251,370