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weekender jjuly 23 1994 p17 the york region board of education auditors report to the trustees of the york region board of education we have audited the balance sheet of the york region board of education as at december 31 1993 and the revenue fund statements of operations the capital fund statement of operations and the capital reserve fund statements of continuity for the year then ended these financial statements are the responsibility of the school boards 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 1993 and the results of its operations for the year then ended in accordance with the accounting principles described in note 1 to the financial statements markham ontario j april 15 1994 chartered accountants capital fund statement of operations for the year ended december 31 capital expenditure capital assets and work in progress buildings furniture and equipment school sites and improvements to sites less federal sales tax rebate capital financing unexpended funds at beginning of year or balance at beginning of year not 1993 1992 37404001 s 43268641 3959448 2424496 41363449 45693137 553254 41363449 45139883 permanently financed elementary 27904548 31886241 secondary 17684969 14529386 long term liabilities issued and sold 20199818 9037000 capital expenditure financed from revenue fund 11716096 37042321 transfer of surplus capital funds to revenue fund 30256 113328 balance at end of year not permanently financed elementary 34994370 27904548 secondary 20072938 17684969 41363449 45139883 notes to financial statements december 31 1993 2 net long term liabilities of the net long term liabilities outstanding of 106688257 principal amounting to 52048719 plus interest amounting to 52365753 is payable over the next five years as follows s3 principal 9996356 10320787 10569205 10496713 10665658 interest 11576518 11012984 10396473 9816282 9563496 total 21572874 21333771 20965678 20312995 20229154 52048719 52365753 104414472 1994 1995 1996 1997 1998 total 3 debt charges and capital loan interest the revenue fund expenditure for debt charges and capital loan interest includes principal and interest payments as follows 1993 1992 elementary secondary iojjj tpjaj principal payments on long term liabilities including contribution to sinking funds 5827915 4529461 10357376 9298827 interest payments on long term samitjes 6711375 4640213 11351588 11415164 interest payments on temporary financing of capital projects 1289633 1289632 2792 3014153 13828923 10459306 24283229 23728144 balance sheet 1993 december31 assets current cash accounts receivable municipalities supplementary taxes eta other school boards government of ontario government of canada other capital outlayto be recovered in future years 6678 647005 6411363 4039396 197065 5969940 1992 6678 6769641 6935440 5860240 7528 2472344 22971447 22119571 liabilities current bank indebtedness accounts payable and accrued liabilities other school boards trade payables deferred income 161755565 142759790 184727012 164879361 16072707 4841986 4168353 36833343 17758 2040836 38296430 2416153 57092161 47595405 net long term liabilities notes 1 b and 2 unmatured debenture debt 99346945 96703321 other long term liabilities 7341312 466951 106688257 97170272 reserve for working funds note 8 15915055 14638549 equity in capital reserve fund 5031539 5475135 on behalf of the board w crothers chair of the board 184727012 164879361 w horgarth chief executive officer notes to financial statements december 31 1993 4 reserve for working funds the reserve for working funds is applicable to the elementary and secondary school operations of the board as follows 199 1992 elementary 9291777 7983576 secondary 6623278 6654973 15915055 14638549 5 commitments the board has entered into contractual obligations for completion of school projects on a continuing basis 6 pension pun costs all nonteaching employees of the school board are eligible to be members of the ontario municipal employees retirement system which is a multiemployer final average pay contributory plan employer contributions made to the plan during the year by the board amounted to 2985624 1992 3005179 those amounts have been included in employee benefits expense in the schedule of expenditure not shown in the financial statements of the board are the employers contributions to the teachers pension plan the funding for such is provided directly by the provincial government 7 ontario school board insurance exchange the school board joined effective january 1 1987 the ontario school board insurance exchange osbie a reciprocal insurance company licensed under the insurance ad osbie insures general public liability property damage and certain other risks vkk capital reserve fund statements of continuity for the year ended december 31 1993 1992 elementary school purposes equity in capital reserve fund beginning of year 2520255 3497032 provided from revenue fund 393974 784998 interest earned on investments 70131 82479 2984360 4364509 transfers to revenue fund 1010820 1844254 equity in capital reserve fund end of year 1973540 2520255 secondary school purposes equity in capital reserve fund beginning of year 2954880 2154018 provided from revenue fund 693341 interest earned on investments 103119 107521 equity in capital reserve fund end of year 3057999 2954880 revenue fund statement of operations for elementary and secondary school purposes for the year ended december 31 1993 1992 expenditure business administration 4994133 s 4996525 general administration 2670967 2158850 computer services 4115350 4340138 instruction 349305681 333178955 plant operations and maintenance 49011740 48776438 transportation 24334870 24972157 tuition fees 9227643 7747060 capital expenturesnorvallocable 8615187 33286623 debt charges and capital ban interest note 3 24288229 23728144 other operating expenditures 2670785 2291685 nonoperating expenditure excluding transfers to reserves 8966315 8196806 total expenditure 488201400 493673381 recovery of expenditure other school boards tuition fees and miscellaneous 13889443 11809614 government of ontariomiscellaneous 276480 76157 government of canada 428451 305991 individuals tuition fees 1098867 1339623 other revenue excluding transfers from reserves 3470624 4945698 total recovery of expenditure net expenditure financing of net expenditure sssssssssss government of ontario general legislative grants 48969465 70988406 local taxation local taxation raised in current year 420640344 391 008036 increase decrease in reserves other than reserve for refund of taxes 572274 13199856 19163865 18477083 469037535 475196298 469037535 475196298 notes to financial statements december 31 1993 1 significant accounting poucies 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 a accrual accounting revenue and expenditure are accounted for on the accrual basis of accounting with the following exceptions i no provision is made for interest on unmatured debenture debt from the date of payment to the year end ii no provision is made to record the liability for retirement andor sick leave benefits accruing over the working lives of employees b capital assets capital assets are expensed unless they are to be financed by long term debt principal and interest charges on net long term liabilities are included as expenditures in the period due capital assets including capital leases described as capital outlay to be recovered in future years are included on the balance sheet only to the extent of the balance of the related net long term liabilities outstanding and of the related temporary financing at the year end c reserves and reserve funds reserves and reserve funds represent funds appropriated for general and specific purposes and are charged or credited to revenue fund operations in the year appropriated or drawn down the amounts in reserves and reserve funds are approved by the board and are within the limits defined in the education act d education development charge the education development charge has been accounted for on the cash basis notes to financial statements december 31 1993 8 change in government funding the ministry of education and training funded its portion of capital projects by direct capital grants up to march 31 1993 this resulted in the governments portion of capital transactions being recognized as revenue and expenditure in the revenue fund statement of operations in the year incurred subsequent to this date the government changed its method of funding capital projects pursuant to bill 17 whereby all capital funding flows through the ontario financing authority this resulted in the governments portion of capital transactions being accounted for through the capital fund in the form of capital loans total projects which qualified for capital loans from the ontario financing authority in the current year were 8247117 the board has received to date 7198818 for which the terms of repayment are to be determined repayments of the principal and interest on these advances will be funded by the ministry of education and training 9 contingent liability the board may be contingently liable in respect of pay equity for elementary nondegree teachers for the years ended december 31 1990 1991 and 1992 the amount of the eventual liability if any is at present not determinable 10 subsequent event the legality of the education development charge had been under dispute and only subsequent to the year end the court of appeal for ontario ruled that the education development charge is collectible by the board from owners of land undergoing residential and commercial development these charges were not levied or accrued during the appeal process i