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wemm4ini ti ss 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 1992 and the revenue fund statements of operations the capital fund statement of operations and the capital reserve fund statement 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 1992 and the results of its operations and the changes in its financial position for the year then ended in accordance with the accounting principles described in note 1 to the financial statements toronto ontario april 11993 chartered accountants balance sheet as 01 assets current cash accounts receivable municipalities supplementary taxes etc other school boards government of ontario government of canada other capital outlay to be recovered in future years note 1b liabilities current bank indebtedness accounts payable and accrued liabilities other school boards trade payables deferred income net long term liabilities notes 1b and unmatured debenture debt other long term liabilities reserve for working funds note 4 equity in capital reserve fund significant accounting policies not commitments note 5 pension plan costs note 6 ontario school board insurance e approved on behalf of the board b crothers chair of the board p decembi 1992 6678 6769641 6935440 5860240 75228 2472344 r31 1991 607649 11783552 5447194 4623414 173504 3498465 22119571 142759790 26133778 144427496 164879361 170561274 4841986 2040836 38296430 2416153 3167409 28784097 7587687 47595405 39539193 2 96703321 466951 96965149 1046720 97170272 98011869 14638549 27359162 5475135 5651050 164879361 170561274 31 change note 7 ra cressman chief executive officer revenue fund statement of operations for elementary school purposes for the year ended december 31 1992 1992 1991 expenditure business administration 2992737 2919055 general administration 1355478 1313604 computer services 2281055 2132632 instruction 198943755 179868615 plant operations and maintenance 26685395 26327169 transportation 17625309 18202329 tuition fees 445771 421924 capital expenditures nonallocabte 21022539 16214179 debt charges and capital loan interest note 3 1 2989887 9355213 other operating expenditures 1130940 1137144 nonoperating expenditure excluding transfers to reserves total expenditure recovery of expenditure 4511591 4571871 289964457 262463735 other school boards tuition fees and miscellaneous 113227 178690 government of ontario miscellaneous 53486 60267 government of canada 174390 174842 individuals tuition fees 72690 104833 other revenue excluding transfers from reserves 2366665 1949523 total recovery of expenditure 2780458 2468155 net expenditure financing of net expenditure 287183999 259995580 government of ontario general legislative grants 58204770 58920678 local taxation local taxation raised in current year 221900010 198658358 decrease in reserves other than reserve for refund of taxes 7079219 2416544 287183999 259995580 revenue fund statement of operations for secondary school purposes for the year ended december 31 1992 1992 1991 expenditure business administration 2003788 1961836 general administration 803372 780770 computer services 2059083 2519142 instruction 134235200 121629323 plant operations and maintenance 22091043 21573574 transportation 7346848 6038082 tuition fees 7301289 6175877 capital expenditures nonallocabte 12284084 8548209 debt charges and capital loan interest note 3 1 0738257 9367863 other operating expenditures 1160745 1087937 nonoperating expenditure excluding transfers to reserves total expenditure recovery of expenditure 3685215 3630806 203708924 185313419 other school boards tuition fees and miscellaneous 11696387 8978958 government of ontario miscellaneous 22671 13446 government of canada 131601 103085 individuals tuition fees 1266933 1349958 other revenue excluding transfers from reserves total recovery of expenditure net expenditure financing of net expenditure 2579033 1982891 15696625 12428338 188012299 172885081 government of ontario general legislative grants 12783636 16591093 local taxation local taxation raised in current year 169108026 156943247 decrease increase in reserves other than reserve for refund of taxes 6120637 649259 188012299 s 172885081 capital fund statement of operations for the year ended december 31 1992 1992 1991 capital expenditure capital assets and work in progress buildings furniture and equipment school sites less federal sales tax refund 43268641 66801661 2424496 2630291 45693137 69431952 553254 1006569 45139883 68425383 capital financing unexpended capital funds at beginning of year or balance at beginning of year not permanently financed elementary secondary long term liabilities issued and sold capital expenditure from revenue fund transfer to revenue fund balance at end of year not permanently financed elementary secondary 31886241 14529386 9037000 37042321 113328 27904548 17684969 37384603 8362954 38198000 29559313 31886241 14529386 45139883 68425383 capital rese statements of con year ended decei elementary school purposes equity in capital reserve fund beginning of year provided from revenue fund interest earned on investments transfers to revenue fund equity in capital reserve fund end of year secondary school purposes equity in capital reserve fund beginning of year provided from revenue fund interest earned on investments transfers to revenue fund equity in capital reserve fund end of year rvf tin mb fund uity for the er 31 1992 1992 1991 3497032 3323504 784998 2899527 82479 95930 4364509 1844254 6318961 2821929 2520255 3497032 2154018 693341 107521 1994748 800000 159270 2954880 2954018 800000 2954880 2154018 notes to financial statements december 31 1992 significant accounting policies 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 of 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 charged to current expenditure 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 balances of the related net long term liabilities outstanding and ol 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 net long term liabilities of the net long term liabilities outstanding of 97170272 principal amounting to 48543894 plus interest amounting to 51413456 is payable over the next five years as follows 1993 1994 1995 1996 1997 total principal 10681833 9189356 9469787 9667205 9535713 interest 11411305 10807105 10283921 9716343 9194782 total 22093138 19996461 19753708 19383548 18730495 48543894 51413456 99957350 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 principal payments on long term liabilities including contribution to sinking funds interest payments on long term liabilities interest payments on temporary financing of capital projects elementary 4948980 6533830 1507077 sepppdary 4349847 4881334 1507076 1992 ififjl 9298827 11415164 3014153 1991 total 6765724 8194016 3763336 12989887 10738257 23728144 18723076 4 reserve for working funds the revenue for working funds is applicable to the elementary and secondary school operations of the board as follows 1991 14003539 13355623 elementary secondary 1992 7983576 6654973 14638549 27359162 commitments the board has entered into contractual obligations for completion of school projects on a continuing basis 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 3005179 1991 2680089 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 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 act osbie insures general public liability property damage and certain other risks