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PAGE 4 â€" WATERLOO CHRONICLE, Business administration . . . . . . . Computer services . . . . . . . .. Instruction . . . . . 2 2 l l . Plant operation and maintenance . . Transportation . . . : . . . . . .. Capital expenditure (nonâ€"allocable) . Other operating expenditure . . . . . Debt charges and capital loan interest (note 6). [ . . . 2 2. Nonâ€"operating expenditure Transfers to reserves . . TOTAL EXPENDITURE TOTAL CAPITAL EXPENDITURE CAPITAL EXPENDITURE $ Fixed assets and work in progress Buildings, furniture and equipment. . . . . _ 13,033,123 School sites and improvements to sites _. . 234,526 Pupil transportation vehicles . . . . e 130,329 Transter to the revenue fund . . . T & ; x _ THE WATERLOO COUNTY BOARD OF EDUCATION CAPITAL FUND STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1982 Less: Federal saies tax refund THE WATERLOO COUNTY BOARD OF EDUCATION NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1982 ACCOUNTING PRINCIPLES These financial statements have been prepared by the board using acâ€" counting principles that are prescribed by the Ministry of Education and are considered appropriate for Ontario boards of education. The princiâ€" ples are in accordance with generally accepted accounting principles except as follows: Accrual Method of Accounting The accrual method of reporting revenue and expenditure has been used except for: â€" no provision is made for interest on unmatured debenture debt from the date of payment to the end of the fiscal year . â€" no provision is made to record the liability for retirement and /or sick leave benefits accruing over the working lives of employees other than as indicated in note 5 Fixed assets are charged to current expenditure unless financed by 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 longâ€"term liabilities outstanding and of the related temporary financing at the end of the fiscal year . Unmatured Debenture Debt Debentures are recorded as unmatured debenture debt in the year of sale. Principal and interest charges on unmatured debenture debt are included in expenditures in the period in which they are due. 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 respectively . Under /Over Requiaition of Taxes The difference between the net expenditures of any year and the amounts received to finance these expenditures is carried forward to the subssequent year to either increase or reduce the net revenue reâ€" quirement from k Companative roukes Comperative figures have been adjusted to reflect changes in grant calâ€" culations applicable to 1981. As a result, the 1981 grants available were decreased by $16,507 and the amounts required through local taxation were increased by an equivalent amount. CURRENT ASSETS Prepaid expense . . . . . . . . . CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS Government of Ontaric â€" grants . . . . . . Government of Canada . . . . . . . . . . DATE MARCH 17, 1983 _ CHAIRMAN OF THE BOARD: P. F. Haney MARCH 17, 1983 _ DIRECTOR OF EDUCATION: W. T. Towne MARCH 17, 1983 _ BUSINESS ADMINHUSTRATOR & THE WATERLOO COUNTY BOARD OF EDUCATION BALANCE SHEET AS AT DECEMBER 31, The Waterloo County Board of Education J I # FOR THE YEAR ENDED DECEMBER 31, 1982 (elementary) THE WATERLOO COUNTY BOARD OF EDUCATION REVENUE FUND STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1982 190: 190; Te of Exre 1982 1981 1982 1981 .. 0_ 1,681.564 _ 1,358,843 Other school boards â€" tuition fees and * * mgo,flm * + ow 2,078,655 1,588.666 miscellaneous . . . . . . . . . > . . > 1,931,026 1,778,776 General legislative grants . . . . . . . . . _68,091,168 60.246 124 1,681,564 2,078,655 474,485 110,980,172 17,226,145 3,562,184 152,474,337 209,757 5,257,146 2,158,132 4,792,592 1,296,309 2,757,196 13,397,978 0_ 52897 SECRETARY TREASURER: J. F. Tummon 135,673,608 364,378 95,790,817 15,464,386 3,190,430 4,685,583 197.093 7,516,551 1,617,906 1,434,442 2,464,513 23,041,079 24,153,285 24,153,285 47 ,194,364 9,333,302 7,626,595 1,553,030 148,099 5.578 1,493,544 1,361,902 452,256 3,889,393 36,818 318,612 367,629 1,321,431 1981 CAPITAL FINANCING $ Unexpended funds (balance not permanently financed) at beginning of year Government of Ontario â€"â€" tuition fees and Government of Canada . Other revenue, excluding transfers TOTAL RECOVERY OF EXPENDITURE ChementBPy . . . s 2 s 1 sc sos s s s c (299,977) Secondary . . . . . . . l l l s . > (278,777) Longâ€"term labilities issued and sold . . . . . 8,597,930 Capital expenditure from the revenue fund . 6,801,264 Balance not permanently financed TOTAL CAPITAL FINANCING . . . . 10,452,914 18,778,882 38,024,411 18,666,775 578,754 19,245,529 (unexpended funds) at end of year 1,519,439 238,440 4,837,724 4,041 318,951 1,122.639 NET LONGâ€"TERM LIABILITY REPAYMENTS Of the net longâ€"term liabilities outstanding of $24,153,285, principal amounting to $15,741,052 plus interest amounting to $8,550,926 is payablewnnmxtm‘mublmz RESERVE FOR WORKING FUNDS The reserve for working funds is applicable to the elementary and secâ€" ondary school operations of the board as follows: _ _ _ 100L EQUITY IN RESERVE FUNDS 1987 15,741,052 3,391,966 3,369,449 3,358,199 3,281,581 2 339857 2,241,863 1,986,375 1,726,529 1,442,630 1,153,529 8,550,926 (1,475,359) 4,266,027 1,843,373 37452 250,970 203,206 39000419 4,715,238 1,000,000 1,236,990 122450 323,618 115,919 7012 Accounts payable and accrued liabilities NET LONGâ€"TERM LIABILITIES (note 3) . . RESERVE FOR WORKING FUNDS (note 4). EQUITY IN RESERVE FUNDS (note 5) . . . 3.730,225 1,393,700 8,511,096 24,291,978 5,633,829 5,355,824 5,084,728 4,724,211 3,493,386 92,224 128,500 337,025 42,642 200,810 2,170,196 1,000,000 209,977 278,777 402,119 340,014 50,534 125,002 207 ,746 955,113 1981 FINANCIAL STATEMENTS To be applied to following year‘s taxation Previous year‘s over requisition . . . . . . Local taxation raised in the current year . . Transfers from reserves . . . . . . . . .. To The Waterloo County Board of Education We have examined the balance sheet of The Waâ€" terloo County Board of Education as at Decemâ€" ber 31, 1982, the revenue fund statement of opâ€" erations and the capital fund statement of operaâ€" tions 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 considâ€" ered necessary in the circumstances. In our opinion, these financial statements present fairly the financial position of the board as at Deâ€" cember 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. Kitchener, Ontario. _ Coopers & Lybrand February 16, 1983 CHARTERED ACCOUNTANTS LICENCE NO. 525 DEBT CHARGES AND CAPITAL LOAN INTEREST The expenditure for debt charges and capital interest includes principal and interest payments as follows: Principal payments on have been employed by the board for at least ten years and retire on a pension. Since the entitiements vest only upon retirement, no provision other than as indicated in note 5, is made in the accounts for the acoruâ€" ing liabilities until they become payable. Expenditures in 1982 amountâ€" The board pays a retirement gratuity to members of full time staff who ed to $403,346 (1981 â€" $314,823). The unfunded liability that the MMMbnbmw‘umMde end is estimated to be approximately $55,284. The cost to complete construction contracts in progress is estimated at AUDITORS‘ REPORT 47,194,364 38,024,411 24,153,285 1,000,000 3,900,419 16,665,301 2,795,958 3,988,299 1.475,359 143.0946 13,642,398 18,666,775 1,000,000 4,715,238 2,076,033 9,811,470 109,424 855,251 (2,494,755) 82,611.897 2,334,301 _ 1,500,987 77,556,291 69,692,268 2.121,305 _ 2,838,305 3,111,420 4,792,502 1,681,172 (2,334,301) 74,031,560 1,621,306 3,064,277 4,605,583 1981