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weekender june 13 1987 p9 mmmi s the york region roman catholic separate school board auditors report to the board ol trustees ol the york region roman catholic separate school board we nave examined the balance sheet ol the york region roman catholic separate school board as at december 31 1986 and the revenue lund statement ol operations the statement ol revised net revenue lund require ment the capital lund statement ol operations and the reserve lunds state ment ol continuity lor the year then ended our examination was made in ac cordance with generally accepted auditing standards and accordingly in cluded such tests and other procedures as we considered necessary in the circumstances in our opinion these financial statements present fairly the financial position ol the board as at december 31 1986 and the results ol its operations lor the year then ended in accordance with the accounting principles disclosed in the summary ol significant accounting policies applied on a basis consis tent with that ol the preceding year march 30 1987 licence number 1086 thome ernst whinney chartered accountants balance sheet as at december 31 1986 with comparative amounts as at december 31 1985 assets 1986 1965 current assets cash s 46080 s 400 accounts receivable underrequisitions elementary 779510 999280 other 8040272 5853750 prepaid expense 80421 16489 other current assets 3946283 6869919 capital outlay to be recovered in future years 16211736 14355224 other assets 9848737 1377557 liabilities 35 006756 s 22602700 current liabilities bank and other shortterm borrowing s 9000000 s5955000 accounts payable and accrued liabilities 7792572 4025254 debt charges due and unpaid 1325 4385 other current liabilities 33791 31560 16827688 10016199 net long term liabilities 18172380 12579813 reserve lor working lunds equity in reserve lunds 6688 6688 unexpended capital lunds s 35006756 s 22602700 signed on behalf of the board mrtrr wtzclziiu u u director of education and secretary treasurer chauman ol the board rions revenue fund statement of opera for elementary school purposes for the year ended december 311986 with comparative amounts for the year ended december 31 1985 expenditure 1966 1985 business administration 1221765 837980 general administration 809000 612083 computer services 173054 154198 instruction 53650501 42017165 plant operation maintenance and teacherages 8449815 6889863 transportation 7412786 6101904 tuition fees 2927914 2081051 capital expenditure nonallocable 17792883 7615844 debt charges and capital loan in terest 1974481 2460241 other operating expenditure 1506751 1340243 nonoperating expenditure ex eluding transfers to reserves 78861 103620 total expenditure 95997811 70214192 recovery ol expendituie other school boards tuition lees and miscellaneous 748728 761020 government of ontario miscellaneous 117554 50614 government of canada 18573 30214 individuals tuition lees 75238 74230 other revenue excluding transfers from reserves 3754527 2774698 total recovery ol expenditures 4714620 3590776 net expenditure financing ol net expenditure 91263191 66523416 government ol ontario general legislative grants 73054147 51492667 local taxation 17449534 14031469 net under over requisition total financing 779510 999280 91283191 66523416 capital fund statement of operations for the year ended decemrer 31 1986 with comparative amounts for the year ended december 31 1985 capital expenditure fixed assets and work in progress 1986 1985 buildings furniture and equipment si 6955280 s7792570 school sites and improvements lo sites 1636489 24115 pupil transportation vehicles 63656 other 102352 less federal sales tax refund total vapital expenditure capital financing 383063 115145 s7765196 si 831 1058 unexpended funds at beginning ol year or balance at beginning ol year now permanently financed elementary s1 859627 56524674 long term liabilities issued and sold 6600000 6430000 contributions irom government ol canada capital expenditure irom the revenue fund 18311058 7765196 transler to the revenue fund 2779729 1680737 balance at end ol year not permanenlly financed or unexpended funds at end of year elementary total capital financing 1960644 1775411 s1831 1058 s7760196 reserve funds statement of continuity for the year ended decemrer 31 1986 1 purpose for which the fund was established ministry eouity capital reserve fund board equity capital reserve fund 1986 1985 2 at the beginning of the year 5509 1179 6688 6688 3 total amount provided during 1 986 from the renvenue fund 4 earnings on investments during 1 986 5 total 5509 1179 6688 6688 6 transfers to the revenue fund in 1986 7 balance at the end of the year 5509 1179 6688 6688 notes to financial statements year ended december 31 1986 summary of significant accounting principles the financial statements have been prepared by the board using accounting prin ciples thai are prescribed by ihe ministry ol education and are considered ap propriate lor ontario school boards these principlesare in accordance with generally accepted accounting principles except as follows accrual accounting revenue and expenditure are accounted lor on the accrual method except as follows 1 no provision is made lor interest on unmatured debenture debt from ihe date ol payment to the end ol the fiscal year n no provision is made lo record ihe liability lor retirement andor sick leave benefits accruing over the working lives ol employees fixed assets fixed assets are charged to current expenditures unless dnanced by long term debt principal and interest charges on net long lerm liabilities are included as expenditures in the period due fixed assets including capital leases described as capital outlay lo be recovered in future years are included on the balance sheet only 10 the extent ol ihe balances ol the related net long term liabilities outstanding and ol the related temporary financing al the end ol ihe fiscal year reserves and reserve funds reserves and reserve lunds repiesenl funds appropriated lor general and specific purposes and are charged or credited to reserve fund operations in the year appropriated or drawn down underover requisition ol taxes the difference between the net expenditures ol any year and ihe amounts received to finance these expenditures is carried lorward to the subsequent year to either increase or reduce the net revenue requirement irom ratepayers 1 retirement gratuity plans the board policies provide lor retirement gratuities to academic stall there are a number of plans in existence for which an employees eligibility is determined based on the date ihe individual commenced employment with the board in ad dition to the plans covering academic stall certain other employees who com menced employment prior lo specific cut oil dates are also eligible in general the amount ol ihe gratuity is calculated based upon the number ol accumulated unused sick days to a maximum ol one year paid at a rate ol 50 ol final salary a retirement gratuity calculated on the same basis may also be paid in the event ol an employees death or permanent disability during 1 986 55936 1 985 s61 1 1 4 was paid in respect ol retirement gratuities no provision has been made in the accounts ol ihe board lo meet the liabilities arising from these plans 3 net longterm liability repayments 01 ihe nel long term liabilities outstanding ol 18172380 principal amounting to s8342359 plus interest amounting to s7541 609 is payable over the next live years as lollows principal interest total 1987 s 1508562 s 1802605 s 3311167 1988 1584762 1669973 3254735 1989 1739638 1523807 3263445 1990 1754446 1360276 3114722 1991 1754951 1184948 2939899 s 8342359 s 7541609 s15883968 4 debt charges and capital loan interest the revenue lund expenditure lor debt charges and captial loan inleresi includes principal and inleresi payments as lollows 1986 2 other assets expenditures on capital protects lo be lunded in 1 987 improvement lo leased ollice premises being offset against rent over live year lease lerm improvements to leased ollice piemises being charged lo expense over live year lease term delerred debeniure issue costs 1986 s9476107 53333 116427 202 870 1848717 1985 si 040699 103333 83063 150462 si 377 w principal payments on longterm liabilities including contribution to sinking lunds interest payments on long lerm liabilities interest payments on temporary financing of capital projects contractual obligations 1985 1007433 1308040 1245434 1425586 1166871 s3419738 998528 s3732154 as at december 311 986 ihe board has contractual obligations outstanding lor site purchases and for ihe construction of additions to buildings and new schools these contracts are in the normal course ol operation rrr