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

Page 14, News, Tuesday, June 4, 1991 AUDITORS' REPORT To the Trustees of The Lake Superior Board of Education: We have audited the balance sheet of The Lake Superior Board of Education as at December 31, 1990 and the revenue fund statement of operations, the capital fund Statement of operations, and the statement of outlay for performing duties of a municipal council in territory without municipal organization for the year then ended. These financial statements are the responsibility of the school board's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these financial statements present fairly, in all material respects, the financial position of the Board as at December 31, 1990 and the results of its operations for the year then ended in accordance with accounting principles described in Note 1 to the financial statements. Deloitte & Touche March 14, 1991 BALANCE SHEET As_At December 31, 1990 ( 1990 1989 Assets Current Assets Cash $5,052,225 $5,315,297 Investments at cost 36,917 43,108 Accounts receivable Under-requisitions - (elementary) 19,579 Under-requisitions - (secondary) Other 1,909,688 504,390 Prepaid expense 61,871 59,507 Other current assets 120,564 7,181,265 5,941,881 Capital outlay to be recovered in future years 871,082 943,291 Other assets -$8,052.347. $6,885,172 Liabilities Current liabilities Bank and other short-term borrowing Accounts payable and accrued liabilities Over-requisitions - (elementary) Over-requisitions - (secondary) 35,902 29,683 Other 77,887 70,160 Debt charges due and unpaid 1,274,237 1,690,459 Reserve for 1991 Tax Reduction - (elementary) - (Secondary) Other current liabilities Net long-term liabilities 1,388.026 1,790,302 Reserve for working funds ' pp ; San es Equity in reserve funds pegs vet 3,219,809 2,408,149 Unexpended capital funds $8,052,347 ~ 6,885,172 Lake Superior Board of Education Revenue Fund Statement of Operations Year Ended December 31, 1990 {with comparative figures for 1989). TOTAL ELEMENTARY SECONDARY 1990 1989 1990 1989 1990 1989 Expenditure: 141,045 in Administration $295,703 $271,241 $141,464 $130,196 $154,239 $141, Guna tuniticecae: 549,049 446,152 309,298 208,108 239,751 238,044 Computer Services 53,070 43,912 25,389 21,078 27,681 22,834 Instruction 11,886,474 10,352,787 6,125,045 5,452,180 5,761,429 4,900,607 nce & -- WA a eons ste 2,158,307 2,245,043 932,085 970,513 1,226,222 1,274,530 Transportation : 648,398 585,399 426,126 364,785 222,272 220,614 Tuition Fees 20,660 17,502 -- -- 20,660 17,502 Capital Expenditure (non-allocable) 1 456,379 1 607,868 462,070 491 5897 994,309 1 y1 1 5,971 I Loan pe htc neg -- 169,697 35,182 34,880 34,575 134,817 607 Other Operating Expenditure 53,857 62,321 25,765 29,914 28,092 32,407 Non-operating expenditure excluding transfers to reserves re EE sa ee: IG BRR 6 S50 a 15149 Total Expenditure 17,304,690 15,699,438 8,488,668 7,720,128 8,816,022 7,979,310 ry of Expenditure: bag tt! deena taotes 150,542 39,936 36,928 38,022 113,614 a - : Government of Ontario 296,902 258,977 258,350 233,509 38,552 Priya Government of Canada 369,493 294,657 41 5815 46,786 327,678 7,000 Individuals - tuition fees 12,350 7,000 "_ fe 12,350 ' Other revenue, excluding transfers from reserves ----553.516 1338674 _ 188,715. 113,395 364,801 --1.225.279 Total recovery of Expenditure 1,382,803 1,939,244 525,808 431,712 __ 856,995 --1L507,532 Net Expenditure 15,921,887 13,760,194 7,962,860 7,288,416 7,959,027 6,471,778 Financing of Net Expenditure: Government of Ontario General Legislative Grants --9,223,236 7,064,225 4,756,885. 718,4 --4,466.351 _ 3,345,772 Local Taxation : i ear's over (under Petters) 5 , 80,264 187,335 10,104 131,382 70,160 55,953 ised in current -- _-- nat 8,067,811 7,025,416 4,062,773 3,540,816 4,005,038 3,484,600 Decrease (increase) in reserves other than reserve for (436,518) (831,000) (92,131) (504,635) (344,387) refund of taxes _(1,335,635) 436,518 31 000 92,131 504.635 Total Local Taxation _ 6,812,440 6.776.233 _ 3.241.877 _ 3,580,067 _ 3.570.563 7 --_--3.196.166_ : e 2 Total Financing 16,035,676 _13,840.458 _ 7.998.762 _ 7.298.520 __8,036.914 __6,541,938 113,789 35,902 10,104 $(77,887) $(70,160) +f) |---..Net.under (over) requisition... __. ae E --S180.264) _-- ee a ac ee ' ee ee ee 4 . a a a