The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

PAGE I2 TERRACE BAY NEWS MAY 22, 1974 AUDITOR'S REPORT ON I973 REVENUE AND EXPENDITURES In accordance with the Secondary Schools and Boards of Education Act Section 90 (7), the Auditor's Report on I973 Revenues and Expenditures, as received by The Lake Superior Board of Education on May II, I974, is published herewith: AUDITORS' REPORT To The Lake Superior Board of Education We have examined the Balance Sheet of The Lake Superior Board of Education as at December 31, 1973, and the statements of Revenue Fund = Operations, Revised Net Requirement and Source and Application of Capital Funds for the year then ended. Our examination included a general review of the accounting procedures and such tests of accounting records and other supporting evidence as we considered necessary in the circumstances. In our opinion these Financial Statements present fairly the financial position of the Board as at December 31, 1973 and the results of its operations and the source and application of its capital funds for the year then ended, in accordance with accounting principles generally accepted for Ontario school boards applied on a basis consistent with that of the preceding year. : he Saran Co. 4370 Munici Auditor's Signature and License No. City. vu roronte Lo : : pare, 50ril by 1974 NAME OF ECARD |= SUPERIOR BOARD OF EDUCATION i BALANCE SHEET AS AT DECEMBER 31,1672 ASSETS J Revenue Capltat Reserve LIABILITIES 4 a oa oi revenue 2pital Reremve Current Assets Fund Fund Fund Current Liabilities Fund Fore Find Cash © 169,932 100.000 Bank Incebtedness tavzstments 2t Cost 2 Accounts Payable Acceunts Receivable Municipalities Munizipatities Over-Requisition i. 147,600 Ste Other Schoo! Beards acerP : - > een GR gto S22 Covernment of Ontario - cel Haas ing) le Govern: of Canada cf Ontario a Traces Payabie 2nd Accrued Liabilities 94,561 mehtof Canzea Sgr Debt Cnarges Due anc Unpaid oa ther gd Due to Other Funds sol ' Due from Cther Funds Capital 36,514 Reserve % Revenue 36,514 Other Current Liabilities (Prepaid 15,253 Prepaid Expenses a Rents) Other Cu: -stAsints 2,809 Total Current Liabilities 287,265 Total Current Asse's 432,707 36,514 Long-Term Liabilities NOte 8 Fixed Assets u D Debt 2,226,431 ; seedy iI) Less Sinking Fund 2,226,43]1 (See Note) Deferred Income Reserve for Working Funds : 145,442 Projects in Progress Buses Equity in Reserve Funds Unexpended Capital 514 Other ; Cther P feos P ro) 36,314 Other Assets Investments in Fixed Assets 32,707 2,262,945 432,707 .2,262,945 i ra - " SIGNED ON BCHALF OF THE EOARD 5 | j Y a i ~ : , £ Ell 2 Cllr "Br Je ppan 3 "© / : : ee) ; CIA GRC Signailre JI Cr of Ennculind Gitvaer $ E -- 3 hoa §anateis of Charman of 1he Goad