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TOTAL FINANCING The accompanying notes form an integral part of the financial statements C. G. Byrnes Irene McC Director of Education Chair of th The accompanying notes form an integral part of the financial statements TOTAL CAPITAL EXPENDITURE The accompanying notes form an integral part of the financial statements. RECOVERY OF EXPENDITURE Approved on Behalf of the Board To be applied to the following year‘s taxes: Net overâ€"requisition Business administration General administration Computer services Instruction Plant operation and teacherages Plant maintenance Transportation Tuition fees Capital expenditure (nonâ€"allocable) Debt charges and capital loan interest (Note 4) Other operating expenditure Nonâ€"operating expenditure excluding transfers to reserves Other school boards â€" tuition fees and other Government of Ontario â€" other Government of Canada Individuals â€" tuition fees Other revenue, excluding transfers from reserves Government of Ontario: General Legislative Grants Local Taxation: Previous year‘s overâ€"requisition Local taxes raised in the current year Capital assets and workâ€"inâ€"progress: Buildings, furniture and equipment School sites and improvements to sites Other (Note 4) Balance at beginning of year not permanently financed Elementary Secondary Longâ€"term liabilities issued and sold Capital expenditure financed from revenue fund Transfer to revenue fund Balance at end of year not permanently financed: Elementary Bank and other shortâ€"term borrowing Accounts payable and accrued liabilities Overâ€"requisitions â€" elementary Other Debt charges due and unpaid Other current liabilities Loans payable to Ontario Financing Authority (Note 2) Net longâ€"term liabilities (Note 3) loans payable to the Ontario Financing A‘hthority Capital outlay to be recovered in future years Cash Investments at cost Accounts receivable Underâ€"requisitions â€" secondary Other Prepaid expense Other current assets Due from Ministry of Education and Training re Total Recovery of Expenditure Total Expenditure Secondary â€", _ HAALTON ROMAN CATHOLIC ) SEPARATE SCHOOL BOARD FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1993 E2L °D °D ME ED TLR S 1000 $ 64,507,370 $ 39,640,738 $ 567,010 1,603,480 273,798 49,899,671 5,187,438 1,530,533 2,976,819 (7,377,425) 71,884,795 6,961,843 25,282,214 73,570,950 9,063,580 389,382 8,301,964 2,022,886 101,839 438,149 919,714 160,155 61,733 416,130 Irene McCauley Chair of the Board $:67,435,028 $ 67,435,028 $ 47,122,432 $ 578,255 1,226,387 281,139 45,376,879 4,520,211 © 1,226,411 3,154,813 412,898 14,535,554 ( 6,961,843) 4,538,312 22,736,127 74,396,871 73,034,261 5,599,233 1,273,519 133,713 304,482 $ 24,479,455 $ 23,103,023 765,738 610,694 $ ( 10,955,876) (4,922,052) 7,720,000 14,034,235 (11,343,398) 24,479,455 19,490,499 10,456,047 26,969,274 38,941,797 15,037,304 23,904,493 65,911,071 55,530,262 1,679,224 53,851,038 65,911,071 10,380,809 (with comparative figures for 1992) 9,218,506 7,377, 425 9,747,764 615,514 10,065 4,542,845 5,518,053 73,963 â€"â€" 2.000 243,948 $ 19,874,685 $ 40,353,787 $ 40,353,787 ( 5,120,254) 21,056,511 35,810,942 357,754 938,712 172,753 24,023,274 2,880,573 519,369 1,801,629 12,035,631 4,828,216 50,520,154 4,542,845 4,559,815 433,794 72,337 260,055 2,667,131 64,255 230,857 DECEMBER 31, 1993 $ â€"23,856,602 4,488,191 671,458 $ 29,016,251 $( 4,609,717) (3,928,797) 5,160,500 23,773,587 ( 7,256,376) $26,432,164 $ 44,721,068 $44,721,068 ( 5,130,671) 18,299,.321 10,955,002 4,922,052 35,337,431 53,678,013 39,600,814 18,340,582 6,961,843 10,770,563 618,757 16 986,268 52,178,913 19,460,977 316,049 685,979 153,808 22,257,376 2,747,131 471,789 1,935,524 12,183,825 8,653,429 5,120,254 12,264,580 65,385 34,217,636 34,217,636 53,678,013 3,337,402 5,120,254 3,732,597 59,876 110,246 217,724 2,421,219 76,065 420,872 1,589,286 276,719 AUDITORS®‘ REPORT To the Trustees of The Halton Roman Catholic Separate School Board We have audited the balance sheet of the Halton Roman Catholic Separate School Board as at December 31, 1993 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 