lO-The Canadien Champion, Feiday, May 16, 1997 HALTON ROMAN CATHOLIC 9fSEPARATE SCHOOL BOARD FINANCIAL STATEMENTS CURRENT ASSETS: Cash Accoants rîceivable: Qiher Prepaid expeose BALAC HEE DECEMBER 31. 1996 ASSETS CaPItal autlay ta Ile recoîered ln future years OTHER ASSETS LIABILITIES AND EOUITY IN RESER CURRENT LIABILITIES: Bank and other short-term borrowiog Accounts payable and accrued liabilities: Over-requisitions Other NET LONG TERM LIABIIIIIES (Note 2) RESERVE FOR WORKING FUNDS EQUITY IN RESERVE FUNDS (Note 4) DECEMBER 31, 1996 (with comparative figures for 1995 NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31. 1996 19961995 Tire financial statements have hemn prepared by tire Board sins accountinu pnincîples lirat are prescribrd by tire Ministry of Education and $ 4,060,272 $ 396,975 Training and are csnsrdered appropniare for Ontario scirool boards. Th- prîncîples are in accordance wrth generally accepîrd accountng princîples ercept as followt: (a) Accrual Accourtinao 5,550,945 7,631,452 Revenue and erpendîtare are accounîrd tor on tire accrual basin oI accoantng, with tire fllowinO eaceptions: 12,2 26,1 (i) Nu provision is made Ior ntrrent or unmatsred debenture debt trox rire date of papment lx tire year-end. 9,3,46 82 (i) No provision is made 10 record tire iiablOty ton netîrement and/or srck rease benelits accruing oser tire workrng ruves of employers. Capital assts are cirargrd Io currrntexpendtue nles ietnanced by long-trm debt. Principal and roterent changes on net long- 54,35,71 55,68,33 term liabirtres arr rncluded as rependîtunes in tire prod due. Capital assets, inciudrng capital rases, descrîbed as capital outlay lo be recos- 54,35,71 5,48,23 rred in futsre pears, arr inctuded on tire balance sireet nnly lx tire ratent of tire balance of tire nelated net long-tetm liabilities outstandng and ol tire relaîrd tempntary linancîna attre yrar-rrd. 19,2 346 (c) Reserves and resemveftifs: 6394,4 S6.1822 Re enu ires and reseme tonds nepresent tonds appropriatrd for geniera and specilrc purposes and are changed or creditrd tx 163,94,64 ReveuePond operatrens retre yenn appropniatrd or dnawn dlown. Tire amounts rn reserven and reserve lundo are approved by tire isard and are wîtin tire lies delrned in tire Educatron Act. IVE FUNDS (d)LUonouuuerreuisifionof aes: Tire dîfference besmeen tire net rependetures of any year and tire amovnts recersrd tx finance tirese rependantres is carrird lot- $ - $ 5,204,296 ward 10 tire svirsrgoent yer 10 raser increase or redore tire net revenue treqirement Iom ratepayers. 2. NET LONG-TERM LIABILITIES Of tire net long-term liabilîties outttanding aI Orcember 31, 19969of $50,210,188, principal amountrng tx $19.907.363 plus mOenet amount- 2,980,061 1,950,893 ng 109$18,335,024 is papable oser tire neet tine years as lnllows: î 9..,196,82 1098,4 Principal 12,176,743 18,113,636 1 997 $3.916,135 1998 3,746.903 1999 3,872,383 50,210,188 44,633,527 2000 4,126,157 - 161,120 21001 4,295,785 1,577,713 1,093,539 3. DEBT CHARGES AND CAPITAL LOAN INTEREST UL 3 lnterest Total $4.425.330 $8,341,465 4,049,582 7,796,485 3,664,106 7,536,489 3,292,930 7,419,087 2,903,076 7,198,861 $18 335,024 $38 2g2 38L Approved on Behaif of the Board: Frdrc L wee Director of Edacation $63.64.64 $6.001822 Tire Reverse Pond eapenditsre Ion debt charges and capital isar inteneot rocindes principal and irtenent payments; as lollonts Donald W. schrenk Chair of the Board REVENUE FUND STATEMENT 0F OPERATIONS VEAR ENDED DECEMBER 31.1996. WITH COMPARATIVE FIGURES FOR 1995 EXPIENDITURE: Business administration General administration Computer services Instraction Plant operation aid maintenance Pupil transportation Tuition tees Capital