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22-ho ramreonremseeiuuerntusLA-1CC551 OID a Current a88089: Cash Investments at cost Accounts receivahie: Other Prepaid expense BALANCE SHEET DECEMBER 31. 1996 $3,073,103 10,499,713 2,334,210 107,903 16,014,929 46,542,866 Capital outay tu ho recovered n tuture years Other assets 150,802 $ 62,708,597 LIABILITIES AND EQUITY IN RESERVE FUNDS Curront lablîtes: Bank and other short-term horrowisg Accounts payabte and accrued liabilities: Over-requisitions Other Other current liailities Net long term labilîies (Note 2) Equity n rsons lfonds (Note 4) Approved on Behaif cf the Board: $417,661 2,253.803 12,041,548 386,192 15,099,204 Capital expendîture: Capital assets and work-in-progress: Buildings, fumiture and equipment Other Trotal capital expenditure Capital flnanclng: Balance at beginning of year sot permanentty financed Longterm liabiities issued and sold Permanent flnanclng from local taxation Capital expenditure flnanced f rom revenue fend Transfer ta revenue fend Balance t end of year 808 permanently financed Total capital financîng see accoW la¶ isjhftt ncial e~~ns 1997 $1,951,762 27,076~ S 1,98,83 NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31. 1997 19 6 1. Significant accountIng policies: The finuncial statusunto bave beun pruparuit by the Bouté usiog accouoting prncîples that une pruscribeit bp the Mitistny of Education unit $ 4,060,272 Training unit are consiéereit appropriatu for Onitario School Boumés. These principles une in accoritance with genurally accepteit accountînt - principlusecupt s folloso: (a) Accrual accountimg: Revenue unit eopenitutru are ccounteit for on the uccrual basîs of ccuunlîng, wth the followîng exceptions: 5,550,945 (i No provision is muée for inlrest on ummatureit debenlore iebt from hu date of papment lu the peur unit. (bii) lNt provision is muée 10 record hu liabilitp for retirument anior sick leave buefits uccnuîmg oves the worliing nous 0of emplopees, 9,732,946 Capital sseto are charouit lu carrent eopunditdure unluso fîancué bp langlters éebt. Pnicpal unit interesl charges on et long-term lia- bilities are incluitei as eopeniturus in the period due. Capital assets, includitng capital leses, descrîbeit us capital oallay tbu recooened 54,035,471 in future ers, are ncludeit an the balance ohuef oly Ca thueurxent of the balance uf the relteit et long-tunm labilites ousuniting unit 54,05,47 outheburelatué tesporurp finuecing eaIthIbu peunit. c) Rserves unit rservu fanés: 196,227 Resumves unit rserve fumés repruset fonds upprtprîateit for generul unit specific purpuses unit are churgeit or creditei to1 Reveue Fond $ 63,94,644 Oprations in hu peur upprupriatué on drase townt. The amounts in reserves unit rserve fonds are approveit by the 8ousd unit are wîthîn $ 63964644 the lîsits tef inudin the Eductian Adt. (d) Unéer/ovur reqoîsutionoftares: The differeoce betwue the neeapendtureso f amp peur uni thu usuants receîueét finance these eopenéitures os carrîed forward to the subsequent peurt either increuse or ruduce thuet revenue requiresuotfram ruepapers. $ - 2. Net Iongterm labllties: 0f hevnet longrursn liablities ausstasdimg t Dcusbr 31, 19970of 945,994,113, principal umoantîng to $20,726,9803 plus intureat umount- y.9on.061 ing as $16,461,675 is papableouer hu et hou ers as follorus: ,ý..InpçtTtl 9,196,682 12,176,743 45,994,113 50,210,188 1,180 1,577,73 $62,708,597 $ 63,964,644 Frederick L. Sweeney , James V. Sherlocle Director of Education Chair of the Board See accompaeying notes to the financial statements. REVENUE FUND STATEMENT 0F OPERATIONS YEAR ENDED DECEMBER 31.,1997. WITH COMPARATIVE FIGURES FOR 1996 Expenditure: Business administration General administration Computer services Instruction Plant operatios and maintenance Pupil