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The Northumberland and AUDITOR'S REPORT To- The Northumberland and Newcastle Board of Education We have examined the Balance Sheet of The Northumberland and Newcastle Board of Education as at 31 December 1988, 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, 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 finan cial position of the Board as at 31 December 1988 and the results of its operations for the year then ended in accordance with the accounting accounting principles disclosed in note 1 to the financial statements applied on a basis consistent with that of the preceding year. Cobourg, Ontario » Langhorne Lynch Lillico 30 March 1989 Licence Number 1071 TOE NORTHUMBERLAND AND NEWCASTLE BOARD OF EDUCATION BALANCE SHEET AS AT 31 DECEMBER 1988 ASSETS Current Assets Cash Accounts Receivable Municipalities Under-requisitiohs (Elementary) Under-requisition (Secondary) Supplementary Taxes, etc. Other School Boards Government of Ontario Government of Canada Other Other Current Assets 17,213 23,784 31,722 540,658 348,383 6 370,373- 82,745 362,693 477,792 Totai Current Assets $ 8,264,363 Capital outlay to be recovered in future years ' 2,553,692 $10,818,055 LIABILITIES Current Liabilities Bank and Other Short-Term Borrowing Accounts Payable Municipalities Over-requisitions (Elementary) Over-requisitions (Secondary) Trade Payables and Accrued Liabilities $ 2,425,547 23,784 31,722 2,901,927 Total Current Liabilities Net Long-Term Liabilities Reserve for working funds Equity in reserve funds $ 5,382,980 1,681,275 1,878,782 1,875,018 $10,818,055 REVENUE FUND AMD STATEMENT OF. OPERATIONS FOR THE YEAR ENDED 31 DECEMBER 1988) Elementary Secondary Expenditure Business adminstration $ 492,751 $ 512,861 General administration 324,629 337,879 Computer services 315,848 328,739 Instruction 38,364,260 29,381,759 Plant operation and maintenance 4,676,145 4,44)5,796 Transportation 3,515,272 2,846,000 Tuition fees 66,540 575,485 Capital expenditure (non-allocable) 3,580,297 2,544,060 Debt charges and capital loan interest ; 151,824 313,250 Other operating expenditure 331,841 335,294 Non-operating expenditure excluding transfers to reserves 219,471 185,401 Total expenditure $52,038,878 $41,846,524 Recovery of Expenditure 7 y-.-".- y|| % ' ' . .. Other school boards - tuition fees and miscellaneous - $ 119,648 $ 1,518,402 Government of Ontario, miscellaneous 46,128 50,728 Government of Canada 151,872 72,934 Individual - tuition fees 4,797 155,668 Other revenue, excluding transfers from reserves 1,079,900 1,386,948 Total recovery of expenditure $ 1,402,345 $ 3,184,680 Net expenditure • $50,636,533 $38,661,844 Financing of Net Expenditure Government of Ontario General Legislative Grants $29,660,176 $21,617,108 Local Taxation Local taxation raised in the current year $20,504,613 ,$17,218,815 Decrease (increase) in reserve other than reserve for refund of taxes 471,744 (243,079) Total local taxation $20,976,357 $17,044,736 Total Financing $50,636,533 $38,661,844 Newcastle Board of Education CAPITAL FUND STATEMENT OF OPERATIONS FOR THE VT AR ENDED 31 DECEMBER 1988 Capital Expenditure Fixed assets Buildings, furniture and equipment School sites and Improvement to sites $ 6,952,704 225,287 Total capital expenditure $ 7,177,991 Capital financing Capital expenditure from the revenue fund $ 7,177,991 Total capital financing $ 7,177,991 NOTES TO TH E FINANCIAL STATEMENTS 31 DECEMBER 1988 (1) Significant Accounting Policies (2) The financial statements have been prepared by the Board using 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 t Revenue and expenditures are accounted for on the accrual basis of accounting, with the following exceptions: (i) No provision is made for interest on unmaturea aeoen- ture debt from the date of payment to the year-end. (ii) No provision is made to the liability for retirement and/or sick leave benefits accruing over the working lives of employees except as described in note 2 (b). (b) Fixed Assets Fixed assets are charged to current expenditure unless financed financed by long-term debt. Principal and interest charges on net long-term natalities are included as expenditures in the period due. Fixed 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 balances of the related net long-term liabilities outstanding and of the related temporary financing at the year end. (c) Reserves and Reserve Funds 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 approved by the Board and are within the limits defined in the Education Education Act. - ' (d) Unoer/Over Requisition 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 1 the net revenue reouirement from ratepayers. ' Retirement Gratuities Plan - (a) Under the retirement gratuities plan, unused sick leave can accumulate and employees may become entitled to a cash payment when they leave the Board's employment on retire- - ment. , The estimated cost of these accumulated days as at 31 ' December 1988 to the extent that they may be used to determine determine the retirement gratuity to an employee on retirement, amounts to approximately $6,714,000 for elementary and $6,044,000 for secondary, in 1988 the Board paid $502,065 (1987 - $573,048) under this benéfit plan. (b) An amount or $953,230 is included in Equity in Reserve Fiinds and is available to assist in meeting future obligations of the pian, : . (3) Of the net long-term liabilities outstanding of $1,681,275 principal principal amounting to $1,366,682, plus interest amounting to $397,689 is payable over the next five years as follows: Principal interest. . Total ■ 1989 1990 1991 .1992 1993 $ 441,343 442,722 , 293,665 116,970 71,982 $ 140,055 103,929 71,443 46,255 ' 36,007 : $ 581,398 1 546,651 365,108 163,225 107,989 Total $1,366,682 $ 397,689 $1,764,371 (4). Debt Charges and Capital Loan interest The revenue fund expenditure for debt charges and capital loan interest includes principal and interest payments as follows: * Principal payments on Elementary Secondary Total long-term liabilities $133,382 . $289,831 $423,213 . Interest payments on lonq-terrh liabilities 63,423 70,292 133,715 . $196.805 $360,123 $556,928 (5) Pension Plan Costs All non-teaching employees of the school board are eligible to be members of the Ontario Municipal Employees Retirement System which is a multi-employer final averagé pay contributory contributory plan. Employer contributions made to the plan during the year by the Board amounted to $456,672 (1987 - $404,027). Those amounts have been included in employee benefits expense expense in the Schedule of Expenditure. not snown in the financial statements ot the Board are the employer's contributions to the Teachers' Superannuation Fund. The funding for such is provided directly by the Government Government of Ontario. (6) Ontario School Board Insurance Exchange __ . The Board joined effective January 1987 for a five year period, 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.' (7) Operating Lease Obligations The Board has long-term operating lease obligations for administration administration office, and warehouse space which expire during 1991. The committed lease payments for the next five years are as follows: 1989 $165,063 1991 165,063 igg3 16 -f 723 1990 165,063 - 1992 165,063 The lease payments for office space arp also subject to an annual inflation escalation clause Times, Wednesday, June 7, 1989-11 Durham East Agri-News Durham East Agri-News Yields Up, Costs Down For Conservation Tillage Again by John Finlay Tillagè 2000 compares conservation conservation with conventional tillage practices practices on demonstration sites on 40 Ontario farms to evaluate and develop conservation fanning systems for specific soil types, climatic areas and different farming operations. Here it» a summary of results from the 1988 Tillage 2000 Progress Report: ■ - Conservation no-tiil grain corn an$ winter wheat yields in 1988 were about two-to-four per cent higher than conventional tillage yields. - Average production costs (dollars per bushel) were three-to-eight per cent lower for no-tillage compared to moldboard or minimum tillage treatments. ■ - Net return (profits) to land, ' management and risk was better for conservation tillage for corn ($12.50 per acre) and winter wheat ($22.00 per acre). - For 250 acres each of corn and soyabeans, the no-till system required required an average of 65 hours and 125 hours less preharvest time respectively than either moldboard or minimum tillage systems. That is ' a saving of 30-50 per cent for the no-till system. Using an alternate method to predict soil loss, erosion from one specific, conventional plowing site was estimated at 45 tons per acre greater than from the no-till system. Evaluation of this method is ongoing. ongoing. The report also compared the relationship between soil types and conservation tillage system performance. performance. For all crops, the results from the previous three years showed showed no-till and minimum tillage produced produced the best yields on sandy and loam soils v with comparative yields on fine silts, but both conservation systems had reduced yields on fine- textured clay soils. Leadership In Action by Barbara Weese, R.O. Specialist ....a workshop for tomorrow's leaders today, September 2 to September 6, 1989 at Bark Lake, Irondale. A new and exciting opportunity opportunity awaits members of rural organizations in -Durham East County. Leadership In Action is designed to help you: Learn more about' yourself as' an individual, your .relationship with others in a group and your skills as a leader in your organization. * Are you interested? - Have t you ever had to chair a meeting...and wondered how to make better groirp decisions? - Are you new to your,group...and want to know more about how an organization works? - Will you be involved with others on a committee...but are unsure of your skill iti expressing yourself or relating to people? . * , - Do you expect that you will be a director or executive member of your organization...but you want to know more about delegating, resolving cosfliet or solving problems? problems? Leadership In Action is open to members or rural organizations who are energetic, enthusiastic and committed to the health and future of their organization.» It is recommended recommended for individuals aged 21-35. . ' Organizations are encouraged to identify members who would benefit from Leadership In Action. Application forms are. available , • through your local Ontario Ministry of Agriculture and Food Office. Cost is $80.00 per person payable to the Treasurer of Ontario. Ontario. Don't delay - apply today!