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Business Administration General Administration Computer Services Instruction Plant Operation Maintenance Transportation Tuition Fees Capital Expenditures (nonâ€"allocable) Debt Charges Capital Loan Interest (Note #4) Other Operating Expenditure Nonâ€"Operating Expenditure Total Expenditure Total Current Liabilities Total Liabilities Funds Note #2 â€" Retirement Gratuities Exnenditure Other School Boards â€" Tuition Fees Miscellaneous Government of Ontario Government of Canada Individual â€" Tuition Fees Other Revenue, excluding transfers from reserves Total Recovery of Expenditure Net Expenditure Net Longâ€"Term Liabilities (Note #3) Reserve for working fundsâ€" specific Equity in reserve funds Unexpended Capital Funds Financing Government of Ontario â€" General Legislative Grants Local Taxation Previous year‘s over requisition Local taxation raised in the To be applied to the following year‘s taxation Total Current Assets _ in future years Other Assets â€" Deferred Charges (Note #6) Total Assets Current Liabilities Bank and other shortâ€"term borrowing Accounts Payable accrued liabilities Municipalities Overâ€"requisition â€" elementary Overâ€"requisition â€" secondary Total financing of Net Expenditure _ $154,958,633 Current Assets Cash Shortâ€"term investment Accounts Receivable â€" Other Prepaid expense Capital Outlay to be recovered Liabilitie Fixed Assets Work in Progress Buildings, Furniture Equipment School Sites Improvements to Sites Total Capital Expenditure Less Federal Sales Tax Refund z> o larl d > i d m 2. > Z. Z. C Unexpended Funds at Beginning of Year (Balance at beginning of year not permanently financed) â€"Elementary â€" Secondary Long Term Liabilities Issued Sold Capital Expenditure from Revenue Fund Balance at end of year not permanently financed â€" Elementary â€" Secondary Total Capital Financing â€" excluding transfers to reserves current year (Increase) decrease in reserves Net over requisition Other Due to Trust Funds Other current liabilities THE HALTON BOARD OF EDUCATION 1992 Financial Statements Auditors‘ Report of Exnenditure et Expenditure $154,958,633 $ 1,198,951 702,846 931,668 121,234,402 14,817,944 5,903,293 157,036,667 112,320,261 925,096 2,861,085 5,964,438 2,152,574 1,062,373 2,078,034 1,121,813 207,093 257,675 672,098 40,652 57,867 $150,488,805 $ 1,155,370 152,456 994,649 115,368,831 14,268,564 6,146,420 152,581,002 101,075,554 240,244 105,300,611 (1,121,813) 4,999,653 5,545,792 1,682,808 2,092,197 3,984,813 288,506 496,146 86,337 54,332 136,230 $ _ 72,455,349 $ â€" 15,237,892 2,095,447 $ (1,451,425) (2,069,263) 2,593,500 12,037,418 56,957,032 (â€"270,377) 6,488,135 13,682,653 63,445,167 1,729,377 72,455,349 17,333,339 7,327,988 7,327 2,548,009 1,959,174 4,545,652 2,582,017 5,000,000 2,155,691 7,280,805 1,525,692 686,100 859,187 270,377 $ 1,198,951 699,371 884,331 102,222,324 12,489,596 2,673,574 4,197,569 140,824,903 (1,959,174) 90,460,918 731,534 12,344,105 380,757 541,411 912,191 3,854,775 4,564,1794 7,164,688 3,172,101 2,099,104 1,105,602 $ 23,767,217 441,239 $ (4,528,624) ( 160,130) 9,042,000 16,157,522 $ 1,155,370 744,997 949,216 98,339,049 12,563,131 2,584,715 3,362,202 136,998,174 58,241,406 75,513,033 1,762,092 1,538,018 75,513,033 24,208,456 (177,002) 24,031,454 4,031 14,172,211 12,212,923 (3,172,101) 12,595,458 591,287 366,186 836,994 85,510,285 7,054,424 2,290,183 5,000,000 4,865,714 57,026 1,121,813 3,172,101 7,093,753 2,179,084 1,451,425 2,069,261 1,693,749 1,405,667 3,799,163 4,055,930 8,145,987 To The Halton Board of Education We have audited the Balance Sheet of The Halton Board of Education as at December 31, 1992, and the Revenue Fund Statement 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 material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant 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. Hamilton, Canada February 19, 1993 NT The financial statements have been prepared by the Board using accounting principles that are preâ€" scribed 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: The revenue fund expenditure for debt charges and capital loan interest includes principal and interest payments as follows: Of the net longâ€"term liabilities outstanding of $56,957,032, principal amounting to $20,284,517 plus interest amounting to $28,275,236 is payable over the next five years as follows: Certain nonâ€"teaching employees of the school 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 $1,534,509 (1991 â€" $1,310,957). Those amounts have been included in expenditure reported in the Revenue Fund Statement of Operations Not shown in the financial statements of the Board are the employer‘s contributions to the Teachers‘ Pension Plan. The funding for such is provided directly by the Provincial Government. DE Deferred charges, which are reported on the balance sheet as "Other Assets", comprise the unamortized portion of computer hardware and software for administrative purposes purchased after 1989. The cost> of computer hardware and software purchased in 1992 was $667,323 and amortization charged to the Revenue Fund for the year was $475,964 (1991 â€" $341,843). The estimated unfunded liability of the plans at December 31, 1992 of $6,000,000, is based on the liabilâ€" ity which would occur if all employees who were entitled to a gratuity had retired at the end of 1992. The difference between budgeted and actual expenditures for retirement gratuities is charged to a reserve fund. The fund balance at December 31, 1992 is $39,978 (1991 â€" $482,766). (d) The Retirement Gratuity Plans established by the Board provide for the payment of a gratuity to employees who have a minimum of ten consecutive years service with the Board immediately prior to retirement on pension by reason of age or ill health. The amount of gratuity payment is determined by the employee‘s years of service, number of cumulative sick leave days and annual salary. The benefit payable to an employee is equal to the lesser of fifty percent of his/her annual salary or a maximum amount as set forth in the terms and conditions of employment. Retirement gratuities paid in respect of employees who retired in 1992 â€" $1,476,876 (1991 $1,074,492). (b) Principal payments on longâ€"term liabilities Interest payments on longâ€"term liabilities Interest payments on temporary financing of capital projects and debenture issuance costs Accrual Accounting â€" 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 debenture debt from the date of payment to the end of the fiscal year. (ii) No provision is made to record the liability for retirement and/or sick leave benefits accruing over the working lives of employees. Reserves and Reserve Funds â€" Reserves and reserve funds represent funds appropriated for general and specific purposes and are charged or credited to revenue fund operations in the year appropriated or drawn down. The amounts in Reserves and Reserve funds are approved by the Board and are within the limits defined in the Education Art. Deferred Charges Computers purchased for administrative purposes are stated at cost less amortization. Amortization is on a blended monthly basis over three to five years. Capital Assets â€" 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 theâ€"balance sheet only to the extent of the balances of the related net longâ€"term liabilities outstanding and of the related temporary financing at the end of the fiscal year. Under/Over Requisition of Taxes â€"â€" 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 from ratepayers. Published by: The Halton Board of Education as required by Provincial Legislation PRINCIPLES 3,920,017 3,684,577 3,870,802 4,348,182 4,460,939 6,213,342 5,930,918 5,654,411 5,367,688 5,108,877 $1,927,535 4,023,725 MacGILLIVRAY PARTNERS CHARTERED ACCOUNTANTS 0,133,359 9,615,495 9,525,213 9,715,870 9,569,816 $1,429,060 2,245,813