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Page 8, Terrace Bay-Schreiber News, Wednesday, June 26, 1985 THE LAKE SUPERIOR BOARD OF EDUCATION AUDITOR'S REPORT To the Chairman and Members of The Lake Superior Board of Education: We have examined the balance sheet of The Lake Superior Board of Education as at December 31, 1984 and the revenue fund statement of operations, the statement of revised net revenue fund requirement, the capital fund statement of operations, the reserve funds statement of ton- tinuity, the statement of outlay for performing duties of a municipal council in territory without municipal organization, and trust funds administered by the Board for the year then ended. - Our examination was made in accordance with generally accepted auditing standards, and ac- cordingly included 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 December 31, 1984 and the results of its oprations for the year then ended in accordance with the accounting principles described in Note | to the financial statements applied on a basis consistent with that of the preceding year. i We have also examined the schedules of assets and liabilities as at December 31, 1984 and the following schedules for the year then ended: Revenue fund schedule of revenue Revenue fund schedule of expenditure by function and economic classification Schedule of assessments and sharing ratios for 1984 Schedule of tuition fee revenue Schedule of tuition fee expenditure Schedule of debentures and capital loans Schedule of apportionment of school board requirement for 1984 Schedule of calculation of general legislative grants for 1984 Analysis of 1984 capital expenditure by project These schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. In our opinion, these schedules present fairly the information contained therein in all respects material to the financial statements. March 18, 1985 Deloitte Haskins & Sells : Auditors Licence No. 909 To be applied to the following year's taxation Reserve for refund of taxes for reason of employees' withdrawal of services or lockout ( ) ( Net under (over) requisition Total Financing *Over requisitions per 1983" financial statements $1,241 Adjustments re 1983 (5,492) Adjusted 1983 under ! requisitions $(4,251) - BALANCE SHEET AS AT DECEMBER 31, 1984 (with comparative amounts as at December 31, 1983) ASSETS 1984 1983 * Current Assets $ $ Cash 476,388 121,897 Investments at cost : 11,097 139,489 Accounts receivable Under-requisitions - (elementary) 4,256 1,487 Under-requisitions - (secondary) 649 2,813 Other 1,176,579 1,130,615 Prepaid expense 38,288 37,097 Other current assets _ 8414 15,513 1,815,671 Capital outlay to be recovered in future years i Other Assets *2,857,071 *2,607,211 LIABILITIES Current Liabilities $ $ Bank and other short term borrowing s 23,519 44,097 Accounts payable and accrued liabilities Over-requisitions - (elementary) ~ 7,204 2,728 Over-requisitions - (secondary) 1,266 2,76 Other 615,216 599,742 Debt Charges due and unpaid _-- -- Reserve for 1985 Tax Reduction - (elementary) -- -- (secondary) 3 --_ Other current liabilities : Net long-term liabilities ' Reserve for working funds 671,430 476,430 Equity in reserve funds > : : 494,486 320,888 - Unexpended capital funds : 2,550 2,550 *2,857,071 EBA REVENUE FUND STATEMENT OF OPERATIONS FOR SECONDARY SCHOOL PURPOSES FOR THE YEAR ENDED DECEMBER 31, 1984 ' (with comparative amounts for the year ended December 31, 1983) Expenditure 1984 1983 Business administration 104,031 General administration ' naa Computer services Instruction 3,351 156,735 Plant operation, maintenance and teacherages Transportation 128 Tuition fees Capital expenditures (non-allocable) - 34 15,568 _ ae Debt charges and capital loan interest Other operating expenditure Non-operating expenditure excluding transfers to reserves % ease 1 Total Expenditure ; 4,123,4 eee Recovery of Expenditure Other school boards - tuition fees and miscellaneous 3,411 Government of Ontario miscellaneous E Government of Canada ~ 237,708 Individuals - tuition fees : Other Revenue, excluding transfers from reserves Total Recovery of Expenditure 525,821 537,207 Net Expenditure : 41 Financing of Net Expenditure 1984 1983 Government of Ontario General Legislative Grant 2,535,884 2,398,789 Local Taxation $ Previous year's over (under) requisition __(4,703)*_ __ (469) Local taxation raised in the current year 1,892,042 © 1,619,045 Refund of taxes for reason of employees withdrawal of services or lockout Decrease (Increase) in reserves other than reserve for refund of taxes (225,000) (206,674) Total local taxation 1,862,339 1,411,902 To be applied to the following year's taxation Reserve for refund of taxes for reason of © employees' withdrawal of services or lockout ( ) Net under (over) requisition 3 Total Financing 4, 3,811,028 1983 underrequisitions: *Per 1983 financial ' statements $337 Adjustments re 1983 grants --4336_ $4,703 REVENUE FUND STATEMENT OF EDUCATION FOR ELEMENTARY SCHOOL PURPOSES FOR THE YEAR ENDED DECEMBER 31, 1984 (with comparative amounts for the year ended December 31, 1983) \ Expenditure 1984 1983 Business administration 2 General administration ' ine 108,230 Computer services a Instruction 1 2 30 Plant operation, maintenance and teacherages Transportation 15 Tuition fees : -- ae Capital expenditure (non allocable) 579, 87,731 Debt charges and capital loan interest 1 Tag3T8 Other operating expenditures g Nensounts expenditure excluding transfers to reserves 8,453 14,235 Total expenditure - 4,200,129 - 3,498 Recovery of Expenditure Other sthool*boards - tuition fees and miscellaneous. = 7578 Government of Ontario, miscellaneous = -- ' Government of Canada 55532 ' 67,751 Individuals - tuition fees ' = -- Other Revenue, excluding transfers from reserves ae oe Total Recovery of Expenditure Net Expenditure _ 4,060,546 _ 3,332,058 _ Financing of Net Expenditure 1984 1983 Government of Ontario General Legislative Grants _ 2,232,920 1,651,824 Local Taxation Previous year's over funded requisition ee 403 Local taxation raised in the current year 1,954,8; 1,681 Refund of taxes for reason of employees withdrawal of services or lockout Decrease (Increase) in reserves other that reserve for refund of taxes (120,000) Total local taxation , 1,830,574 CAPITAL FUND STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1984 (with comparative amounts for the year ended December 31, 1983) Capital Expenditure 1984 1983 Fixed Assets and Work in Progress Building, Furniture and Equipment 713,588 205,433 School Sites and Improvements to Sites Pupil Transportation Vehicles Other > Less Federal Sales Tax Refund 5 ) Total Capital Expenditure 5 sheet $205 433 Capital Financing Unexpended Funds at Beginning of Year, or (Balance at Beginning of Year not Permanently Financed) Elementary 2,550 2,550 Secondary Long-Term Liabilities Issued and Sold Contributions from Government of Canada : : Capital Expenditure from the Revenue Fund 713,588 205,433 | Transfer to the Revenue Fund ( ) ( ) Balance at end of Year not Permanently Financed or (Unexpended Funds at End of Year) Elementary Secondary (2,550) (2,550) Total Capital Financing 713 205,433 _ NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1984 1. ACCOUNTING PRINCIPLES The financial statements have been prepared by the Board 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: