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

CAPITAL FUND FOR THE YEAR EN STATERIENT OF OPERATIONS DED DECEMBER 31, 1976 SIATEMENT OF OUTI AY FOR PLAFORMING DUTIES OF A MUNICIPAL COUNCIL IN TERRITORY WITHOUT MUNICIPAL ORGANIZATION FOR THE YEAR ENDED (RECOVERABLE THROUGH LEVY ON ASS 0158 FCEMBER 31, 19/6. SSMENT IN HE APPLICABL E AREAS) THFIENDIFURE ON ACCOUNT . : OF VOTLAS' L1sTS, TOTAL 11 LCHIONS, LEVYING AND COI LECTING FAXES, ETC, ) 246 246 ' 73 / 73 163 163 121 121 603 015 603 THE LAKE SUPERIOR BOARD OF EDUCATION S TO THE SECONDARY AND EL Y_FINAN . YEAR ENDED DECEMAER 31, 1976 Accounting policies The Board follows accounting practices which are generally apccpted for Ontario school boards. Of special significance are the following: ~ (i) The accrual method of accounting is used with the exception of reporting of charges for long-term liabilities. interest ace not accrued from the due date of payment to the Priacipal and the fiscal year. (ii) Fixed assets are charged to current expenditure unless finsaced (iii) Debentures are recorded as unmatured debenture debt in the year of by long-term debt. the year amounted to $31,856 (stemencary schools = $14,250; secondary schools - $17,596). It is the practice of the Board to arey fixed assets at a value corresponding with the principal amount of the outstending debentures and capital loans at the end of each fiscal year. Buildings and equipment valued at replacement costs for insurance coverage purposes amount to approximately $11,526,000 and $1,406,000 respectively. sale. Other current assets Revenue Fund Inventory - at cost Net long-term liability repayments - items for resale to students ; $ Of the net long-term liabilities outstanding of $2,211,137 principal amounting to $791,351 plus interest amounting to $691,068 is payable over the next five years as follows: Principal Interest _ Total 1977 § 198,783 $161,217 § 360,000 1978 153,667 148,469 302,136 1979 160,867 "137,912 298,779 1980 145,867 126,826 * 272,693 1981 132,167 116,664 248,811 $5 81, 351 $691,068 $1,482,419 --_-- em Debt charges and capital loan interest A The Revenue Fund expenditure for debt charges and sepizal loan intece t includes principal and interest payments as follows: Principal payments on long-term liabilities $191,147 Interest payments on long-term liabilities 173,098 i ) $364,245 Reserve for working funds The reserve for working funds at December 31, 1976, is applicable to elementary and secondary school operations of the Board as follows: Elementary' $220,438 Secondary . 158,928 I aig $379,366 Liability for sick leave benefits During 1975, school employees discontinued its sick leave benefit plan. so doing, established the date of June 1, the Board by agreement with its elementary and secondary The Board by 1976 as the last"day that cash payments may be claimed for the sick leave credits. Consequently, no liability existed at December 31, 1976 in respect to the plan. Amounts paid out during the year and included in expenses regarding the \sick leave benefit plan were as follows: Plan termination payment to certain employees $ 10,747 Payments to departing cuwployees 1,446 $12,193 Areas of jurisdiction without municipal organization The Board per fi territories witho Port Coldwell and Jackfish. Fund Statement of Operation of the Board. the duties of levying and collecting taxes in the municipal organization of Pic (Heron Bay), Rossport, This outlay is not included in the Revenue The amounts are reported by area in a separate statement, Adjustments to prior years' grants by the Ministry of Education has resulted in adjnstments to the 1974 respectively, The amount of the net cxpunditurcs allocated to each of the participating municipalitics has been deters ned on the basis of available information. Adjustments which fay result from re-assessment of provincial grants for current and/or prior years would change these allocations. Anti-Inflation 1 islation Pursuant to the tcums of the Fed ial-Province of Ontario agricment of \ Cupital Expenditure - or NET EXPENDITURE OF A NAME OF AREA RECREATION CoN IEE J Fixed Assets and Work in Progress 1976 19/5 Buildings, Furniture and Equipment 0141 48,086 691,631 - | School Sites and Improvements to Sites / 0142 t . Pupil Transportation Vehicles 01 43, Pic (Hcron Bay) Other 0144 5,635 Le ort Coldwell Total 0145 oa Less Federal Sales Tax Refund 0146 pe Rossport (Lahontan) 3 £ Total Capital Expenditure 0147 48,086 %975206¢ Jackfish (Syine) ¥ TOTAL | 0157 Capital Financing bs i} See a Unexpended Funds at Beginning of Year, or Se Jecompany ing ores. (Balance at of year not per > - "Elementary 0148 16,230 ( 32,237) 3 Secondary 0149 1,215 Long Term Ligbilities issued and sold 0150 697,626 4 . Contributions from Government of Canada 0151 A Capital Expenditure from the Revenue Fund 0152 [ 31,856 46,892 & +f ~ Transfer to the Reverse Fund ~ o1s3 |. ) 7 ) : Ek Balance at end of Year not Permanently Financed or og (Unexpended Funds at End of Year) Elementary 0154 \ Mil ( 16,730) v Secondary 0155 Nil Nil oa Total 0156 48,086 697,706 49 ' See accompanying notes. aya ~ Z > "iff LAKE SURESIOR BOARY OF EuUCATLON STATEMENT OF AcVISED NET REVENUE FUND REQUIREZVIENT { FOR___ SECONDARY _ __.__SCHOOL PURPOSES ELEM ORsEC FOR THE YEAR ENDED DECEMBER 31,1976 Yoni CENTS) y 3 LR TY aoe col. 2 i "coi.5 Col? Col. 8 \ eent A976 \ ' Schoo! Board Refund of 1976. for 1976 Unickes - Requirement taxes far re; 1976 (Over) 2. MUNICIPALITY for of employees' iSum of Cols. 2, Actual Requisitions. 1976 Operations. witlibraveal Band 4 Requisition (Col. 6 less of services less Col. 5) Col. 7, bracket if | Pic (Heron Bay) : | 3,187 2,705 3,303 </~ 598) 3. Ligue cotovets i 949 688 " Rossport 2,068 ° Jacktish 1,460 59... 63) * Township of Terrace Bay 214,197 ( 21,947) 235,076 Township of Schreiber 43,545 H (3,230) 49,316 EN Lid bin wt NC dahl Advent Al) Township of Marathon 206,817 ( 23,072) 183,745 228,581 ( 44,836) ZOWASTIp 5 Yerathx ; L320 0D a (ZENE eet a 0R) , | Township of Manitouwadge 226,371 '( 27,057) 199,514 247,596 ( 48,282) io z Scar br. EL i . a Rr oo: 3 TOTALS 698,5% 281 (76,435) 622,440 768,809 (146,369) . See accompanying notes. x _ THE LAKE SUPERIOR BOARD OF EDUCATION 5. TSTATEMENT OF AEVISED NET REVENJE FUJ 3 REQUIREMEN ' : hdl . ~. FOR_ ELEMENTARY SCHOOL PURPOSES ELEM. OR SEC. FOR THE YEAR ENDED DECEMBER 31, 1976 (OMIT CENTS) > Be : i ® a TE 3 Col. 2 Col. 3 I Cola Col 5 Col. 6 eT ~ Col. 8 . | : PIE AN adhe } ' School Board | Setund of 1975 for 1976 Unni {| iy MUNICIPALITY Sequivment printing (Sum of Cols. 2, Pind I in 1976 Operations | withdrawal 3and 4 Requisition (Col. 6 less less Col. 5) i | Col. 7, bracke if »t negative) a py GF T Te Th - 1 Pic (Heron Bay) 3,814 3,700 3,908 (208) xv p---- baring eR na Ef : NL | Rossport (Lahontan) 4 2,479 | 2,361 2,537 Ic 176) Hares 7 a wi ra A 4 Pofe Coldwell 1,130 SF 0 70) 1,147 rel ole 14) Jackfish (Syine) 1,743 | 62: (ny 1,733 1,826, 0¢0 ley 7. 'a | Township of Terrace Bay } 236,089 | \( 13,280) 222,809 239,868 | ( 17,059) | alba bd AR Ed be db ; vi Township of Schreiber 31,301 | {1,170 3 30,131 33,397 1 ( 3,266) Township of Marathon 246,390 | | (16,079) 230,311 251,561 | 21,2505 wi 1 ' t i =z | - 8. Township of Manitouwadge 220,762 | ( 16,900) i 203,862 223,827 | ( 19,965) v i : i | i Ti 7 | 3 ; i i : THA a! feo TOTALS 743,708 L322 (47,976) 696,054 758,085 | ( 62,031) SL i BA ~ atu, | % See accompanying notes. i 3 ' Ge \ 7 January 13, and wages fully ¢ inception of the progre lied with the anti-inflation legislation for the period since a to Decouber 31, 1976, ® pd of Capital purchases charged to expenditure during and 1975 under and (over) requisitions for elementary and secondary schools in the amounts of $3,236 and ($5,585) 1976, the Board is subject to Part IV of the guidelines issued under the Federal Anti-Inflation Act.in respect to the restraint of salarie According to tests and inquiries made the Board appears to have