expendiiore (non-allocable) DebO charges and capital loan interest (Note 3) Other operating expenditare NonoOperating espenditure escludiog iransfers 80 reserves Total espeeditare RECOVERV 0F EXPENDITURE: School boards - tuition tees and other Goveromeni of Ontario -other Governmeni ot Canada Individuals - taition tees Other revnue, excluding transiers front reserves Total recovery of expeiditare FINANCING 0F NET EXPENDITURE: Goveremeit of Ontario: General Iegislaiive grants Local taxation: Previoas year end over-requisition Local taxes raised in the curreni year lîcreaoe je reserves To be applied o the following year's tises: Over-reqaisition ai year end TOTAL FINANCING CAPITAL FUND STATEMENT 0F 0F YEAR ENDED DECEMBER 31. 1996, WITH COMPAR CAPITAL EXPENOITURE: Capifal assets and work-ie-progress: Buildings, fernitare and equipment Scitool sites aid improvemento lo sites Other TOTAL CAPITAL EXPENDITURE CAPITAL FINANCING: Balance at beginning ofi year not prrmaeenily tinancrd Long-terra labilities issEted aid sold Capital expenditure tinanced tram revente tend Transier la revenue iund Balance ut end 0f year 008 permomently tinaeced TOTAL CAPITAL FINANCING 1996 $ 869,542 2,508,395 399,499 84,039,121 11,627,023 4,349,719 9,377,043 11,230,999 8,247,840 106,643 1,327,867 134,083,691 1995 $ 898,685 2,489,611 386,964 83,277,723 12,318,977 4,687,310 10,437,071 21,188,270 8,688,182 353,256 1,064,484 145,790,533 6,074,185 6,019,342 2,037,966 11,320,332 782,830 1,180,185 288,678 267,864 8,754,427 il,435,394 17,938,086 30,223,117 Principal papornîs on long term liabîlîties rnclodrng contribution 10 sinkino tundo Interest paymrnîs or long terni liabrîrtres interest paymrnîs on temporary lrnancing ni capital $3,741,267 $2.318.703 4,143,103 3,078,556 projects 363,470 1,232,834 Interest payment on OPA debenture 2,058 089 $824784, 699 The amour! oi interest relating to the tempnrary financing of capital projects which 10 included as a capital expenaîture in tire Capital Purd Statement of Operations for tire carrent year is $113,299 (1995 -9234,209). 4. REERE FUNDS: a) Ministry eqsity capital reterse Panssant 10 Ministty ni Education and Training re9uirements, the Board was reqoîred 10 establish a Mînîstry Equity Capital Rese rve in 1995 of$1,093,539, relatîng t0 tire transfer ni a former scirnol tacility lx administrative sn in 1991. Thre iralance in the neserve han încreased 108$1,139,987 as a ress6t ni intereot earned in the year. Tirese tunas will ire utîlîsed through a neduction ni a ftrre capital allncation lrom tire Ministnyý b) Pacîlîtres renewal capital reserve. On May 28. 1996, the Board approvrd tire establishrment ni a reserve o pronîde ton eapendîturen lot permanent improsements. Tire amoant allocated t0 tris reserse in tire year wan $437,726. 5. PENSION PLAN COSTS: Ail non-teacring employees of tire Boata are eligible lo be members of tire Ontario Municipal Employees Retîrement System wich is a mufti-employer finai average pay contribstory plat. Employer contributions made 101the plan dsning tire year by tire Board amoant t0 $730.093 (1995 -8726,867). Tirese amoarîs have bren incissed in employees' benetits espeose in tire Sciredule nf Eependiture. Not sirown in tire fînancial statements nf tire Bsard are tire employer's contributions to tire Teacirers' Pension Plan. Tire tunding tor suci r provîded directly by tire Provincial Govennment. 