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To The Supporters Of The Ontario County Board Of Education We have examined the balance sheet of The Ontario County Board of Education as at December 31, 1973 and the statements of revenue fund operations for school purposes and source and application of capital funds for the year then ended. Our examination included a general review of the accounting procedures and such tests of accounting records and other supporting evidence 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, 1973 and the results of its operations and the source and application of its capital funds for the year then ended, in accordance with accounting principles generally accepted for Ontario school boards applied on a basis consistent with that of the preceding year. 1s Oshawa, Ontario DELOITTE, HASKINS & SELLS ; May 24, 1974 Chartered Accountants 3 License No. 4434 REVENUE FUND STATEMENT OF OPERATIONS FOR i ELEMENTARY SCHOOL PURPOSES. [% For the Year Ended December 31, 1973 Expenditure Business administration $ 416,314 Instruction 15,818,958 Educational services 170,077 J Attendance, health and food services 16,845 } Plant operation 2,418,613 Plant maintenance 683,815 Transportation 695,958 Tuition fees 25,949 < Capital expenditure (non-allocable) 392,493 Other operating expenditure 20,004 { Debt charges on capital borrowing 2,454,161 Non-operating expegiture. excluding transfers to reserves Government funded projects $40,727 ! Amounts charged back by Municipalities 97404 138,131 Total Expenditure ) 23,251,318 Recovery of Expenditure Lo. Other school boards - tuition fees and transportation 71,686 [4 Government of Ontario - tuition fees and miscellaneous 43,544 Government of Canada - tuition fees and miscellaneous 24,099 Individuals - tuition fees 340 3 Other Revenue, excluding transfers from reserves 5 Sale of assets 1,221,666 Insurance claims proceeds 36,632 Sundry revenue 119,487 1,377,785 | Total Recovery of Expenditure 1,517,454 ! EB NET EXPENDITURE $21,733,864 if . a -- Financing of Net Expénditure Government of Ontario General Legislative Grants $14,482,637 ; Local Taxation 1972 Over (under) requisition $ 693,584 Bh Local taxation raised in 1973 8,168,621 Decrease (increase) in reserve (1,983,942) 6,878,263 4 Net Under (Over) Requisition Required i 3 to be Applied to 1974 Taxation 372,964 Total $21,733,864 STATEMENT OF SOURCE AND APPLICATION OF CAPITAL FUNDS For the Year Ended December 31, 1973 SOURCE . Reimbursements from Governments Ontario $ 195,631 £- Capital Expenditure from the revenue fund 1,537,887 Federal sales tax refund 14,200 Balance at the end of year not permanently financed 210,335 2 rei : Total $1,958,053 APPLICATION Balance at beginning of year not permanently financed $ 543,289 i Fixed assets and work in progress 1 Buildings | $502,281 L Furniture and equipment i 641,191 ¢ School sites 94.500 Improvement of school sites 88,000 Other - Heating unit 28,244 1,354,216 Other Applications Transferred to revenue fund 11 Unexpended funds at end of year 60,537 Total $1,958,053 \ NA SIGNED ON BEHALF OF THE BOARD ' N.H. EDMONDSON, K. D. MUNROE, "Chairman of the Board Chief Executive Officer TTT IIIS SSRIS PORT PERRY STAR -- Wednesday, June 19th, 1974-19 "AUDITOR'S REPORT REVENUE FUND STATEMENT OF OPERATIONS FOR Gg SECONDARY SCHOOL PURPOSES For the Year Ended December 31, 1973 Expenditure } Business administration $321,109 bt ; Computer services 16,094 vo Instruction 14,447,587 y Educational services 56,165 : Attendance, health and food services 55,530 Bot Plant operation 2,055,529 dt Plant maintenance 364,217 ti Transportation © 629,982 3 Tuition fees 570,661 Yo Capital expenditure (non-allocable) 698,105 n 5 Other operating expenditure 16.367 pee Debt charges on capital borrowing 1,946,124 3 Non-operating expenditure excluding transfers to reserves A : Government funded projects $236,324 i Amounts charged back by Municipalities 89,613 325,937 a Total Expenditure 21,503,407 we ; Recovery of Expenditure ¥ 1, Other school boards - tuition fees and transportation 183.027 fe Government of Ontario, tuition fees and miscellaneous 211,369 Yin Government of Canada, tuition fees and miscellaneous 52.188 Individuals (Adult Education and Driver Education) 77,338 Other Revenue, excluding transfers from reserves Sale of assets 871,266 Sundry revenue 99,040 970,306 Total Recovery of Expenditure 1,494,228 NET EXPENDITURE $20.009.179 Financing of Net Expenditure Government of Ontario General Legislative Grants $13,089,992 Local Taxation 1972 Over (under) requisition $ 659,526 Local taxation raised in 1973 7.723.527 Decrease (increase) in reserve (1,115,562). 7,267,491 Net Under (Over) Requisition Required to be Applied to 1974 Taxation (348,304) Total $20,009,179 3 BALANCE SHEET as at December 31, 1973 ASSETS Revenue Capital Reserve Current Assets Fund Fund Fund Cash $ 4,881 $ 1,913 $ 1,887 Investments at Cost 3,080,000 120,000 939,000 Accounts Receivable t Municipalities Under-Requisitions 372,964 Supplementary Taxes etc. 1,070,917 " Other School Boards 17,963 Government of Ontario 801,749 1,058 Government of Canada 8,801 . 849 Other 243,577 Due from Other Funds ¢ Capital 237,686 Revenue 462,810 Other Current Assets 56,705 Total Current Assets © 5,805,243 123,820 1,403,727 | Fixed Assets Land, Buildings and Equipment 89,634,485 Buses 49,805 $5,805,243 $89,808,110 $1,403,727 LIABILITIES Revenue Capital Reserve Current Liabilities Fund Fund Fund Bank Indebtedness $ 171381 $ $ Accounts Payable Municipalities Over-Requisition 348,304 Other School Boards -. 298,227 Government of Ontario 293,364 Trades Payable and Accrued Liabilities 1,661,127 35,933 Due to Other Funds Reserve 462,840 Revenue 237,685 Total Current Liabilities 3,141,243 273,618 Unmatured Debenture Debt . 33,143,863 Deferred Income 37,648 Reserve for. Working Funds 2,716,352 Equity in Reserve Funds 1,403,727 Investments in Fixed Assets 56,390,629 $5,895,243 $89,808,110 $1,403,727