The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

Orono Weekly Times, Wednesday, May 4,1983-9 The Northumberland and Newcastle Board of Education AUDITORS'REPORT To The Northumberland and Newcastle Board off Education We have examined the Balance Sheet of The Northumberland and Newcastle Board of Education as at December 31, 1982 and the Revenue Fund Statement of Operations and the Capital Fund Statement of Operations for the year then ended. Our examination was made in accordance with generally accepted auditing standards and accordingly included such tests and other procedures as we considered necessary in the circumstances. In our opinion, these financial statements present fairly the financial position of the Board as at December 31, 1982 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 applied on a basis consistent with that of the preceding year. Cobourg, Ontario Langhorne& Lynch, March 25,1983 License number 671 Chartered Accountants BOARD OF EDUC ATION BALANCE SI iEET AS AT DECEMBER 31.1 »82 ASSETS Current Assets Cash Accounts Receivable Municipalities Under-Requisitions (Elementary). ' Under-Requisitions (Secondary). Supplementary Taxes, etc. Other School Boards $ 37 420,086 303,304 6,395 31,191 Government of Ontario 2,488,786 Government of Canada. Other Prepaid expenses. Other Current Assets. • 45,562 65,428 86,090 183,530 Total Current Assets .- $ 3,630,409 Capital Outlay to be Recovered in Future Years . -- . 9.313.690 $12.944.099 continued Transportation . 2,175,328 Tuition fees 35,695 Capital expenditure (non-allocable) ....... ........ 76,527 Debt charges and capital loan interest 1,090,917 Other operating expenditure..... 342,437 Non-operating expenditure excluding transfers to reserves 241.352 Financing of Net Expenditure Government of Ontario General Legislative Grants... ; . $17 724.674 Local Taxation „ Previous year's over (under) requisition .- $ (61,558) Local taxation raised in the current year . 10,367,525 Decrease (increase) in reserve other than reserve for refund of taxes..(79 5691 Total local taxation./ .$10.226.398 To be applied to the following year's taxation Net under (over) requisition. '... $ 420.085 Total. : .$28.371.157 1,817,420 86,874 54,470 884,546 224,209 -189,1.55 Total expenditure:. .......... . $28 ,631,327 $26,106,304 Recovery of Expenditure Other school boards - tuition fees • ' and miscellaneous. $ 39,136 $ 138,268 Government of Canada . :.. 112,100 • 65,960 Individuals - tuition fees ...550 173,542 Other revenue, excluding transfers from reserves 108.384 159.725 Total recovery of expenditure.. i 260.170 $ 537.495 Net expenditure ,. $28 .371.157 $25.568.809 $15.908.060 $ (156,212) 9,513,657 $ 9.357.445 $ 303.304 $25.568.809 The accompanying notes are an integral part of these financial statements. LIABILITIES .Current Liabilities . Bank and other short-term borrowing . .$ 2,776,614 Accounts Payable Government of Ontario Trade Payables and-Accrued Liabilities . 2,970 367.850 Total Current Liabilities.. , ..........$ 3,147,434 Net Long-Term Liabilities 9,313,690 Rese'rve for Working Funds. 340,142 Equity in Reserve Funds 142,796 Unexpended Capital Funds 37 $12.944.099 THE NORTHUMBERLAND AND NEWCASTLE BOARD OF EDUCATION REVENUE FUND STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31.1982 Elementary Expenditure Business administration $ 440,717 General administration.....'. 258,364 Computer services 108,927 Instruction 20,512,515 Plant operation and maintenance . 3,348,548 Secondary $ 293,221 172,424 ' 274,243 19,127,082 2,982,660 THE NORTHUMBERLAND AND NEWCASTLE CAPITAL FUND STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER'S 1.1882 Capital Expenditure Fixed assets and work in progress Buildings, furniture and equipment School sites and improvement to sites ... $233,801 . 1.056 Total capital expenditure ,.. $234,857 Capital Financing * Unexpended funds at beginning of year or (Balance at beginning of year not' , permanently financed) ' Elementary .... $ 126 Capital éxpenditure from the revenue fund...."..... 234,857 Balance at end of year not permanently' • » financed or (Unexpended funds at end* of year) • ' • ' • Eferpentary.... „ (126) Total,... $234.857 1 f * . , The accompanying notes are an integral part of these financial statements.