transportation Tuition tees Capital expenditare (non-allocable) Det charges and capital loas interest (Note 3) Other operating expesditure Non-operating expenditure 6sCludî5g transters oc reserves Total expenditure Recovery of oxpondituro: School boards - tuition tees and oCher Government of Ontaro - other Goversment of Canada Individuats - tuition tees Other revenue, eacluding transfers f rom reserves Total recovesy of expenditure Net expenditure Financing of net oxpenditure: Governmect cf Ontaro: General legislative grants Local taxation: Previous year end over-requisition Local taoes raised in the currant year Decrease (increase) sn reserves To he applied to the following years taxes: Under (over)-requisition at year end 1997 $ 852,887 2,306,510 360,956 87,755,303 11,666,245 4,047,351 8,887,733 3,534,345 8,353,602 64,609 1,185,207 129,014,748 6,750,125 1,307,041 600,817 328,710 $119,300,953 1996 $ 869,542 2,508,395 399,499 84,039,121 11,627,023 4,349,719 9,377,043 11,230,999 8,247,840 106,643 1,327,867 134,083,691 6,074,185 2,037,966 782,830 288,678 8754,427 $116,145,605 $55,461,964 $ 58,188,631 63,112,731 121,554,757 (2,253,804) 1,950,89 59,262,74 (276.6 119,125,66 (2,980,06 1998 $ 3,806,690 $ 4,049,502 $ 7,t56,272 1999 3,870,384 3,664,106 7,534,490 2000 4,115,239 3,292,930 7,408,169 2001 4,295,705 2,903,076 7,198,881 2002 4638,885 2551,981 7190.866 S£20,726,983 916461,675 $53718t658 3. Debt charges and captiat bcan Intereat: The Revenue Futé expenditure for dubt charges and capital toan interest includes principal and interest paymuntt as follows: Principal payments on long ferm liablities including contribution to sinkng fonds Interest paymunts on long term liabilities Inerese sayments on temporany financing 0f 1997 1996 93,929,666 $3,741,267 4,423,936 4,143,103 cital proects 36,7 $833 f0 8,247,840 The amount of inteest relatn to the temporary financingocf capital prolectos hich is ncluded s a capital eopenditure in the Capital Fond Statemenit f Operations for the cornent year os $ Nil (1996 - 113.299). 4. Equlty In reserve funds: a) Ministry equity capital reserve: Prsuant Cc Minîtrp of Edocation and Training reqaîrementa, the Board wat requined tt establish a Minittry Eîuitp Capital Resenve in 1995 of $1,093,539, relatîng tt the eanster of a former tchool facility to administrative use in 1991. The balance in the retenve hat ncreased t$1,167,131 as a retoît of inerest earned. Thete fondosîlI be utilized thraagh a reituction of a future capital allocation from hu Miittry. b) Faclties rneeal capital reoeroe: On May 28, 1996, the Board approvnd the establishment of a reserve to provîde for eopenditures for permanent improvements ns vantaus ochool poperties.The amount allocated to this reservo in 1996 wao $437,726. The balance in reserve bas încroased f0 $448.148 as a resub ft fnternsttearned. 5. Pension plan costs: Al non-teaching employeesof the Board are eligible tu be members of the Ontaro Municipal Employees Retrement Sytem whîch is a mufti-employer final aoerage pay contributory plan. Employer contributions made to the plan dunîng the year by the Board amountod to $735.319 (1996 - $730.093>. These amounts have been îincluded in employees' benefts eapeose in the Schedule of Rpenditune. Nof shown on the fînanicial statementsof the Board are the employers contributions to the Teachens' Pention Plan. The fundîng for such is provîded directly by the Provincial Goveroment. 