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! i TERRACE BAY NEWS JUNE 6, I973 THE LAKE SUPERIOR BOARD OF EDUCATION REVENUE FUND 7 .TEMENT OF REVENUE AND EXPENDITURE ' . For the year ended December 3I, I972 Samay SEcoNosy EXPENDITURE Business Adminigtretion $ 56,320 $ 56,671 Instruction 734,702 1,138,313 Educational Services 18,169 : 28,426 Attendance, Health and Food Services 634 596 Plant Operation 108,471 139,051 Plant Maintenance 28, 260 51,132 Transportation 29,503 : 54,476 Tuition Fees 1,223 4,830 Other Operating Expenditure 38,457 : 58,863 Debt Charges on Capital Sorrowing : 135,326 197, 205 Non-Operating Expenditure, excluding transfers to Reserves 5,105 2,093 Total Expenditure $ 1,156,170 $ 1,731,656 RECOVERIES OF EXPENDITURE Other School Boards $ 6,750 $ 4,540 Government of Ontario, Tuition Fees and Miscellaneous 4,667 29,919 Government of Canada I,I15I 44,087 Individuals 60 ; 5,910 Other Revenue, excluding Transfers from Reserves 33,480 76,626 Total Recoveries of Fxpenditure $ Tig, 108 $ 161,082 NET EXPENDITURE $ 1,110,062 $ 1,570,574 NET EXPENDITURE FINANCED BY: Government of Ontario General Legislative Grants $ 661,247 $ 989,929 local Teaxetion: J 1971 Over (under) Requisition (9,524) 58, 294 local Taxation Reised in 1972 534,917 622,993 Decrease (Increase) in Reserve (10,000) (10,000) $ 1,176,640 $ 1,661,216 NET UNDER (OVER) REQUISITION REQUIRED to be epplied to I973 Taxation $ ( 66,578) $ (90,642) THE LAKE SUPERIOR BOARD OF EDUCATION NOTES TO THE SECONDARY AND ELEMENTARY FINANCIAL STATEMENT, YEAR ENDED DECEMBER 3I, I972 J Siok Leave Benefits Under the sick leave benefit plan unused sick leave can scoumulate and employees may become entitled to a cash payment when they leave the board's employment. The accumulated days, to the extent that they mey be used to determine the cash payment to an employee or terminating, amount to $49,334 (Secondary $19,526; Elementary $29,808) at the end of the year. An amount of $30,789 is provided by way of a Reserve. jd justments to prior years grants by the Ministry of Education hes resulted in an adjustment of the I97I under requi- : gition for elementary schools of $1,358 and an adjustment of the 1971 over requisition for secondary schools of $10,353 The "ransfer to The Lake Superior Board of Education ot title to scheol properties has been completed. : A hearing hes been held before the Ontariec Municipal Roard to determine what compensation, if any, should be paid to the former owners. No decision has been rendered to date on this matter end no provision has been made in the account of the Board for any possible liability in this connection. ™e apportionment of the I972 local taxation has been determined in accordance with an arbitration agreement approved hv the municipalities. vixed assets are valued. on the balance sheet at an amount equal to their related unmatured debenture liebility,. continued page 9 cecocence