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r"+ o 4 hi yotn cooipey. :s > a *‘ *** t a% M stP /+ 4 352 e .2 > 4 2 wols mw f , _ D 3. ~TTh * «* 4s t {f“r” ;2;« $ $ mogaunt «ud *L + #.® x & y , j * 7 wWiths" se â€" & 614 P 3 5++ hopks : 9 t ... Sip .. o < <. * J % t :A Te yb 4* 2 n w o ik 3 + t Nas : on ‘ha K + y . sul . /% t : Soptr r * i4 ye s o Thalatet . t tÂ¥ # 8 *1% * 4 R * sn Ar F plans « M § 2 m / * & 7 & * ® a *A 7 P e 0t " 4 Cikt: a 4 £ o4 tihs commurug )ACCOUNTS RECEIVABLE 2+ * Municipalitiesâ€"under requisition (elementary) .. CAPITAL OUTLAY TO BE RECOVERED IN ~FUTURE YEARS ................... CURRENT LIABILITIES ~ _ Bank advances . .......... .. .. .. ... .. }>> ‘ Accounts payable and accrued liabilities Municipalitiesâ€"overâ€"requisition (elermentary) FINANCIAL STATEMENTS UNMATURED DEBENTURE DEBT ............. 30,146,193 31,378, RESERVE FOR WORKING FUNDS (note 2) ....... 3,000,000 3,000 EQUITY IN RESERVE FUNDS ................. 79406 135. UNEXPENDED CAPITAL FUNDS .............. 255,755 13, APPROVED 4 1,810,431 _ 39,995 DATE April 22nd, 1976 CHAIRMAN OF THE BOARD DOREEN THOMAS DATE April 22nd, 1976 DIRECTOR OF EDUCATION ROSS A. CRUICKSHANK URRENT ASSETS EXPENDITURE Business administration . ................. Educational services ...............2... Attendance, health and food services .. ... ... Plant operation and maintenance ... ....... Transportation .. . . s ... ... eslslclsrerscas. Capital expenditure (nonâ€"allocable) .. ... ... Other operating expenditure ... .......... Debt charges and capital loan interest (note 4) RECOVERY OF EXPENDITURE Other school boards â€" tuition fees and miscellaneous 1,015,261 922,077 Government of Ontario, tuition fees and miscellaneous 308,869 321,202 Government of Canada ...................... 9,804 9,536 Individuals â€" tuition fees ... .................. 108,372 90,203 Other revenue, excluding transfers from reserves .. ___853,554 727,571 TOTAL RECOVERY OF EXPENDITURE ......... _2,295,860 _2,070,66 Lnsrexpenmwns........................ 62,001,651 _ 51,760,205 TOTAL EXPENDITURE ......... t Euoo e en e P Et C000 . â€"qverâ€"requisition (secondary) . Other current Habilities ... ...l...l....l..... uamcmmsswaoozmmwunmmmm O examination included a general review NMUWAUM‘..“ tests of accounting records and other supporting evidence as we considered necessary in the circumstances. We DUSINCDS IUNITIIIIIOTY GNIUIN . . . V k e k k s e e n k e e e t e n e ce Educational services ...............2........ Attendance, health and food services .. .......... Plant operation and maintenance |.............. Transportation .. . .. ... ... sls cesrelscasearee Capital expenditure (nonâ€"allocable) .. ........... Debt charges and capital loan interest (note 4) .. .. Nonâ€"operating expenditure excluding transters to ACCOUNTING POLICIHIES The accounting policies of the board gre in accordance with accounting principles generally accepted for Ontario school boards and their basis of application is consistent with that of the preceding year. Outlined below are those policies considered particularly significant. Accrual method of accounting The accrual method for reporting revenue and expenditures has been used with the exception of reporting of charges for unmatured debenture debt. Principal and interest charges are not accrued for any portion of payments due after the year THE WATERLOO COUNTY BOARD OF EDUCATION REVENUE FUND STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, Inventories Inventories of school and custodial supplies as at December 31, 1975 valued at cost, amounted to $432,068 (1974 â€" $515,839). These have not been included in assets because there is no authority to defer such expenditures. Capital outlay to be recovered in future years Fixed assets are included in the Balance Sheet as capital outlay to be recovered in tuture years only to the extent of the balances of the related unmatured debenture debt outstanding and of the related temporary financing at the end of the Hiscal ?i;ed assets are charged to current expenditures unless financed by debentures. Principal and interest charges on unmatured debenture debt are included in expenditures in the period in which they are due. RESERVE FOR WORKING FUNDS The reserve for working funds at December 31, 1975 is applicable to the elementary and secondary school oper ations of the board as follows: Elementary .. ... THE WATERLOO COUNTY BOARD OF EDUCATION BALANCE SHEET AS AT DECEMBER 31. 