6. Contractual obligations: a) Early retrement incentîve plan: Under hue ermssof an Eartp Retirement lncentioe Plan offered by the Board, the Board is ctmsitted to puy incentîves and benefts woith approoîmately $70,000 ooer the moxt two ers. No provision bas beeo made for these costs in hu financial slatesents. b) Lease obligations. The Board ac obligaios under operating leases hat roquine unnual fease payment n the foltwing amounts: 1998 $ 333,346 1999 259,248 2000 199,323 2001 82,831 2002 42083 7. Ontario School Board Inaurence Exchange: Thre Board oined effechive Apil 1,1987, the Ontario Schsol 80usd Insurasce Echange (098f E), a reciprucut inturance compuny lcencedl under the Insurunce Adt. OSBIE isaures geterat publie iabitity. propurCy damage aed certain ottrur nirs. 8. Day nurseries: Au pravideit by Bil 4. hu 8aard tperaeec day cneries t Éclé Sacré Coeur andt St. Phillipe. Grass revenues, eopenditures unit surplus for Perle Soleil and Centre Copains-Copinies day nurseries are as follows: 93 49 Revenues Surplus, beginning ot the peur Expendrtures Surpus, undt of the peur $247,035 71,157 318,192 245706 $9211,110 32223 243,333 172 176 Ç7157 MI 9. Workea' compenation: On Janary 28,1997, the Bouté receîoed upprovut mcom the Wsrhems' Compensation Board 8cr a transter out ut Scherule 1tc beceune a 162 Scheéute 2, ceil-insarué employer effective, Junuury 1, 1994. Au a resuet, chu Beard cea direcly assumes Chu e c f Werces' Compensation Board usants fturnes ieiurud sonkers. Au accarué tiabihen ty f9700,472 trac ben recorded. ns et Doeshee 31, 1997,(19%6- 9327,0801 C a atu for potente charges Chut nsay bu ansessué by Chu Wcrtrers' Compensation Beardt tan peeding caees. Effective Pebraary 28, 1996. the Bard tcsetractudl third-purty co-insarancu cuverageuandur wtrché riud recuere imberseet troue Chu insanes Cor Wtrkers' Comppnsathon clous asssets aven $250.000 aed fus tran $10,000,086. 10. Amaigamnatourof achool boards: te acceritancu with Chu Peser Schoef BoardstAAd, 1997 and Chu Odacahun OQaatiptympecneoueni AcL1997, Chuéaitchu bard sill tereldu sew district echuol huard ettecénve Jaeuarp 1, 1998. The assets, hubitreus aed emplepuées ci Chu Boardt sUC bu tranendeueadtlu 11,0nu,@uheW »6 laeguage and Freech-iangeage district sctrntboruads acéer Chu guidanceuoutChu Educatse tmproserertCommuission. AUDfTORtS'REPORT Tte irseues et Thre HéatesResue Cttrutîc Separate Sctreel Board 00e have audbteCh balaece shotrteetHf lire onfteResue Cttrotc Suparate SctrodBeurd as t Ducembur 31, 1997 aed lirRvue Funé Stateset etOpurations aed hu Capital Pané Stateset et Opratensf fi u upusthue enété IThèse treancieMoentsumeur a el espeecihitity f hu Sctruet Boards maeagement, Oa urescrhéidp s ha erpreaa an openion un hs. heauciaf staeurets budun eus audit. 99e cueductué our audit en accerdune wiCh genctty accuptué audetieg standards. Thecu standards requre lW iran an.ad pueoe an audit Cc ebtain easenubtu assurance shuChur Chhe anceaf staements une fret of satéilai ssatoeumburAnraudit Wechadas urmrà, ou a test basas,uévience sepportetrg thu useunts and dcteaures inte uf ursecraf clatureunts. Airaudit aise ickudas assascse i uacceurfi ieg prnciptes uaud aed igihicaet eshsuteés suée bysanragemeet, as wuttasesahauwtrurdtlieu sres heauciet stalerreipeueusue te cas opinien, hse inaeciat statusuets prnu t airty, inellattéutriet respecs, Chheauwcuatposiutioofteu Burd as t Decumer e31, 1997 usé hu neauft etfAuisperations for hu peur hue endedine ac4cet a chC acuen gpnucptuedascr*d etinte 1 le te fieancraI stateseeto. liurti/gt1enentan Marctr 26,1998 CarturudAcceraurle ~ * -r-' $ 7,395,464 206,88 $(3,950,049) $ (11,042,886) - 9,643,000 1,649,970 4,349,060 12,554,754 (698,236) (7,502,565) 628,093 3,950,049 S 1978838 $ 7602352 Total fînancîng $ 1,0095 £116,14560 See accompanyîng notes to the financial statements. CAPIAL FUND STAEMENT OF OPERATIONS YEAR ENDED DECEMBER 31.,1997. WITH COMPARA1WVE FIGURES FOR 1996 ia- i ne uanacian UhamPlOn, FridaY, May 22,1998 HALTON ROMAN CATHOLIC SEPARATE SCHOOL BOARD FINANCIAL STATEMENTS DECEMBER 31. 197 (with comparative figures for 1996) -ï 1 ZIWOM 1 - »Il % Y , m . -i ý , wW ýÉj