frea af mata. 10 uht w in Oe e ie C CR C Nt EC i on ioh ce Oe en e We m 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,â€"in all material respects, the financial position of the Board as at December 31, 1993 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 p * Burlington, Ontario April 14, 1994 The revenue fund expenditure for debt chardéé;fid' capital loan interest includes principal and interest payments as follows: In addition to amounts disclosed elsewhere in the financial statements, the Board has obligations under operating leases in the following amounts: ONTARIO SCHOOL 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. DEBT CHARGES AND CAPITAL LOAN INTEREST: Principal payments on longâ€"term liabilities including contribution to sinking funds Interest payments on longâ€"term liabilities Interest payments on temporary financing of capital projects LEASE OBLIG The amount of interest relating to the temporary financing of capital p;gjects which is included as a capital expenditure in the Capital Fund Statement of Operations for the current year is $490,811 (1992 â€" $607,083) PENSION PLAN COSTS: 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 $596,505 (1992 â€" $561 ,917). These amounts have been included in employees‘ benefits expense in the Schedules of Expenditure. 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. Of the net longâ€"term liabilities outstanding at December 31, 1993 of $23,904,493, principal amounting to $9,345,751 plus interest amounting to $10,623,810 is payable over the next five years, as follows: Capital Projects: 4 At December 31, 1993 contractual obligations amounted to approximately $2,200,000 for the construction at Qangdja_xlw Martyrs School, Burlington, Ontario. Commencing April 1, 1993, funds advanced for capital projects by the Province of Ontario (Ministry of Education and Training) have been deemed to be a loan pursuant to section 33 of the Capital Investment Plan Act, 1993. Pursuant to the same act, the Minister of Education and Training has transferred these loans to the Ontario Financing Authority. In accordance with a loan agreement dated March 31, 1994, these amounts will be repaid under the terms of a debenture which at the date of these financial statements had not been finalized. This loan agreement provides that the Province of Ontario will grant to the Board amounts equal to the required repayments of principal and interest due to the Ontario Financing Authority. However, payments under the loan agreement are not due until such grants are received from the Province of Ontario. These loans are also included in the Capital Fund Statement of Operations as part of the Balance at end of Year not Permanently Financed. 1994 1995 1996 1997 1998 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: (b) Ministry 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. (c) Under/Over Requigition of Taxes: 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. The financial statements have been prepared by the Board using accounting principles that are prescribed by the Ministry of Education and Training and are considered appropriate for Ontario School Boards. These principles are in accordance with generally accepted accounting principles except as follows: (a) Accrual Accounting: (b) TA At December 31, 1993 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. M 7 cce exceptions: (i) No provision is made for interest on unmatured debt from the date of payment to the yearâ€"end. (ii) No provision is made to record the liability for retirement and/or sick leave benefits accruing over the working lives of employees. Revenue and expenditure are accounted for on the accrual basis of accounting, with the following ital R rve ATIONS AND CONTING 1994 1995 1996 1997 1998 NOTES TO THE FINANCIAL STATEMENTS $ 2,022,886 843,023 908,044 $ ©1,125,391 $ 658,284 $ 2,667,131 1,470,446 9,345,751_ $ 2,061,749 2,166,634 2,161,061 1,579,884 Chartered Accountants $ 1,273,519 533,772 229,576 142,252 22,014 12,843 535,175 $ 2421,219 $ 1,000.004 19,969,561 4,626,545 4,619,066 4,299,843 3,426,138 7 1,385,363