1975 _ ____ â€"under requisition (secondary) NDITURE ......... LIABILITIES ASSETS Water oo onrtd of Mu’whWWfiwmmfim m“"m'op.rlmm financial of the es at December 31 ard ot THE WATERLOO COUNTY BOARD OF EDUCATION ~ NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1975 11.064,238 8,.617,313 30,746,193 31,378,214 7,728,787 30,146,193 1,235,738 11,.442 1,050,129 185,654 4,962,363 1,572,198 353,432 7,780,543 1,753,074 $3,000,000 19,321 41,647 To The 149 (note 3) 1974 (note 3) 1974 CAPITAL EXPENDITURE _ «_ Fixed assets and work in progress 5,900,000 Buildings, furniture and mw *s _ School sites and i to sites Pupil transportation vehicies ... .... 5400011 31,378,214 39.995,527 9.536 90,203 727,571 _ 2,070,669 51,160,205 1,501,860 41,703 914,975 307,621 4,930,348 €iaAl} 194,151 129,511 11,940 CAPITAL FINANCING 7e 441. _ Unexpended funds (Balance not permanently y napaape financed) â€" beginning of year 974,557 149,335 313,475 13,253 Less Federal Sales Tax Refund .. .. TOTAL CAPITAL EXPENDITURE ..... FINANCING OF NET EXPENDITURE Government of Ontario *x General legislative grants .. .....>,.......... Local taxation * Previous year‘s over (under) requisition . ... ... Local taxation raised in the current year ....... TOTAL ..... 3. COMPARATIVE FIGURES ‘ a) in certain instances comparative figures have been reâ€"arranged to conform * with the current year‘s presentation. . b) in addition, comparative figures have been adjusted to reflect changes in grant & calculations applicable to 1974. As a result, in 1974, the grants available were decreased by $71,840 and the armounts required through local taxation were increased by an equivalent amount. 4. DEBT CHARGES AND CAPITAL LOAN INTE REST The expenditure for debt charges and capital interest includes princip# and interest payments as follows: 19‘75 1974 $ e o i 2,824,021 2,810,303 IMRAP@®S$ 0 0 2 22 222222222 2l l ul l l es 2,039,054 2,120,045 To be applied to tollowing year‘s taxation Net under (over) requisition. . ................ \Infi rrve'iiremem, subject to meeting qualitying conditions, certain employees of the Board are entitied to a retirement gratuity. Since the entitiement vests only upon retirement the gratuities are accounted for on a cash payment basis and no provision is made in the accounts for the accruing liability until they become payable. Payments in 1975 amounted to $44,000 (1974 â€" $62,000) . CAPITAL COMMITMENTS The board has capital commitments for school construction outstanding at December 31, 1975 totalling $235,000. ANTIâ€"INFLATION ACT The board is subject to restraint of compensation under the terms of The Antiâ€"inflation Act and Regulations which became effective October 14, 1975. Decrease (increase) in reserve ............... CONTIWNGENT LIABILITY THE WATERLOO COUNTY BOARD OF EDUCATION CAPITAL FUND STATEANENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1974 Ni. Th 3,304,170 2,767,115 on â€" 1semwil u:1 o o_‘ a:mpl village has 1 454 47 11 iT 1,354,672 _ 1.3NA017 e 0| l (a.va)! 62,081,651 I‘E;‘ "‘Ill-il (31,470) (309,411) (5.618) (.!négl Pioneer 4,863,075 321,264 1,891,414 206,895 23,921,500 cb "r (note 3) 1974 {note 3) 1974 2,014,181 147 Db66) 27,268,555 51,760,205 267,1 aran (321,264 4,930,348 . _ _| Library has _summer hours in the main gallery §‘ It will be on fimt o June 4 to September 6. *,â€" . >. > graphs by Richard Sutton wil} be on display June 430. zens‘ Art Exhibit, will open June 20 and run to June 27. A special gallery presentaâ€" tion featuring works of. art depicting the 1976 Summer Olympic Games will be on display in the cycle gallery July .17 to August 1. The final exhibit of the sumâ€" mer, which is composed of selections from ‘the perâ€" manent collection, will open in the cycle gallery August 5 and continue to September 5. titled Waterloo County, aA â€": car days > Antique Cars Days ‘will be‘ held at Doon Pioneer Village June 5 and 6. ~â€" This annual event will feature displays of antique cars and an antique. car competitionâ€" Doon Pionéer Village‘s Leroy car. the first car produced in Waâ€" terloo, will alsp be on disâ€" play. w y#le t Other â€"activities ~during the weekend are @4 flea market sale of old car parts and accessories and a refreshment stand proâ€" vided by the North Waterâ€" loo Women‘s Institute. The weekend is sponsorâ€" ed by the Historical Auto mobile Society of Canada. Beginning May 31, the Waterloo Public Library will adopt a new set of summer hours for June. July and August. The .adult department will be open Monday to Thursday from 9:30 a.m. to 8 p.m. On Fridays and Saturdays, it will be open from 9:30 a.m. to 5:30 p.m. The children‘s departâ€" ment will be open 9:30 am. to. 6 p.m. Monday. Tuesday â€" and â€" Thursday. Wednesday‘s _ hours are 9:30 a.m. to 8 p.m. On Friâ€" day and Saturday,. the children‘s department will be open 9:30 a.m. to 5:30