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1974 MAY 22, TERRACE BAY NEWS PAGE I4 Name cf Board a. 'TIE LAKE SUPERIOR BOARD OF EBUCATIOW STATEMENT OF SOURCE AND APPLICATION OF CAPITAL FUNDS FOR THE YEAR ENDED DECEMBER 31, 1973 SOURCE Unexpended funds at beginning of year 35,713 Long-term liabilities 2 ou bi Sold to Education Capital Aid Corporation (par value) 56,060 Sold to the public (par value) 25 Premium on debentures Discount on debentures ( 256,725 -- Reimbursements from Governments Canada Ontario Capital Expenditure from the revenue fund 03,736 Federal sales tax refund Balance at the end of year not permanently financed Total 396,234 APPLICATION Balance at beginning of year not permanently financed 38,979 Fixed assets and work in progress Buildings - Furniture and equipment School sites Improvement of school sites Buses Other (Specify) 244,063 76,470 320,543 Other Applications Cost of issuing debentures : 198 Transferred to revenue fund 198 Unexpended funds at end of year 36,514 . Tota! 396,234 :_LAKE SUPERIOR BOARD OF EDUCATION SECONDARY AND ELEMENTARY FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 1973 Sick Leave Benefits Under the sick leave benefit plan unused sick leave can accumulate and employees may become entitled to a cash payment when they leave the board's employment. The accumulated days, to the extent that they may be used to determine the cash payment to an employee on terminating, amount to $56,894 (Secondary $29,816, Elementary $27,078) at the end of the year. No provision has been made in the accounts for this potential liability. 3 Adjustments to prior years grants by the Ministry of Education has resulted in an adjustment of the 1972 over requisition for elementary schools of $8,635 and an adjustment of the 1972 over requisition for secondary schools of $4,885. The transfer to The Lake Superior Board of Education of title to school properties has been completed. . A hearing has been held before the Ontario Municipal Board to determine what compensation, if any, should be paid to the former owners. The Ontario Municipal Board has denied the request of the former owners. This decision is. being appealed by a municipality. No provision has been made in the accounts of the Board for any possible liability in this connection. Fixed assets are valued on the balance sheet at an amount equal to their related unmatured debenture liability. The amount of the net expenditures allocated to each of the participating municipalities has been determined on the basis of information available. The allocations could be changed if any ad justménfs are made in Provincial Grants of the current or prior years. The expenditures for the year includes $63,796 (elementary schools $28,042, secondary. schools $35,754) for capital assets not reflected on the balance sheet. The fixed assets are valued at the amount of the outstanding debenture and capital loan liability. atured debenture debt $2,015,000 red portion of capital loans 211,431 $2,226,431 PEAR HIGGINS STEVENSON & CO.