6. CONTRACTUAL OBLIGATIONS: a) Early resînement inceîîtîve plan: Unden tire terms ot an Early Retîrement Incentîse Plan offered by tire isard, tire Bsard is commmed 10 puy oncentîses and benefits wsrtr approaîmately $132.000 suer tire neet two years. No provsiîon iras bren made lot tirese cosîs in tire miandia statemerîs b) Lease obligations: Tire isard ires obligations urder operatng leases tirat reqoîre annuail nase payornts in tire tollowing amounts: 1997 $ 1,053,467 1 998 181,556 1999 1 20,463 2000 103,21 7 2001 66,218 7. ONTARIO SCHOOL BOARD INSURAINCE EXCHANGE, Tire Bnard uord effective April 1, 1987, tire Ontarin Sciroot Board Insunance Exchrange IOSBIEI, a necîprocal insurance company lrcenced undet tire Insurance Act. OSSIE rosîmes general public liability, proprrty damage and certain otirer ritint. e. DAY NURSERIES As provrdrd b ill 4, tire Board operates day nurseries as Ecole Sacre Coeur and St. Piripe. Orons revenues, rapredtunes and surplus lot $ 58,188,631 $ 59,496,854 Porte Soleil and Centre Cepains-Copines day nurseries arr as lollown: 1,950,893 59,262,749 4,066,021 55,210,093 Revenues Surplus, beginnrng of tire pean 1996 $ 211110 32,223 1995 $171,790 20,093 (276,606 (1,l254,6591 Expeoditures 172 1 76 159 .660 119,125,667 117,518,309 Surplus, end of tire yrar 715 $1 ý * e. WORKERS' COMPENSATION: On Janoary 28,1997, tire Boaed necrivrd approval frtm tire Workert' Compensation Board Iot a transfer sut of Sciredule 1to become a (2,980,062 1 19083 Sciredole 2, self rnsured employer effective, Janoary 1, 1994. As a ressit, tire Board nom directly assumes tire cont of Workers Compensation Board awards lotois iniuned workers. An accured lmabrlity ut $327.000 iras bren rrcarded, as aI Orcember 31, 1996, to allow $116.145.605 $115.567.416 lot potental charges tiraI may be atsessed by tire Wotker' compensation inard lot pendrng clams. Effective Pebruary 28, 1996, tire Board iras contractrdl tirrd-party co-insurance coneraor under wici tire isard recerves reimbursement lrom tire insurer for Wsrltrs' Compensation dlaim asessments oser $250.000 and lessthIan $10.000.000. ERATIONS 10. COMPARATIVE FIGURES: ATIVE FIGURES FOR 1995 commencng in 1996, Tire Board is reportîng as a combined board. Accordingy comparative ligotes for 1999 lot eiemrntary and srcondary panels have bren csmbined wire appropriate for presentasion in tirese linancial nîntemeots. $ 7,395,464 $ 14,464,909 -1,083,789 206,888 523,283 $ 7,602,352 $ 16,071,981 $ (11,042,886) $ (33,820,498) 9,643,000 25,502,084 12,554,754 23,363,842 (7,502,565) (10,016,333) 3,90,049 il,042,886 S7,602,352 $ 16071.,981 AUDITQBS' REPORT To tire Trustees ot Tire Ballon Roman catroic Separate Scirool Board Wr irave audmîrd tire balance sireet of tire Hrallon Roman Catiroic Separate Sciruol Board an al Orcember 31, 1996 and tire Revnue Pond Statrment 0f Openatrons and tire Capital Pond Statement of Operationt for tire pear tiren endrd. These lînancral statemenîs are tire responsbility of tire Scirool Boards management. Our responsibiity is10 express an opinion on tirese tînanciai statements based on non audit Wr condocted son audit mn accordance wîtr generally accepîrd auditing standards. Tinte standards requrre tiraI me plan and pertorm an audit lx obtair reasonabie assurance wiretrmr tire linancial statementa are trer et materiai mitttaitement. An audit ieciedles eoaminieg, on a test basis, evrdence supportîng tire amounts and dîsclesores in tire lînancal statementa. An audit alto recludes assessing tire account- ing principtes ased and signiticant estimates made bp management, as weil as eealuatieg tire oserat tînancial statement preseetatise. te sur opinion, tirese tinancal statementa present faim, ir ait materia respects, tire tinancia position et tire Board ana OtrDcember 31, 1996 and tire regults of ils operatians for tire year Ibmn ended le accardance witr tire accoastisg poinciptes descnibed in Note 1 to tire tînanca statements. Burlrngtxn, Ontario May 27, 1997 cirartered Accountants