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Page 6, News, Tuesday, June 23, 1992 The Lake Superior Board of Education AUDITORS' REPO To the Trustees of The Lake Superior Board of Education We have audited the balance sheet of The Lake Superior Board of Education BALANCE SHEET AS AT DECEMBER 31, 1991 (with comparative amounts as at December 31, 1990) (elementary and secondary schools as at December 31, 1991 and the revenue fund 1991 1990 [statement of operations, the capital fund statement of operations, the statement of ASSETS outlay for performing duties of a municipal council in territory without municipal] organization for the year then ended. These financial statements are the Current Assets $ 5,052,225 reese of. the school board's management. Our responsibility is to express Cash $ 4,416,630 . 36.917 an opinion on these financial statements based on our audit. Investments at cost Stree ' Accounts receivable We conducted our audit In accordance with generally accepted auditing standards. Under-requisitions - (elementary) 12,010 Those standards require that we plan perform an audit to obtain reasonable Under-requisitions - (secondary) 49,893 assurance whether the financial statements are free of material misstatement. An Other 3,265,645 1,873,792 audit Includes examining, on a test basis, evidence supporting the amounts and Prepaid expense 23,198 61,871 disclosures in the financial statements. An audit also includes assessing the Other current assets 287,321 120,564 accounting principles used and significant estimates made by management, as well eee aes Fiachras' tees as evaluating the overall financial statement presentation. 8,084,855 7,145,369 In our opinion, these financial statements present fairly, in all material respects, the} |Capital outlay to be recovered in future years 792,068 871,082 financial position of the Board as at December 31, 1991 and the results of its} j|Other Assets operations for the year then ended in accordance principles described in Note 1 to $8,876,923 $8,016,451 the financial statements. Deloitte & Touche| |LIABILITIES Chartered Accountants] Thunder Bay, Canada| |Current Liabilities March 11, 1992 Bank and other short-term borrowing Accounts payable and accrued Ilabilities Over-requisitions - (elementary) 53,439 23,778 Over-requisitions - (secondary) 49,115 Other 1,303,755 1,274,237 Debt Charges due and unpaid Reserve for 1992 Tax Reduction - (elementary) (secondary) Other current liabilities 1,357,194 1,352,13¢ Net long-term liabilities 792,068 871,084 Reserve for working funds 2,423,430 2,573,43( Equity In reserve funds 4,304,231 3,219,805 Unexpended capital funds LAKE SUPERIOR BOARD OF EDUCATION REVENUE FUND STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1991 (with comparative figures 1990) TOTAL ELEMENTARY SECONDARY EXPENDITURE: 1991 1990 1991 1990 41991 1990 Business administration $356,169 $295,703 $165,974 $141,464 $190,195 $154,239 General administration 511,682 549,049 265,954 309,298 245,728 239,751 Computer services 47,102 53,070 21,949 25,389 25,153 27,681 Instruction 13,345,895 11,886,474 7,040,807 6,125,045 6,305,088 5,761,429 Plant operation, maintenance and teacherages 2,428,809 2,158,307 1,004,858 932,085 1,423,951 1,226,222 Transportation 740,889 648,398 507,858 426,126 233,031 222,272 Tultion fees 32,849 20,660 oa -- 32,849 20,660 Capital expenditure (non-allocable) 1,001,746 1,456,379 425,784 462,070 575,962 994,309 Debit charges and capital loan interest 169,398 169,697 34,761 34,880 134,637 134,817 Other operating expenditure 60,613 53,857 28,246 25,765 32,367 28,092 Non-operating expenditure excluding transfers to reserves 76,360 13,096 39,759 6,546 36,601 6,550 Total Expenditure 18,771,512 © 17,304,690 9,535,950 8,488,668 9,235,562 8.816.022 RECOVERY OF EXPENDITURE: Other school boards 137,166 150,542 36,371 36,928 100,795 113,614 Government of Ontario 183,386 296,902 158,492 258,350 24,894 38,552 Government of Canada 437,836 369,493 35,807 41,815 402,029 327,678 Individuals-tuition fees 12,100 12,350 exam oom 12,100 12,350 Other revenue, excluding transfers from reserves 524,564 553,516 179,698 188,715 344,866 364,801 Total Recovery of Expenditure 1,295,052 1,382,803 410,368 525,808 884,684 856,995 NET EXPENDITURE 17,476,460 15,921,887 9,125,582 2,962,860 8,350,878 2,959,027 FINANCING OF NET EXPENDITURE Government of Ontario. General Legislative Grants 9,685,468 9,187,340 5,273,584 4,749,761 4,411,884 4,437,579 Local Taxation Previous year's over (under) requisition 77,893 80,264 28,778 10,104 49,115 70,160 Local taxation raised in current year. 8,363,979 8,067,811 4,144,649 4,062,773 4,219,330 4,005,038 Decrease (Increase) in reserves other than reserve for refund of taxes (659,344) (1,335,635) (280,000) (831,000) (379.344) (504,635) Total Local Taxation 1,782,528 8,812,440 9,899,427 224.877 --_---- 73 TOTAL FINANCING 17,467,996 15,999,780 9,167,011 2,991,638 _ 8,300,985 8,008,142 NET UNDER (OVER) REQUISITION $8,464 $ (77.893) $(41,429) EUBITE $49,893 SAGES