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

weekender may 2 1987 p43 the york region board of education auditors report to the york region board of education we have examined the balance sheet ol the york region board of education as at 31 december 1986 the revenue fund statements of operations the capita fund statement of opera tions and the capital reserve fund statements of continuity for the year then ended our examination was made in accordance with generally accepted auditing standards and accordingly in cluded 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 31 december 1986 and the results of its operations for the year then ended in accordance with the accounting principles described in note 1 to the finan cial statements applied on a basis consistent with that of the preceding year dunwoody comfwy chartered accountants toronto ontario 17 march 1987 balance sheet as at 31 december 1986 assets current cash investments at cost accounts receivable municipalities supplementary taxes c other school boards govermentot ontario government ol canada other capital outlay to be recovered in future years note 1b liabilities current bank indebtedness unsecured accounts payable and accrued liabilities other school boards trade payables net long term liabilities notes 1b and 2 unmatured debenture debl other long term liabilities reserve for working funds note 3 equity in capital reserve fund unexpended capital funds significant accounting policies note 1 commitments nole 4 approved on behall ol the board charles cooper chairman ol the board 198s s 4810 384 15408025 8090048 90 263 7222806 98 611 581651 1985 s 2827276 12295820 5400562 234892 6226239 80198 287265 36 301798 27352252 17172763 19987857 556 289 655 54452501 5 s 873000 s 1352000 83881 14591462 9640 11794645 13156285 16086066 1318306 17404372 s44525015 r a c director ot education and secretary treasurer 15548343 18679825 1308032 1998785 16529241 2919782 1304432 s56289655 capital fund statement of operations for the year ended 31 december 1986 1986 1985 capital expenditure fixed assets and work m progress buildings s14291179 s12414158 furniture and equipment 1696465 3729105 school sites 1009968 549987 16997612 16693250 less federal sales tax telund capital financing 251673 sis 745939 si 6693 250 unexpended capital funds at beginning of year or balance at beginning ol year not permanently financed elementary s 830776 s 366609 secondary 599168 85795 long term liabilities issued and sold 4702478 3400891 capital expenditure irom revenue fund 13116282 13983641 transler to revenue lund 7270 balance al end ol year not permanently financed or unexpended capital funds at end ol year elementary 2298194 830776 secondary 993765 599168 s16745939 s1 6693250 revenue fund statement of operations for the year ended 31 december 1986 e 1986 1985 secondary 1986 1985 expenditure business administration general administration computer services instruction plant operations and maintenance transportation tuition fees capital expenditures non allocable debt charges and capital loan interest note 5 other operating expenditures non operating expenditure excluding transfers to reserves total expenditure recovery of expenditure other school boards tuition lees and miscellaneous government ol ontario miscellaneous governmenl ol canada individuals tuition lees sale ol school sites other revenue excluding transfers from reserves total recovery of expenditure net expenditure financing of net expenditure government ol ontario general legislative grants local taxation local taxation raised in current year increase in reserves other than reserve lor refund of taxes s 1429479 662604 707907 84737706 12451483 7927352 167285 7921808 2494207 313222 779571 119592624 309132 88628 63750 34643 16287 633364 1165804 s 1283086 689169 497516 73019646 10800813 6914863 97086 5855320 3765181 410376 757128 104090184 416673 14616 71341 38168 454548 389366 1384712 s1 18426820 s102705472 s 39390982 s 36845840 s 999628 445648 1068352 66133648 10204200 3003989 397432 3269441 1266016 265978 590437 87644969 1 6823 74168 169486 691134 6361 713184 1671156 s85973813 si 4909907 s 899958 471273 718036 59062452 9766306 2672780 212886 6821032 2032736 273110 647629 83578198 11496 5990 86902 533311 3271 552592 1193562 s82384636 s1 791 7956 81311713 2275875 67268276 1408644 s1 18426820 stq2705472 74053317 64685735 2989411 219055 s8597381 3 s82384836 capital reserve fund statements of continuity for the year ended 31 december 1986 1986 1985 elementary school purposes eouity in capital reserve fund beginning of year s1841703 s1 494087 provided irom revenue lund 2555004 2440103 interest earned on investments 183245 4579952 167204 4101394 translers lo revenue lund 2750000 2259691 eouity in capital reserve fund end of year secondary school purposes eouity in capital reserve fund beginning of year provided irom revenue fund interest earned on investments translers to revenue lund eouity in capital reserve fund end of year si 829952 s1841703 s 288222 2213474 36134 2537830 1448000 si 805058 1722971 130193 3658222 3370000 s1 089830 s 288222 notes to financial statements 31 december 1986 1 significant accounting policies the financial slatements have been prepared by the board using accounting principles that are prescribed by the ministry ol education and are considered appropriate lor ontario school boards these principles are in accordance with generally accepted accounting principles except as follows a accrual accounting revenue and expenditure are accounted lor by the accrual method except as follows i no provision is made lor interest on unmatured debenture debl irom the date ol payment lo the end ol the fiscal year and ii no provision is made to record the liability lor retirement gratutities based on unused sick leave benefits accruing over the working lives ot employees such benefits are payable only upon the retirement or death ol an employee b fixed assets fixed assets are charged to current expenditure unless financed by long term debt principal and interest charges on net long term liabilities 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 ol the balances ol the related net long term liabilities outstanding am ol the related tem porary financing at the end of the fiscal year c reserves and reserve funds reserves and reseive funds refresent funds appropriated lor general and specific purposes and are charged or credited to revenue fund operations in the year appropriated or drawn down 2 net long term liabilities ol the resulting net long term liabilities outstanding ol s19987857 principal amounting to si 0495003 plus in teres amounting to s7 701 958 is payable over the next five years as follows- 1987 1988 1989 1990 1991 3 reserve for working funds principal s 2470322 2304240 2153595 1820680 1746166 s1o495 003 interest s 1948863 1748106 1534409 1325787 1146793 s 7703958 tolal s 4419185 4052346 3688004 3146467 2892959 s18198961 the reserve lor working funds is applicable lo ihe elementary and secondary school operations ol the board as follows elementary secondary 1986 s 8221790 8307451 s16529241 1985 s 5750919 6083514 s11834433 commitments the board has entered into contractual obligations for completion ol school projects on a continuing basis debt charges and capital loan interest lhe revenue fund expenditure lor debl charges and capital loan interest includes principal and interest payments aslollows 1986 long term liabilities principal interest interest on temporary financing elementary si 083466 1193999 216740 secondary s 822773 318122 425121 si 256 fi6 total s190b241 1512121 341661 j3760223 1985 tolal s31 72664 2300231 325022 s5 797917 v a t